Dublin, June 07, 2023 (GLOBE NEWSWIRE) -- The "40-Foot Container Chassis Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Axle and Type" report has been added to ResearchAndMarkets.com's offering.
The global 40-foot container chassis market is projected to reach US$ 1,930.69 million by 2028 from US$ 1,197.83 million in 2022. It is expected to register a CAGR of 8.6% during 2023-2028.
The rapid growth in international and domestic trade is expected to fuel the demand for 40-foot container chassis in Asia Pacific. The maritime industries in Asia Pacific are engaged in development and expansion of ports, resulting in the growing adoption of 40-foot containers, which further contributes to the growth of the 40-foot container chassis market.
For instance, according to the Ministry of Ports, Shipping and Waterways, in December 2021, the Indian government approved the development of a major port in Vadhavan due to increased trade activities in the country. Furthermore, there is a growth in the e-commerce sector across the region. For instance, China's imports and exports of cross-border e-commerce increased by 15% in 2021 compared to 2020. The growth of the e-commerce cross-border will contribute to the increasing adoption of 40-foot container chassis to transport goods in APAC, which is another significant factor impacting the 40-foot container chassis market.
As 90% of the world trade is carried out by sea, there is a rise in the trade activities at the ports in North America. A large number of ships enables a massive number of containers to be transported through various ports in the region, which demands the 40-foot container chassis to move goods. In addition, various ports in the region experienced an increase in the amount of cargo capacity handled.
According to xChange Solutions GmbH, the twenty-foot equivalent unit (TEU) handled by the Port of New Jersey and New York increased by 5.7% in 2022 compared to 2021, Port of Savannah by 8%, Port of Norfolk by 5.1%, Port of Houston by 16%, and Port of Charleston by 12%.
Thus, such a rise in cargo handled at the port contributes to the increased use of large containers, further propelling the growth of the 40-foot container chassis market. Furthermore, the rise in e-commerce activities due to increased penetration of the internet and the rise in online buyers contributes to the growing transportation of goods, further expanding the 40-foot container chassis market in North America.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 142 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value in 2023 | 1197.83 Million |
| Forecasted Market Value by 2028 | 1930.69 Million |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Strategic Initiatives by Chassis Manufacturers
- Rise in Trading Operations Across World
Restraint
- Low Demand for New Chassis Due to Long Lifespan
Opportunities
- Integration of Modern Technologies in Chassis
Trends
- Increase in Port Expansion Activities
Companies Mentioned
- Chassis King Inc
- Cheetah Chassis Corp
- Fliegl Fahrzeugbau GmbH
- Triton International Ltd
- Cimc Intermodal Equipment LLC
- Schmitz Cargobull AG
- Panda Mechanical Co Ltd
- Panus Assembly Co Ltd
- Pro-Haul Manufacturing Inc
- Karl Kassbohrer Fahrzeugwerke Gmbh
For more information about this report visit https://www.researchandmarkets.com/r/h3qi5r
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