BANGALORE, India, Nov. 10, 2021 /PRNewswire/ -- The Shipping Container Market is Segmented by Container Size (Small Container (20 feet), Large Container (40 feet), and High Cube Container (40 feet)),Product Type (Dry Storage Container, Flat Rack Container, Refrigerated Container, Special Purpose Container, and Others), and EndUse (Food & Beverages, Consumer Goods, Healthcare, Industrial Products, Vehicle Transport, and Others) The report covers global opportunity analysis and industry forecasts from 2020 to 2027. It is published in Valuates Reports under Transportation & Logistics Category.
The global shipping containers market size was valued at USD 8.70 Billion in 2019 and is projected to reach USD 12.08 Billion by 2027, registering a Compound Annual Growth Rate (CAGR) of 4.3% for the forecast period 2020-2027.
Major Factors Driving The Growth Of The Shipping Container Industry Are:
Factors such as an increase in demand for cargo transportation via ships and an increase in trade-related agreements are assisting the expansion of the shipping container market. When compared to other modes of transportation, demand for cargo transportation via waterways is increasing due to factors such as cost-effectiveness and the ability to convey goods in a secure manner.
Furthermore, the trend of automation in sea transportation, as well as an increase in maritime safety requirements, are expected to present potential possibilities for the shipping containers market throughout the forecast period.
Trends Influencing The Growth Of The Shipping Container Market
The growth of the shipping container industry is likely to be aided by an increase in trade-related agreements. To transport commodities from one area to another, many trade agreements have been negotiated between developed and developing countries. As a result, waterways are now a more efficient and cost-effective route of transportation for providers.
Cargo container manufacturers have developed more efficient and better-looking containers in a variety of forms and sizes because of this increased inclination. This in turn fuels the shipping container market growth. Tariffs and levies have also been reduced because of free trade agreements. Furthermore, because exporters and importers do not have to pay taxes to the government, commercial operations have increased.
Furthermore, the expansion of the shipping container market is likely to be fuelled by an increase in demand for cargo transportation via ships. Cargo transportation by ship is becoming increasingly popular. When compared to other modes of transportation, a bigger volume of cargo is efficiently transported to the other end in a more secure manner. Furthermore, cargo ships are less expensive than road and air transportation for transporting goods. Ships can transfer more stuff in less time from one point to another.
The trend of automation in maritime transportation is expected to provide lucrative growth opportunities for participants in the shipping container market. Automation advances and large firms' demonstrations of autonomous ships have enabled a number of governments to join forces to build automated vessels for passenger and cargo transportation, culminating in the shipping industry's expansion.
Small containers are predicted to have the biggest market share over the projection period, based on container size. This is owing to increased commodities import and export by countries all over the world, as well as a growth of manufacturing facilities.
The dry storage containers category is predicted to have the greatest market share over the projection period, based on product type.
The Asia-Pacific region dominated the shipping container industry. Europe, LAMEA, and North America came in second and third, respectively. In the Asia-Pacific region, China held the greatest share of the global shipping container market in 2019, while Malaysia is predicted to rise rapidly over the projection period.
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