New York, April 12, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research, the market for shipping containers would generate $8.29 billion worldwide in 2022. The Shipping Container Market is anticipated to develop at a CAGR of 4.6% from 2023 to 2033, reaching US$ 13.68 billion. The market is driven by the increasing demand for goods transportation and the growth in global trade.
The global shipping containers market has been witnessing significant growth in recent years. Shipping containers are standardized steel boxes used for transportation of goods via sea, rail or road. They are used to transport a wide range of products such as electronics, machinery, clothing, food, and automobiles. The increasing demand for goods transportation and the growth in global trade have been the major drivers of the shipping containers market.
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Shipping Containers Market Key Points
- Growing demand: The shipping containers market is expected to grow due to the increasing demand for goods transportation and the growth in global trade.
- Container types: The market can be segmented based on container type, including dry containers, refrigerated containers, tank containers, and others. Dry containers are the most commonly used container type.
- Size segments: Based on size, the market can be segmented into small containers (20ft), large containers (40ft), and others. Large containers accounted for the largest market share in 2022.
- Application segments: The market can also be segmented based on application, including food and beverages, consumer goods, healthcare, industrial products, and others. The consumer goods segment accounted for the largest market share in 2022.
- Regional analysis: Asia-Pacific accounted for the largest market share in 2022, owing to the presence of major shipping container manufacturers such as China International Marine Containers (CIMC) and Singamas Container Holdings Ltd.
- Strategies: Companies in the shipping containers market can adopt effective strategies such as focusing on innovation and development, increasing production capacity, forming strategic partnerships, focusing on sustainability, and expanding into new markets to gain a competitive edge.
Shipping Containers Market Dynamic
- Technological advancements: The shipping containers market has seen several technological advancements, such as the development of smart containers that can monitor cargo conditions and location in real-time.
- Changes in trade patterns: The shipping containers market is highly dependent on global trade patterns. Shifts in trade patterns can impact the demand for shipping containers and the routes they are used on. For example, the growth of e-commerce has led to an increase in demand for small containers for last-mile delivery.
- Capacity constraints: The shipping containers market has been affected by capacity constraints, particularly during periods of high demand.
- Supply chain disruptions: Supply chain disruptions, such as port congestion and labor strikes, can also impact the shipping containers market.
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Competitive Landscape:
The global shipping containers market is highly competitive and fragmented, with the presence of several major players. The key players operating in the market include China International Marine Containers Co., Ltd., Singamas Container Holdings Limited, CXIC Group Containers Company Limited, Maersk Container Industry, Sea Box, Inc., W&K Container, YMC Container Solutions, TLS Offshore Containers International, OEG OFFSHORE LIMITED, CARU Containers B.V., IWES LTD.
These players are focusing on product innovation and development to gain a competitive edge in the market. For instance, in 2022, CIMC launched a new generation of smart containers, which are equipped with Internet of Things (IoT) technology and are capable of tracking their location, temperature, and other vital parameters.
Market Segmentation:
The shipping containers market can be segmented based on container type, size, and application.
- Based on container type, the market can be segmented into dry containers, refrigerated containers, tank containers, and others. Dry containers are the most commonly used container type and accounted for the largest market share in 2020.
- Based on size, the market can be segmented into small containers (20ft), large containers (40ft), and others. Large containers accounted for the largest market share in 2020 and are expected to continue their dominance during the forecast period.
- Based on application, the market can be segmented into food and beverages, consumer goods, healthcare, industrial products, and others. The consumer goods segment accounted for the largest market share in 2022, owing to the increasing demand for electronics and clothing.
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Regional Analysis:
The global shipping containers market can be segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific accounted for the largest market share in 2022, owing to the presence of major shipping container manufacturers such as China International Marine Containers (CIMC) and Singamas Container Holdings Ltd. The region is expected to continue its dominance during the forecast period.
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