Rising Demand For Cargo Transportation To Augment Shipping Container Market Growth

Shipping Container Market
Shipping Container Market

Shipping Container Market by Container Size (Small Container (20 feet), Large Container (40 feet), and High Cube Container (40 feet)), Product Type (Dry Storage Container, Flat Rack Container, Refrigerated Container, Special Purpose Container, and Others), and EndUse(Food & Beverages, Consumer Goods, Healthcare, Industrial Products, Vehicle Transport, and Others) and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030

The global Shipping Container Market is estimated to be valued at US$ 65.3 billion in 2022 and is expected to exhibit a CAGR of 10.8 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Shipping Containers are made to resist harsh climatic and road conditions, which states that they are well secured from thieves. With strong doors and windows, and the preference for robust locks, they are improbable to be broken into lest there is an effort to take expensive produce or things. The sturdiness of the construction also states they can resist heavy winds, and can be protected with tie-downs to inhibit motion or falling. Prior containerisation, cargo had to be laden and delivered onto ships with the help of labors.

Competitive Landscape:

Key players involved in the growth of global Shipping Container Market are China International Marine Containers, W&K Containers, Inc., Singamas Container Holdings Limited., OEG OFFSHORE LIMITED, A.P. Moller–Maersk Group, COSCO SHIPPING Development Co. Ltd, CXIC Group, YMC Container Solutions, TLS Offshore Containers / TLS Special Containers and CARU Containers.

Market Key Drivers:

Rise in demand for cargo transportation through ships is expected to boost the growth of the global Shipping Container for Market. For instance, according to UNCTAD, around 1687 million tons of cargo is shipped annually in over 177.6 million containers covering 998 billion tons-miles.

Rising automation in marine transportation is projected to propel the growth of global Shipping Container for Market. For instance, in 2020 Norwegian built YaraBirkeland - a completely autonomous container ship, which is envisioned to carry cargo.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Shipping Container Market due to the surge in pandemic. The rising cases have led to the strict imposition of lockdown and shutdown by the regulatory. The disruption in supply chain, delay in transportation of goods, closure of manufacturing and production units have impeded the market growth.

Key Takeaways:

The global Shipping Container for Market is anticipated to exhibit a CAGR of 10.8 % during the forecast period rising mergers and acquisitions. For instance, in August 2022 Global shipping container dealers CMIC and Maersk Container Industry in a joint declaration stated that they have released a merger plan, mentioning significant government limitations.

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in the global Shipping Container Market due to mergers and acquisitions, product expansions and rising transportation of cargo and increasing automation in marine. For instance, in May 2022 The Mazagon Dock Shipbuilders entered the business of container manufacturing after attaining an order from the Container Corporation of India Ltd for 2,500 cargo-carrying steel boxes.

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