Portland, OR, July 15, 2019 (GLOBE NEWSWIRE) -- According to the report by Allied Market Research, the global shipping containers market garnered $9.29 billion in 2017 and is estimated to reach $12.08 billion by 2023, growing at a CAGR of 4.5% from 2017 to 2023. The research provides a detailed analysis of changing market dynamics, key segments, major investment pockets, key market players, and competitive intelligence.
Surge in seaborne trade, rise of transportation services, and increase in number of manufacturing facilities drive the growth in the market. However, decreasing economic growth in few nations in Europe and the Asia-Pacific region restrain the market growth. On the other hand, the implementation of development programs and different supportive initiatives present new opportunities for growth.
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Based on type of container, the dry storage container segment held the largest share in terms of revenue in 2017, contributing more than one-fourth of the total market share. This segment is expected to maintain its dominance throughout the forecast period. In addition, this segment is expected to grow at the highest CAGR of 5.4% throughout the forecast period. It is a lucrative segment. The research also analyzes flat rack container, refrigerated container, special purpose container, and others.
Based on size of container, the small containers (20 feet) segment accounted for more than one-third of the total share in 2017 and is expected to continue to dominate position during the forecast period. On the other hand, the high cube containers (40 feet) segment is estimated to attribute to the highest CAGR of 4.9% from 2017 to 2023. The research also analyzes large containers (40 feet).
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Asia-Pacific is a lucrative region. It contributed to more than one-third of the total market share in 2017 and is estimated to maintain its highest market share throughout the forecast period. This region is also expected to register the highest CAGR of 5.7% from 2017 to 2023. The report also analyzes Europe, North America, and LAMEA.
Key market players active in the market include China International Marine Containers (Group) Ltd., CXIC GROUP, TLS Offshore Containers International, Singamas Container Holdings Limited, A.P. MOLLER - MAERSK GROUP, W&K Containers, Inc., Dong Fang International Asset Management Ltd., China Shipping Container Lines Co. Ltd., YMC Container Solutions, and Jindo Co. Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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