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 demand for dry containers is greater than other types of containers available in this market and the trend is anticipated to continue over the next few years, states the research report.
The study has considered the base year as 2020, 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.
Automotive Industry to Remain Leading End User
According to the report, container fleet finds application in the automotive, mining and minerals, oil, gas, and chemicals, food and agriculture, and the retail industries. With a share of more than 21%, the automotive industry surfaced as the leading end user of container fleet across the world. While this industry will continue as the key end user throughout the forecast period, the mining and minerals industry will also report a high demand for container fleet in the years to come.
In terms of the geography, the report has classified the worldwide container fleet market into Asia Pacific, the Middle East and Africa, Latin America, North America, and Europe. With a share of 37%, Asia Pacific dominated the global market in 2019. Displaying a high growth rate, this regional market is anticipated to remain on the top over the next few years. Apart from Asia Pacific, the Middle East and Africa market for container fleet is expected to witness significant growth in the near future, thanks to the expansion in the oil, gas, and chemicals industry in this region.
Rise in Intermodal Transport to Boost Market’s Growth
“The global market for container fleet is expected to gain significantly from the rise in intermodal transport,” says a VRR analyst. The intermodal transportation, which refers to shipping intermodal containers, including large steel containers, offers better efficiency and is capable of carrying a large number of containers on a daily basis. The augmenting demand for intermodal containers has, consequently, reflected on the need for container fleet, resulting in the high growth of this market.
In addition to this, the escalating demand for refrigerated cargo shipping is projected to impact positively on this market in the years to come. However, the easy availability of terminals or ports with container facility may hamper the progress of this market over the forecast period, states the report.
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 2019. 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 2019 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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