The global shipping container market size was valued at USD 7.85 billion in 2021. It is expected to reach USD 23.96 billion by 2030, growing at a CAGR of 13.2% during the forecast period (2022–2030). A shipping container is a container that, in addition to its other functions, can handle shipment, storage, and handling of the contents of the container. Because using shipping containers eliminates the need to unload and reload the cargo at intermediate points, making the transportation and carriage of goods much simpler and more convenient. Transportation options for these containers include transport by rail or ship and cross-country travel in trucks. Consequently, the effectiveness of transporting goods using intermodal methods has improved. The shipping containers that are used have made the process of handling cargo a lot less complicated. In addition, as a consequence, conventional loading and unloading of cargo directly on the ship was rendered unnecessary, resulting in significant savings in terms of time and resources.
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Expansion of Seaborne Trade to Impede the Market Growth
Over the past 50 years, there has been a noticeable increase in the number of seats available for travel. This is usually the case as a direct result of the fact that transport via sea is, in comparison to other modes of transportation, both more cost-effective and more productive than the others. The Panama Canal is expanding to allow significantly larger ships to pass, allowing for more significant global trade. In addition to this expansion, significant new investment has been made in container terminals worldwide. These terminals are located in a variety of countries. As a direct consequence of this, it is anticipated that the expansion of the global market for shipping containers will be propelled by the factors above in the not-too-distant future.
Industry's Growing Trend toward Greater Containerization to Aid Growth
Many businesses now prefer to ship their goods using containers due to containerization's improved speed, dependability, and safety. An increase in containerization can be attributed to several factors, including a decline in the price of containerized long-distance transportation and the growth of international trade. Consequently, it is anticipated that the expansion of the global market for shipping containers will be driven by the factors mentioned above throughout the period that is being forecasted.
Resistance from Global Market Consolidation to Hinder Market Growth
One of the defining characteristics of the market for shipping containers is the relatively limited number of significant container manufacturers currently operating in the market. As a result of major players entering the industry, there will be an increase in the market competition. On the other hand, this consolidation harms the other players in the market for shipping containers. Specifically, this effect is being felt by smaller companies. Consequently, it is anticipated that the growth of the global market for shipping containers will be stunted by the factors mentioned above throughout the period covered by the forecast.
Growing Demand for Reefer Containers to Boost Market Opportunities
Countries that export a lot of perishable goods, like Mexico, Canada, and New Zealand, are putting a lot of effort into expanding the variety of vegetables and fruits that are exported to meet the rising demand for their produce on a global scale. Therefore Mexico, Canada, and New Zealand are among the world's largest exporters of perishable goods. Shortly, there will be a sizeable increase in the number of perishable goods transported via sea. Because of factors such as these, opportunities in the market that will be exceptional will become available.
The global shipping container market has been divided into size and product type.
Based on container size, the global shipping container market is segmented into small containers (20 feet), large containers (40 feet), and high cube containers (40 feet). Compared to the 20' container, the 40' container offers more space and is more durable, which are major contributing factors to the 40' container's higher adoption rate across application industries. It is anticipated that the increasing adoption of automation at container terminals will drive the standardization of containers over the forthcoming years.
Based on product type, the global shipping container market is segmented into dry storage containers, flat rack containers, refrigerated containers, and special-purpose containers. Dry containers dominate the market because these containers are airtight; they effectively protect the contents from being damaged by harsh conditions. Steel is used to make most dry containers; however, aluminum is used in some manufacturing processes. At domestic and international levels, they are utilized for most of the movement of dry goods packed in containers such as boxes, barrels, sacks, drums, cartons, cases, and pallets.
The global shipping container market has been studied across North America, Europe, Asia-Pacific, and LAMEA.
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Asia-Pacific is expected to lead the global shipping container market during the forecast period. Because its preeminent position in the international market is primarily attributable to the robust maritime trade that originates from Asia-Pacific countries such as China, Japan, India, and South Korea, amongst others, this trade is essential to the region's economic development. It is anticipated that substantial quantities of export, expanding manufacturing activities, and activities related to intraregional trade will further support the expansion of the market. It is expected that these factors will be ubiquitous in these countries.
Europe will record significant growth in the shipping container market because it is anticipated to witness considerable due to rising maritime trade activities are expected to remain a key growth factor for the European market.