The global container fleet market is rising at a CAGR of 6.2% from 2020 to 2027, the global container fleet market is likely to reach US$ 15.11 bn by the end of 2027. The study has considered the base year as 2019, which estimates the market size of market and the forecast period is 2020 to 2027. The report analyzes and forecasts the market size, in terms of volume (thousand units) and value (USD million), for the market. The report provides a detailed analysis of various forces acting in the market (drivers, restraints, opportunities, and challenges). The report covers key players and comprehensively analyzes their market shares and core competencies. It also tracks and analyzes competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants.
The conceptualization of container fleet refers to the transportation industry through sea, which ships goods worldwide. The concept of container fleet is also known as containerization which is an intermodal transportation. Transporting good through is the cheapest form of shipping in the intermodal transportation across the globe. The container fleet market is growing at a significant pace due to the increase in use of high capacity vessels which reduces the cost of each container being loaded on to the vessel, and increasing use of fleet management systems.
The major driving factor the market for container fleet is growing demand for intermodal transportation for inter-country as well as inter-continental transportation. The large steel containers are transported through various modes of transportation such as from waterways, to railways or roadways without unloading or reloading the goods from the container. This benefit in the field of containerization is impacting hugely on the container fleet market. In addition, the need for refrigerated cargo containers is also in demand and is expected to boost the container fleet market over the years. The refrigerated cargo containers are used to transport temperature controlled goods such as fresh vegetables, fruits, medicines, and even meat. These refrigerated cargo containers are also used to store the goods temporarily with minimum warehouse facility.
The non-availability of some ports or terminals with container handling facility is limiting the cargo carriers market which in turn is hindering the growth of the market for container fleet in those regions. The handling of containers in the ports or terminals requires sophisticated equipment to limit unavoidable situations. Moreover, small ports are unable to handle large ships or vessels due to their limited facilities, and the cargo carriers need to operate small ships or barges which increases the cost of entire transportation. This factor is also inhibiting the growth of the market for container fleet.
Incorporating analytics in the container fleet market acts as a potential opportunity in the container fleet market to grow over the period. Analytics helps the container fleet market with issues related to network such as container utilization, vessel deployment and terminal operations. Another advantage of incorporating analytics is it helps in understanding the recent trends in the industry as well as forecast mid and long term outlook.
Asia Pacific to Continue Leading Global Container Fleet Market
On the basis of geography, the global container fleet market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Among these regions, Asia Pacific dominated the market for container fleet in 2016, followed by North America. These regions collectively accounted for more than 50% of the total revenue generated by the market in 2016. However, Asia Pacific is projected to grow at a higher pace during the forecast period followed by Europe, North America, Middle East and Africa and Latin America.
Industrialization witnessed across the emerging Asia Pacific nations has been the chief driver of the container fleet market. The rising industrial activities have stoked operations across oil and chemicals, retail, and automobiles industries. As container fleet provides one of the most trusted methods of transport, the demand for the same corresponds directly the growth in the aforementioned industrial activities. Furthermore, the demand for agriculture goods and mining products is exponentially rising in Asia Pacific, which has boosted the container fleet market. Considering this, Asia Pacific held the leading share of 35.2% in the global container fleet market in 2016. Furthermore, exhibiting the highest CAGR during the forecast period, the region is expected to retain its dominance in the market, followed by North America.
Reefer Containers to Continue Growing at a Substantial Rate
Based on type, the global container fleet market is segmented into reefer containers, dry containers, and tank containers. Of these, dry containers held the largest market share in the container fleet market in 2016. Dry containers are found useful for transport of various items hence are in demand across all major industries in container shipping. However, during the forecast period reefer containers are projected to be the fastest growing segment in the container fleet market. This is due to the refrigeration capabilities offered by the reefer containers that help controlling t temperature of goods such as fruits, vegetables, meat and medicines while in transit.
The automotive, oil, gas and chemicals, mining and minerals, food and agriculture, retails and others constitute the primary end users in the global container fleet market. Of these, the automotive industry held the largest share of 20.4% in the market in 2016 followed by retails. However, the mining and minerals sector is estimated to report a higher growth rate during the forecast period.
The major players in the container fleet market are Hapag Lloyd (Germany), Maersk Line (Denmark), Westfal-Larsen Shipping A/S (Norway), Kawasaki Kisen Kaisha Ltd. (Japan), Evergreen Marine Corporation (Taiwan) Ltd. (Taiwan), China Ocean Shipping (Group) Company (China), Mitsui O.S.K. Lines, Ltd (Japan), CMA CGM (France), Mediterranean Shipping Corporation S.A. (Switzerland), Hyundai Merchant Marine Co. Ltd. (South Korea).
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