Global Shipping Container Market Size is Estimated to Reach USD 14,098.85 million by 2031, Growing at a CAGR of 4.1%: Straits Research
Containerization’s rise remains resilient against global market consolidation hurdles, as reduced long-distance container shipping costs and expanding international trade continue to drive its widespread adoption.
New York, United States, Dec. 12, 2023 (GLOBE NEWSWIRE) — A shipping container is a durable container used for transporting, storing, and relocating goods. These containers facilitate the transport of commodities by land and sea utilizing trucks, railroads, and ships. Hence, multimodal product transport has become more efficient. In addition, the cost, convenience, and ease of keeping a large volume of goods have contributed to the growing popularity of renting shipping containers among businesses in various industries. A shipping holder is a container with handling, capacity, and transportation-resistant characteristics. Similar to cardboard boxes and pallets, containers bundle freight and commodities into massive unitized loads that are easily handled, transported, and stacked and may be packed densely on ships and in yards. They are made up of aluminum and steel.
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Increasing Demand for Cargo Transportation Through Ships Drives the Global Market
According to Straits Research, “The global shipping containers market size was valued at USD 9,820.12 million in 2022. It is estimated to reach USD 14,098.85 million by 2031, growing at a CAGR of 4.1% during the forecast period (2023–2031).” There is a growing interest in transporting freight by water. This is explained by ships successfully delivering several goods to the opposite end while assuring cargo security. In addition, cargo ships are less expensive than air and road transport for transporting goods because they can transport significantly more cargo than other forms of transport. In addition, the United Nations Conference on Trade and Development (UNCTAD), which addresses global trade, development, and investment issues, estimates that over 1,687 million tons of cargo are moved annually in around 177,6 million containers across a distance of 998 billion ton-miles. The need for cargo transportation by ship is anticipated to rise due to recent developments in commercial boats and significant players’ development of better, more efficient cargo ships. These vessels will be outfitted with cutting-edge equipment, such as sophisticated sensors and navigation systems.
Anticipated Trend of Automation in Marine Transportation Creates Tremendous Opportunities
Several companies have contributed to the development of autonomous, state-of-the-art ships for use in passenger and freight transportation, which adds to the growth of the shipping sector due to the increase of automation and the demonstration of autonomous ships by industry titans. In conjunction with the Finnish ferry firm Finferries, Rolls Royce demonstrated the world’s first fully autonomous boat. In addition, the Norwegian-built, fully autonomous container ship Yara Birkeland was expected to commence operations in 2020. Kongsberg, a Norwegian business, collaborated with Yara to produce all-electric ships in 2020. By reducing human error, similar global advancements implemented by other companies increase the safety and security of the onboard cargo and passengers.
Asia-Pacific’s shipping containers industry share is anticipated to grow at a CAGR of 5.3% during the forecast period. Extensive coastal lines and significant manufacturers operating in the Asia-Pacific shipping containers industry drive market expansion. In addition, increasing government measures to promote marine trade across the region and expanding in underdeveloped Asia-Pacific countries, such as India and Indonesia, will soon create significant potential prospects. Businesses operating efficiently in Asia-Pacific have developed various shipping container innovations, contributing to the expansion of the industry in Asia-Pacific. Asia-dominant Pacific’s position on the worldwide market is primarily attributable to the region’s significant maritime trade with countries such as China, Japan, India, and South Korea. Additionally, it is projected that substantial export volumes, intraregional commerce, and expanding manufacturing activity, especially in these nations, will further stimulate market growth.
Europe is anticipated to grow at a CAGR of 3.9% over the forecast period. Technological developments in ships, navigational systems, real-time data processing, and a rise in seaborne commerce significantly contribute to the expansion of the European shipping container market. In addition, implementing strict ISO standards on cargo transportation and the rapid increase in European imports and exports have contributed to the market’s expansion. Companies such as A.P. Moller–Maersk Group, CARU containers, OEG Offshore limited, and YMC Container Solutions that operate throughout Europe provide a variety of services, including the transportation of food items from one location to another, as well as the transport of heavy machinery and other similar services, which contributes to the expansion of the shipping container industry throughout Europe.
- Based on container size, the global shipping containers market is divided into large containers (40 feet), small containers (20 feet), and high cube containers (40 feet). The small containers (20 feet) segment is responsible for the largest market share and is anticipated to grow at a CAGR of 4.4% over the forecast period.
- Based on product type, the global shipping containers market is bifurcated into dry storage containers, flat rack containers, refrigerated containers, special-purpose containers, and others. The dry storage containers segment owns the highest market share and is projected to grow at a CAGR of 5.1% over the forecast period.
- Based on end-user, the global shipping containers market is segmented into food and beverages, consumer goods, healthcare, industrial products, vehicle transport, and others.The industrial products segment is the highest contributor to the market and is estimated to grow at a CAGR of 3.7% during the forecast period.
- Asia-Pacific is the most substantial shareholder in the global shipping containers market and is anticipated to grow at a CAGR of 5.3% during the forecast period.
The key players in the global shipping containers market are A.P. Moller–Maersk Group, CARU containers, COSCO SHIPPING Development Co., Ltd, China International Marine Containers, CXIC Group, Singamas Container Holdings Limited, OEG Offshore limited, TLS Offshore Containers International, W&K Containers, Inc., and YMC Container Solutions.
- In March 2023, Traxens, the leading smart-container service provider for the worldwide supply chain industry, unveiled the Traxens-Box 3, the third version of their permanent container tracker and flagship product for shipping lines, freight forwarders, and BCOS.
- In March 2023, BobVila.com® rated U-Haul® as “Best Overall” in the Best Moving Container Companies of 2023 category, granting U-Box the Editor’s Choice designation over all competitors.
Global Shipping Containers Market: Segmentation
By Container Size
- Large Containers (40 Feet)
- Small Containers (20 Feet)
- High Cube Containers (40 Feet)
By Product Type
- Dry Storage Containers
- Flat Rack Containers
- Refrigerated Containers
- Special-purpose Containers
- Food and Beverages
- Consumer Goods
- Industrial Products
- Vehicle Transport
- North America
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