Shipping Containers Market Is Driving Growth Due To Rising International Trade
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| - Global Shipping Container Market |
Shipping containers come in various standard sizes like 20 feet (6.1 m), 40
feet (12.2 m), 45 feet (13.7 m) and allow goods to be stacked and transported
easily for domestic as well as international trade via ships, trains and
trucks. The standardization of container sizes enables easy interchangeability
between different modes of transportation and results in lower transportation
costs. The modular design and corrosion resistance properties of containers
also allow for smooth intermodal transit of goods.
The global shipping containers market size is estimated to be valued at US$14484.04 billion in 2024 and is
expected to exhibit a CAGR of 12%
over the forecast period of 2024 to 2030.
Rapid
growth in e-commerce and just-in-time manufacturing practices have created
strong demand for containerized cargo shipments. Rising international trade
volumes, especially between China, America and Europe is a key market driver.
Key Takeaways
Key players operating in the shipping containers market are Fuel Cell Energy
Inc., Cummins Inc., Ballard Power Systems Inc., Plug Power Inc., SFC Energy AG,
Horizon Fuel Cell Technologies Pte Ltd., Mitsubishi Hitachi Power Systems Ltd.,
Toshiba Energy Systems & Solutions Corporation, Intelligent Energy Limited
and Nuvera Fuel Cells LLC.
Shipping containers allow for greater efficiency in cargo handling and movement
from origin to final destination. Stronger trade relations between nations
present lucrative opportunities for containerized cargo shipments. Key players
are expanding globally by setting up manufacturing plants closer to major ports
to improve turnaround times for containers.
Market Drivers
Growing international trade volumes is one of the key drivers for growth of Shipping
Containers Market Growth. The value of global merchandise trade grew
from $19.2 trillion in 2014 to $25.2 trillion in 2021 according to World Trade
Organization and the share of goods transported through containers keeps
increasing. Greater trade openness between nations fuels demand for
containerized cargo movement.
Market Restrain
Rising oil prices and fluctuating freight rates pose a challenge for
containerized cargo shipments. Disruptions due to geopolitical conflicts and
pandemic outbreaks negatively impact container availability and turnaround
times. Environmental concerns regarding growing container waste is another
factor restraining market growth.
Segment Analysis
The shipping containers market can be broadly classified into dry containers
and refrigerated containers. Dry containers dominate the market as they are
suitable for transporting general cargo. They offer versatility and flexibility
in terms of usage for different types of goods being transported. Dry
containers account for over 70% of the global market share owing to their
widespread application in transportation of goods such as raw materials,
machinery, and consumer products across industries. Refrigerated containers are
projected to witness high growth during the forecast period fuelled by
increasing trade of perishable items globally. Their ability to maintain
desired temperatures making them suitable for food items and pharmaceuticals is
augmenting their demand.
Global Analysis
On the basis of region, Asia Pacific is expected to dominate the global
shipping containers market during the forecast period. The large presence of
developing economies such as China and India are driving extensive
manufacturing activities in the region. In addition, robust growth of the
retail and e-commerce sector is propelling cross-border trade. This is
augmenting the demand for shipping containers for transportation of goods.
North America is anticipated to exhibit significant growth and emerge as a
major regional market owing to surging exports from the U.S. and trade
agreements with neighboring countries. Meanwhile, Europe is predicted to
witness steady expansion supported by the presence of major container ports and
a well-developed transportation infrastructure for sea-borne trade within the
region.
For More Insights read - Global
Shipping Container Market
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