by 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 Overview:
Shipping containers are standardized reusable freight transport box units used to stack and transport cargo globally by ship, rail or truck. They come in various sizes ranging from small containers used for home deliveries to jumbo containers used for bulk cargo transportation. Shipping containers have transformed global trade by enabling fast, efficient and low-cost transportation of goods worldwide. They provide protection, security and enable efficient loading/unloading of cargo during transport.
Market key trends:
Growing globalization and international trade has been a major factor driving demand for shipping containers over the years. As global trade expands, more cargo needs to be shipped requiring increased use of containers. Moreover, increased outsourcing of manufacturing to low-cost countries has resulted in higher volumes of containerized cargo being shipped across regions. Growing trade between emerging economies is expected to further boost market growth during the forecast period. Another key trend is the replacement of ageing container fleet with technologically advanced containers with higher payload capacities, improved security features and efficient design for faster loading/unloading. Key players are also focusing on innovations to develop containers for specialized cargo such as refrigerated containers for food transportation.
Porter’s Analysis
Threat of new entrants: The shipping containers market requires huge capital investments for establishing manufacturing plants. Also, existing key players have established global distribution networks and brand recognition, creating entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of a wide range of container types and brands to choose from. However, switching costs are high when buyers change container brands.
Bargaining power of suppliers: A few major players dominate the supply of raw materials like steel and components. This gives suppliers significant bargaining power over container manufacturers.
Threat of new substitutes: There exist no close substitutes for shipping containers since they offer cost and space optimization for transportation of goods.
Competitive rivalry: Intense competition exists among the key container manufacturers globally to gain greater market share by expanding capacity and networks.
Key Takeaways
The global Shipping Containers Market Growth is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing global trade volumes. Growing international seaborne trade from China and other Asian countries is driving the demand for containers.
Regional analysis: Asia Pacific dominates the global market and is expected to continue its lead, growing at over 6.5% CAGR owing to strong trade volumes from China, South Korea, India, and Japan. China is the largest manufacturer as well as consumer of shipping containers globally.
Key players: 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., TLS Offshore Containers International, CXIC Group Containers Company Limited, W&K Container Inc., Maersk Container Industry, YMC Container Solutions (a division of Thurston Group Limited), and Dong Fang International Container (Hong Kong) Co., Ltd. China International Marine Containers captures over 35% of the global market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
