Estimated to observe a promising growth path through 2027, global shipping containers market exceeded the valuation of US$11 Bn in 2021. The report intends to draw an exclusive set of valued insights into how the market growth will unfold and what will be the major influencers.
Cargo Transportation via Sea Gains High Ground – A Pivotal Factor for Shipping Containers Market
Transportation via water ways has been gaining high traction since past several years on the back of low maintenance costs and is highly economical as compared to road or air transportation. In addition, ocean freight shipping is flexible, safe, environment-friendly, and an appropriate solution for transportation of bulky cargo. According to the analysis of UNCTAD (United Nations Conference on Trade and Development), more than 1685 million tons of goods and commodities are transported every year using containers. In addition, according to OECD (Organization for Economic Co-operation and Development), approximately 90% of the transported cargo is through shipping and the volume of maritime trade is anticipated to almost triple by end of 2050 owing to increasing global freight transport. This indicates a major growth influencer for shipping containers market.
Furthermore, recent technological developments in commercial vessels have improved their efficiency. Cargo ships are also equipped with latest tech such as advanced navigation system, smart manoeuvring system, and IoT and AI for digital optimisation and bay arrangement optimisation. Moreover, rising trade agreements and merchandise trade are likely to complement development of efficient containers. According to UNESCAP, in 2021, global imports and exports of merchandise have grown to touch 23.8%, and 24.6% respectively. This has further pushed the cargo transportation using advanced vessels, in turn paving the new opportunities for shipping containers market.
Dry Storage Containers Likely to Account for a Significant Revenue Share in the Shipping Containers Market
Dry storage containers have been gaining high traction since past few years. Increasing intermodal transportation is one of the key aspects stimulating their adoption. Low investments associated with intermodal transportation coupled with other benefits such as enhanced visibility, environment friendly, reliability and ease in planning have contributed towards its popularity. Moreover, intermodal transportation provides door-to-door cargo delivery with higher safety in short time frame. This has propelled use of dry storage containers owing to their mechanical and functional advantages. Dry containers are highly versatile, airtight and can prevent damage of cargo from extreme conditions. These benefits make them an apt solution for various logistics applications, especially intermodal transportation. In this backdrop, increasing sales of dry storage containers are expected to significantly contribute towards value growth of shipping containers market.
Asia Pacific Retains Dominance in Shipping Containers Market Post-pandemic
Growing maritime trade remains a crucial factor fuelling growth of shipping containers market in Asia Pacific. The region has remained a key trade hub since past several years as companies continue to invest in the Asian soil to establish their manufacturing and distribution units. This is mainly owing to the region’s business friendly environment backed by exponentially rising consumer and customer pool. Emerging nations in Asia Pacific such as China, and India are likely to remain at the vanguard of growth with regards to demand and application of various types of shipping containers.
According to the 2020 report by United Nations Conference on Trade and Development (UNCTAD), Asia Pacific dominated the maritime trade on the global front and will continue to do so in the forthcoming years. Albeit a bit of a slack during 2020 lockdown situation, the region has showcased higher resilience to the situation and continued its efforts to increase maritime trading activities post Q4 of 2020. In addition, growing volumes intraregional trading activities, rising manufacturing activities and export of commodities across countries such as South Korea, China, Japan, and India are expected to augur well for the growth of the shipping containers market. Moreover, merchandise trading has also picked up steam since 2021. According to UNESCAP (United Nations Economic and Social Commission for Asia and the Pacific), a significant recovery has been witnessed in merchandise trade in Asia Pacific with an export growth at 10% as compared to other regions worldwide. These aspects coupled with rising inclination towards marine transportation have driven demand for containers, in turn contributing towards growth of shipping containers market in Asia Pacific.
Shipping Containers Market: Competitive Landscape
A few of the major players in global shipping containers market include Singamas Container Holdings Ltd., China International Marine Containers Co. Ltd., CXIS Group Containers Co. Ltd., Maersk Container Industry AS, COSCO Shipping Development Co. Ltd., NewPort Tank, BNH Gas Tanks, Norcomp Nordic AB, CARU Containers, Bertschi AG, Bulkhaul Limited, and OEG Offshore Limited.
The Global Shipping Containers Market Is Segmented As Below:
By Container Size
By End Use Industry
Key Elements Included In The Study: Global Shipping Containers Market
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