Home Automotive and Transportation Container Fleet Market Size, Share, Trends, Global Growth & Forecast

Container Fleet Market

Container Fleet Market Size, Share & Trends Analysis Report By Type (Reefer Container, Tank Container, Dry Container), By End User (Automotive, Healthcare, Oil & Gas, Chemicals, Mining & Minerals, Food & Agriculture, Retails, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRAT585DR
Study Period 2020-2032 CAGR 6.3%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD XX Billion
Forecast Year 2032 Forecast Year Market Size USD XX Billion
Largest Market Asia- Pacific Fastest Growing Market North America
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Market Overview

Container fleets are bulky shipping containers that are capable of withstanding the transportation of various goods ranging from dry goods to hazardous liquids. Before the emergence of container fleets, the cost associated with ocean freight and port handling in tandem with the uncertainties involved resulted in less economic outcomes. However, modern specialized container vessels offer several cost reduction benefits in the transportation of goods, thus acting as the primary source of income for several economies depending on exports and imports via container fleets. According to the International Maritime Organization (IMO), 90% of world trade-related transportation is performed by sea as it is a cost-efficient and convenient way to move raw materials and heavy goods across the globe.

The global container fleet market is projected to grow at a CAGR of 6.3% during the forecast period, 2020–2029.

Market Dynamics

Container Fleet — A Game Changer for Seaborne Trade

The rising demand for fresh, healthy, and quality food products such as fruits, vegetables, dairy products, and others aided by high reliance on cold chain and logistics industry due to its perishable nature is stimulating the container fleet market demand. Besides, according to International Trade Administration (ITA), global losses in the food industry accounted for more than USD 750 million annually due to lack of proper facilities, improper food safety handling procedures, and others in the cold chain. Furthermore, over USD 260 billion sales of biopharma rely on cold chain logistics, ensuring the efficiency of products.

Temperature-Sensitive Intermodal Transportation Favors Reefer Container

The reefer container segment is expected to witness significant growth during the forecast period, 2020–2029. This is attributed to the surging demand for temperature-controlled cargos such as fruits, vegetables, meat, and dairy products. This type of container can preserve products at various temperatures as humidity conditions are ensured inside the container with the help of humidity systems, also frozen temperatures extending to 60 degrees Celsius. This allows seasonal flowers, fruits, dairy products, and vegetables to stay fresh. Developing economies with a strong agricultural base are subjected to be one of the opportunistic areas for the container fleet market to grow. According to the Agricultural and Processed Food Products Export Development Authority (APEDA), the export of seasonal fruit such as mango to the U.S. doubled in the year 2017. Such increasing exports trigger the demand for reefer containers to promote the fresh delivery of products globally. 

The advent of Vegan Diet Culture

The fruits and vegetable industry is projected to grow, owing to the emerging vegan culture in developed regions such as Europe, North America, and others. Vegan diet culture promotes the intake of fruits and vegetables instead of meat and dairy. This diet culture drives the demand for fresh fruits and vegetables, ultimately influencing the container fleet market. Besides, several government institutions are promoting a plant-based diet, thereby increasing the need for imports and exports of fresh agricultural products. For instance, the European Vegetarian Union (EVU) encourages to switch from conventional diet practices to a plant-based diet concerning reasons such as animal welfare, health, and environment.

Regional Analysis

Burgeoning Trade Activities in North America  

North America is growing considerably in the container fleet market during the forecast period due to the increase in trade activity, resulting in enormous demand for the container fleet market. Early adoption of innovative technologies, expanding the supply chain industry, and improving the road infrastructure, among others, are some factors providing impetus to the regional market. Besides, growing health awareness among individuals has generated a higher demand for fresh and quality food products to support the growth of the market in this region. According to the United States Department of Agriculture (USDA), the American diet is reflecting an increasing share of spices, tropical products, and imported gourmet products. Hence, driving the container fleet market on account of the surging imports. Moreover, the burgeoning intra-industry trade where industries are into agricultural-processing carry out offshore processing and import different products from their foreign subsidiaries is driving the demand for the regional container fleet market.

Prevalence of the Digital Ecosystem in Europe

In Europe, the growth of the container fleet market is expected to flourish due to the trending digital platform ecosystem in the transport industry. Rapid growth in the urbanization of the economies is spurring the demand for highly specialized vehicles resulting in substantial growth of the container fleet market. Additionally, grocery delivery services, including frozen and fresh food, are expected to influence market growth positively. According to the U.S Department of Commerce, 27% of shoppers in the U.K use e-commerce for grocery shopping for direct delivery services, which is estimated to reach USD 23 billion by 2020. These factors are slated to stimulate the increasing need for imports of perishable and non-perishable goods.

Government Regulations to Positively Impact the Asia-Pacific Market

Asia-Pacific is anticipated to observe healthy growth on account of stringent rules and reforms made by several government associations pertaining to the shipment procedures, the weight to be loaded, and other associated concerns, resulting in container fleet manufacturers to comply rules. These regulations are drafted by government institutes such as the Container Shipping Lines Association (CSLA), the domestic body for foreign shipping lines, and the Maritime Association of Nationwide Shipping Agencies-India (MANSA) which is a representative of local ship agents.

Presence of Notable Logistics Industries in the MEA Region  

The MEA region holds a substantial share in the container fleet market due to a high growth rate in construction activities, long-distance transportation, and logistics industry. Countries such as the Middle East are considered as hubs for container fleets due to the presence of notable logistics companies. These companies include Al-Futtaim logistics, RAK Logistics, Mac World Logistics LLC, Verks Global Logistics LLC, and others.

Report Scope

Report Metric Details
By Type
  1. Reefer Container
  2. Tank Container
  3. Dry Container
By End User
  1. Automotive
  2. Healthcare
  3. Oil & Gas, Chemicals
  4. Mining & Minerals
  5. Food & Agriculture
  6. Retails
  7. Others
Company Profiles Maersk Line (Denmark) China Ocean Shipping Group Company (China) CMA CGM (France) Mitsui O.S.K Lines Ltd (Japan) Kawasaki Kisen Kaisha Ltd. (Japan) Evergreen Marine Corporation (Taiwan) Westfal-Larsen Shipping A/S (Norway) Mediterranean Shipping Corporation S.A. (Switzerland) Hyundai Merchant Marine Co. Ltd. (South Korea).
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Top Key Players

Maersk Line (Denmark) China Ocean Shipping Group Company (China) CMA CGM (France) Mitsui O.S.K Lines Ltd (Japan) Kawasaki Kisen Kaisha Ltd. (Japan) Evergreen Marine Corporation (Taiwan) Westfal-Larsen Shipping A/S (Norway) Mediterranean Shipping Corporation S.A. (Switzerland) Hyundai Merchant Marine Co. Ltd. (South Korea). Others

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the Container Fleet Market?
Container Fleet Market size will grow at approx. CAGR of 6.3% during the forecast period.
Some of the top prominent players in Container Fleet Market are, Maersk Line (Denmark), China Ocean Shipping Group Company (China), CMA CGM (France), Mitsui O.S.K Lines, Ltd (Japan), Kawasaki Kisen Kaisha Ltd. (Japan), Evergreen Marine Corporation (Taiwan), Westfal-Larsen Shipping A/S (Norway), Mediterranean Shipping Corporation S.A. (Switzerland), Hyundai Merchant Marine Co. Ltd. (South Korea)., etc.
Asia- Pacific has been dominating the Container Fleet Market, accounting for the largest share of the market.
The region with the most rapid expansion in the Container Fleet Market is North America.
The global Container Fleet Market report is segmented as follows: By Type, By End User

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