The global Shipping Container Market size is expected to reach USD 15.83 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 12.0% from 2020 to 2028. The market is expected to be driven by maritime trade, expanding penetration of the e-commerce industry, digitization in shipping container space, and increasing demand for specialized shipping containers by the department of defense.
20’ and 40’ are the most popular sizes of shipping
containers as of 2021. Although based on application shipping containers are
often manufactured in a variety of sizes such as 8’, 10’, 48’, 53’, and others.
Their increasing demand for transportation of a variety of goods such as food,
pharmaceutical, automotive components, and agricultural products is expected to
support industry growth.
Trade agreements promote trade among the nations and
favorably impact the demand for shipping containers. In November 2020, members
of the Association of Southeast Asian Nations (ASEAN) and five regional
partners signed the Regional Comprehensive Economic Partnership (RCEP), which
is one of the largest free trade agreements in the world. Moreover, recently
concluded multiple trade agreements including NAFTA, EVFTA, EU–UK Trade and
Cooperation Agreement (TCA), and others are likely to fuel the growth of the
market.
The significant developments in commercial vessels and
innovation of efficient and better cargo ships equipped with advanced
technology such as navigation systems, advanced sensors, and other components
are accelerating the demand for cargo transportation through ships, which is
further fueling the growth of the market.
The global e-commerce industry witnessed an
exponential surge in the last few years, besides, the rising penetration of
smartphones and the internet, especially in developing regions is anticipated
to fuel the growth of the e-commerce industry further. The growth of the
transportation industry on account of growing online retails is expected to
benefit the shipping containers market.
Related Press Release@ Shipping Container Market Report
Shipping Container Market Report
Highlights
- By product, ISO containers generated a revenue of USD 6.28 billion
in 2020. Extensive adoption of ISO containers for international trade
mainly accounted for a higher share of the ISO container product segment
in the market
- Reefer container segment is expected to register the fastest CAGR
of 12.5% in terms of revenue from 2020 to 2028 owing to increasing demand
for temperature-controlled transportation for shipping pharmaceutical,
food, and agricultural products
- Industrial transport led the application segment with a share of
56.6% by revenue in the global shipping containers market in 2020.
Extensive use of shipping containers for transportation of industrial raw
materials and manufactured goods such as metals, minerals, oil and gases,
chemicals, ores, slags, machinery, tools, etc. attributed to the high
share of the industrial transport segment in 2020
- The Asia Pacific region dominated the market with more than 68.1%
share of the global revenue in 2020. Presence of countries such as China
and India having a large manufacturing base coupled with robust
agricultural exports mainly contributed to the high share of Asia Pacific
in the global market
- The market is highly fragmented with the presence of large- and
medium-sized international companies as well as small-sized domestic
players
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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