by Shipping containers are rectangular, standardized containers used to transport large volumes of goods by sea and rail. They are an essential part of global trade as they allow for efficient transportation of goods by ship and then by rail or truck. Shipping containers come in standardized steel boxes in various sizes, the most common being twenty-foot and forty-foot lengths, which allow them to be stacked above and below deck on container ships and transported worldwide. They facilitate global supply chains as they enable multi-modal transportation of goods overseas and then inland via trains or trucks. Their designs aim to maximize interior capacity while facilitating high-speed loading and unloading. Key attributes include being weatherproof, strong enough for repeated use, and standardized dimensions accepted globally.
The global Shipping Containers Market is estimated to be valued at Us$ 12572.95 Mn in 2023 and is expected to exhibit a CAGR Of 6.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the shipping containers market is the growing demand for specialized containers. Specialized containers such as insulated containers for food transportation, flat rack containers for outsized cargo, tank containers for liquid transportation have been gaining popularity. This is because they facilitate efficient transportation of specific types of goods. For instance, insulated containers help maintain temperature-controlled shipment of perishable goods like fruits and vegetables. Similarly, tank containers are ideal for transporting goods like chemicals, oils etc. Manufacturers are focusing on developing containers tailored for transportation of particular commodities which is driving the demand for specialized containers.
Porter’s Analysis
Threat of new entrants: Low as this industry requires huge capital investments. The existing players are well established with strong global presence and large economies of scale which are difficult to replicate.
Bargaining power of buyers: Moderate. Buyers have some bargaining power as there are many suppliers. However, switching costs are high due to long term contracts and established relationships.
Bargaining power of suppliers: Low. The industry suppliers include manufacturers of steel, logistics providers etc. There are many suppliers for materials and services.
Threat of new substitutes: Low. Shipping containers have no close substitutes for their functionality, ease of transport and standardization.
Competitive rivalry: High. The industry players compete fiercely on pricing, fleet size, new container types and customer service levels to gain market share.
Key Takeaways
The Global Shipping Containers Market Demand is expected to witness high growth. The Asia Pacific region currently dominates the market with China being the largest producer and consumer. Rapid industrialization and growth in international seaborne trade in countries like China and India will drive the demand in the region.
The Asia Pacific region is expected to grow the fastest during the forecast period led by China, South Korea and India. China has the largest container port throughput in the world and also produces over 80% of the global supply of containers. The region’s dominance is likely to continue supported by growing exports from China and other low-cost manufacturing countries.
Key players operating in the shipping containers market are China International Marine Containers Co., Ltd., Sea Box, Inc., Singamas Container Holdings Limited, China Cosco Shipping Co. Ltd. China International Marine Containers Co., Ltd. is one of the leading manufacturers globally with a production capacity of over 3 million TEUs per annum.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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