by Shipping containers are standardized reusable steel boxes used for intermodal shipments of goods and commodities in global trade and transportation. They vary in size but the largest dry cargo containers are 53 feet long by 8 feet wide by 8 feet 6 inches high. Shipping containers have become ubiquitous in international trade as they facilitate speedy transfer of goods between ships, trains, and trucks while also protecting cargo during long distance transport. Common products shipped in containers include consumer electronics, apparels, manufactured components, machinery, and perishable food items.
The global shipping containers market 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 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rapid Growth in International Trade and Shipping Activities: The key opportunity referred to in the heading is the rapid growth in international trade and shipping activities globally. Increased globalization of supply chains has boosted cross border trade flows in recent years. According to World Trade Organization, world merchandise trade volume is projected to grow by 4.7% in 2023. Rising imports and exports is driving higher demand for shipping containers from industries to efficiently transport cargo across borders via sea, land and rail routes. This growth in trade volumes is expected to propel the shipping containers market forward over the coming years.
International standards and intermodal capabilities: Shipping containers are manufactured as per international standards set by the International Organization for Standardization (ISO) which allows for their seamless movement across different modes of transportation worldwide. Their ability to transition smoothly between ships, trucks and trains make containers indispensable for fast-paced global supply chains. This intermodal quality further enhances containers suitability and demand for cross trade shipping.
Segment Analysis
The global shipping containers market is segmented by product type, size, and end-use industry. By product type, the dry containers segment dominates the market and accounts for more than 60% share owing to their extensive utilization in transportation of general cargo. By size, the 20 foot container segment holds the highest share as they provide optimum capacity for general cargo and are highly compatible with ships and trucks. By end-use industry, the transport segment accounts for the major share as shipping containers are an integral part of the ocean freight transportation industry.
PEST Analysis
Political: Trade facilitation programs by governments positively impact market growth. Regulations regarding container sizes and specifications set by international standards harmonize the market.
Economic: Market is driven by international seaborne trade flows and growth in globalization. Rise in manufacturing and industrial activities boost demand from end-use industries.
Social: Rising global population and economic development increase domestic and international trade volumes demanding more containers.
Technological: Advancements in container design, seals, and security features enhance cargo safety and reduce transportation costs supporting market expansion. Use of RFID and sensors enable real-time container tracking.
Key Takeaways
The global Shipping Containers Market Demand is expected to witness high growth supported by expanding international trade led by China, US and India.
The Asia Pacific region dominates the market and is expected to maintain its leading position over the forecast period owing to strong manufacturing and export activities in China, South Korea and India.
Key players operating in the shipping containers market include Fuel Cell Energy Inc., Cummins Inc., Ballard Power Systems Inc., Plug Power Inc., SFC Energy AG, and Horizon Fuel Cell Technologies Pte Ltd. Key players focus on product innovations to increase efficiency and security of containers to gain shares in the competitive market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
