Surge in seaborne trade, rise of transportation services, and increase in number of manufacturing facilities drive the growth in the market. However, decreasing economic growth in few nations in Europe and the Asia-Pacific region restrain the market growth. On the other hand, the implementation of development programs and different supportive initiatives present new opportunities for growth.
Key market players active in the market include China International Marine Containers (Group) Ltd., CXIC GROUP, TLS Offshore Containers International, Singamas Container Holdings Limited, A.P. MOLLER - MAERSK GROUP, W&K Containers, Inc., Dong Fang International Asset Management Ltd., China Shipping Container Lines Co. Ltd., YMC Container Solutions, and Jindo Co. Ltd.
The global shipping container market garnered $9.29 billion in 2017 and is estimated to reach $12.08 billion by 2023, growing at a CAGR of 4.5% from 2017 to 2023. The research provides a detailed analysis of changing market dynamics, key segments, major investment pockets, key market players, and competitive intelligence.
Asia-Pacific is a lucrative region. It contributed to more than one-third of the total market share in 2017 and is estimated to maintain its highest market share throughout the forecast period. This region is also expected to register the highest CAGR of 5.7% from 2017 to 2023. The report also analyzes Europe, North America, and LAMEA.
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Based on size of container, the small containers (20 feet) segment accounted for more than one-third of the total share in 2017 and is expected to continue to dominate position during the forecast period. On the other hand, the high cube containers (40 feet) segment is estimated to attribute to the highest CAGR of 4.9% from 2017 to 2023. The research also analyzes large containers (40 feet).
Based on type of container, the dry storage container segment held the largest share in terms of revenue in 2017, contributing more than one-fourth of the total market share. This segment is expected to maintain its dominance throughout the forecast period. In addition, this segment is expected to grow at the highest CAGR of 5.4% throughout the forecast period. It is a lucrative segment. The research also analyzes flat rack container, refrigerated container, special purpose container, and others.
Top Impacting Factors Such as -
- Growth of seaborne trade
- Improvement in transportation services
- Rise in number of manufacturing facilities
Key Findings of the Shipping Containers Market:
- The small container (20 feet) segment is projected to generate the highest revenue in the global market by 2023.
- The high cube container segment is projected to grow at the highest CAGR of 4.9% during the analysis period (2017-2023).
- The dry storage container segment is projected to generate the highest revenue in the global market by 2023. Also, it is anticipated to grow at the highest
- CAGR of 5.4% during the analysis period (2017-2023).
- Asia-Pacific holds the majority of the market share in 2015 and is anticipated to hold its position over the forecast period. Asia pacific is anticipated to grow at the highest CAGR of 5.7% during the analysis period.
- China was the major shareholder in the Asia Pacific shipping containers market, which accounted for about 47% of the market share in 2015.
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