April 24, 2024
Global Shipping Container Market

The Growing Global Shipping Container Market Is Trending Due To Increasing Freight Transportation

The global shipping containers market is a vital part of global transportation and logistics industry. Shipping containers helps to transport a large volume and variety of goods from manufacturers to consumers in a safe, standardized and efficient manner. Shipping containers offers advantages like reduced damage and theft during transportation and ease of handling and stacking for storage or transport using cranes and containerships.

The Global Shipping Containers Market is estimated to be valued at US$ 14484.04 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period of 2024 to 2030.

The shipping containers plays a critical role in international trade by facilitating an efficient global supply chain. Over 90% of non-bulk cargo worldwide is transported in shipping containers. Containerized shipping has revolutionized global transportation and enabled door-to-door delivery of a wide range of items from garments to vehicles to machinery parts. The standardization of containers sizes allows intermodal shipment without repacking and efficient trans shipment between vessels, trucks, rail containers and warehouses.

Key Takeaways

Key players operating in the Shipping Containers 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. These key players are investing in expanding their production capacities to satisfy the growing demand for shipping containers globally. They are also focusing on product innovation and customization to suit specific cargo and transportation needs.

The global demand for shipping containers is projected to surge exponentially on account rapid growth of international trade and e-commerce. Developing economies in Asia and Africa are witnessing rising consumerism which is propelling the import and export of a wide range of consumer and industrial goods. This is fueling the need for shipping containers to facilitate seaborne transportation of cargo.

Major shipping lines are also augmenting their container fleet size by procuring new containers to capitalize on the booming trade volumes. They are partnering with container manufacturers to ensure timely delivery. Meanwhile countries are investing heavily in port infrastructure development to efficiently handle shipment of imports and exports. This is creating lucrative opportunities for stakeholders in the global shipping containers industry.

Market Key Trends

One of the major trends in the Shipping Containers Market Growth is increased adoption of specialized containers for specific cargo types. This includes projects containers, open-top containers, flat rack containers, tank containers and refrigerated containers. Manufacturers are developing advanced container designs with smart features like temperature and humidity control, location tracking and remote monitoring ability. This allows maintaining optimal cargo conditions during international transit. Such technological advancements are propelling the demand for shipping containers and driving the overall market growth.

Porter’s Analysis

Threat of new entrants: High capital investments require to enter the market make it difficult for new players.

Bargaining power of buyers: Large shipping liners have high bargaining power over suppliers due to the demand and bulk purchases.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the high demand and concentrations of large players.

Threat of new substitutes: No significant substitutes are available currently for shipping containers.

Competitive rivalry: Intense competition exists among existing players to gain market share.

Geographical regions

North America represents the largest regional market, accounting for over 30% of the global shipping containers market value in 2024. Growth in the region is driven by high demand from transport and logistics industries.

Asia Pacific region is projected to be the fastest growing regional market through 2030, expanding at over 14% CAGR. Rapid industrialization and increasing export-import activities in developing economies such as China and India are augmenting the demand for shipping containers in Asia Pacific.

The shipping containers market witnesses highest concentration of value in Asia and North America regions. Asia accounts for around 40% of the global market value led by China, South Korea and Japan. These countries are among the leading producers and exporters of containers globally. Growth in international and domestic trade has augmented the demand. North America is another major regional market with the US as a key market.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it