Industry Outlook
Cargo shipping or maritime transportation of goods played an important role in shaping the present day world. Before aviation, transportation of good through vast seas and oceans were the only mode of transport to connect and trade between continents. The shipping industry is witnessing a consistent growth since its early inception and is on its epitome in recent few years. Consistently growing global trade through ships has certainly encouraged the need for shipping containers across the globe. Shipping containers are secure and provide a medium to carry a variety of cargo with ease. Owing to its significance in shipping industry, the demand for shipping containers is expected to stay healthy throughout the forecast period.
"Large Containers have a Clear Dominance Over the Small and High Cube Containers in Terms of Market Value"
Based on the size, shipping containers are classified into small containers with a length of 20 feet, large containers with a length of 40 feet and high cube containers. In shipping containers market large shipping containers claim a considerable market share of 2/3rd of the total number of shipping containers across the globe. These shipping containers have considerably high storage capacity and thus, it is preferred by the majority of shipping companies. Small container trails large container in terms of market value as well as volume. These containers are as reliable as the large variants and available for less price. However, lack of storage capacity has dragged the growth potential of small containers. High cube containers are special containers with added height to accommodate more cargo. High cube containers are special type of containers used for very specific application such as shipping of cars and other such cargo.
"Dry Container to Maintain its Supremacy over Other Container Types in Coming Year"
By far in 2017, dry containers claims the majority of market share in the overall shipping containers market. These are the most commonly available shipping containers are used to transport number of build items through sea, rails, roads and any other transportation medium. These are simply corrugated steel containers and can be customized in a number of ways suiting the cargo requirements. Refrigerated containers are used to transport food, vegetable, and fauna over a longer distance. With perpetually growing world trade and lowering transportation time, refrigerated containers are gaining momentum in terms of market.
"Owing to China, Asia Pacific Reign Supreme in the Global Shipping Containers Market "
Unarguably China manufacturers the majority of shipping containers used across the globe. China’s share in global market is more than 90% and also host the world’s most busy port, Shanghai in terms of twenty-foot equivalent unit (TEU) in 2017. Owing to the aforementioned factors, Asia Pacific reign as the most lucrative region among others in shipping containers market. Other regions including Europe and North America expected to contribute little in coming years as these regions are unable to match the lower labor rates in Asia Pacific.
Competitive Landscape
The research study covers some of the leading shipping container including Maersk Container Industry AS, TLS Offshore Containers International Pvt. Ltd., China International Marine Containers (Group) Ltd. (CIMC), W&K Containers Inc., Singamas Container Holdings Limited, YMC Container Solutions, Sea Box Inc., Dong Fang International Container (Hong Kong) Co. Ltd., CXIC Group Containers Company Limited, Storstac Inc., Jindo Co. Ltd., and MSC Mediterranean Shipping Company S.A. Shipping containers market is quite fragmented with respect to several Asia Pacific companies appealing their dominance. The market is expected to remain saturated with very few new entrants projected to enter the mainstream. However, with consistently growing demand for shipping containers will keep container manufacturers on their toes. These companies have to overcome some issues such as fluctuating material cost and availability of affordable labor in order to maintain their profit share and market position.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Shipping Containers market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
