The global shipping container market accumulated 9.29 billion US dollars in 2017 and is expected to reach 12.08 billion US dollars by 2023, with a compound annual growth rate of 4.5% from 2017 to 2023.
According to a report by the United Market Research Corporation, the surge in maritime trade, the rise of transport services and the increase in manufacturing facilities have contributed to the growth of the market. However, the slowdown in economic growth in a few countries in Europe and the Asia-Pacific region has inhibited market growth.
On the other hand, it said that the implementation of development plans and different supportive initiatives provided new opportunities for growth.
The Asia-Pacific region is a profitable region. The company accounted for more than a third of the total market share in 2017 and is expected to maintain the highest market share throughout the forecast period. The region is expected to have the highest compound annual growth rate of 5.7% from 2017 to 2023. The report also analyses Europe, North America and Latin America.
According to the types of containers, dry storage container sector has the largest share of revenue in 2017, accounting for more than a quarter of the total market share. It is expected that this sector will remain dominant throughout the forecast period.
In addition, the sector is expected to grow at a compound annual rate of up to 5.4% throughout the forecast period. This is a lucrative market segment. The flat container, refrigerated container and special container are also analyzed.
According to the size of containers, small containers (20 feet) account for more than a third of the total market share in 2017, and are expected to continue to dominate in the forecast period.
On the other hand, it is estimated that from 2017 to 2023, the composite annual growth rate of high cube container (40 feet) section is the highest, at 4.9%. The study also analyzed large containers (40 feet).
Major market participants active in the market include China International Maritime Container (Group) Limited, China Sea International Group, TLS Offshore Container International Corporation, Singapore Container Holdings Limited, A.P. Moller-Maersk Group, W&K Container Limited, Oriental International Asset Management Limited, China Shipping. 。 Container Transportation Co., Ltd., Yamaha Container Solutions Co., Ltd. and Jindao Co., Ltd.
