Summary
Major players in the shipping containers market are Hoover Container Solutions, CXIC Group, Shanghai Universal Logistics Equipment, Maersk Container Industry, Charleston Marine Containers, Hoover Container Solutions, CIMC, Sea Box, TLS Offshore Containers International Pvt Ltd., and China International Marine Containers Co. Ltd.
The global shipping containers market grew from $10.24 billion in 2022 to $11.18 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The shipping containers market is expected to grow to $15.88 billion in 2027 at a CAGR of 9.2%.
The shipping container market consists of sales of tunnel containers, open-side storage containers, general-purpose containers, insulated containers, half-height containers, and swap body containers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
A shipping container refers to Strong metal boxes are used to move items from one location to another; they are typically built of steel and designed to be durable enough to handle lengthy shipments. They range in size from ubiquitous corrugated boxes to large steel boxes used for intermodal shipments.
The Asia-Pacific was the largest region in the shipping containers market in 2022. The regions covered in the shipping containers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The shipping containers market covered in the report is segmented by product type into dry storage containers, flat rack containers, refrigerated containers, special-purpose containers, open top containers, double door containers, and others; by container size into a small container, large containers, high cube container; by end-use into food and beverages, consumer goods, healthcare, industrial products, vehicle transport, others.
An increase in demand for cargo transportation through ships contributed to the growth of the shipping container market.The demand for the transportation of cargo through waterways is growing owing to factors such as cost-efficiency and a more secure way of moving goods as compared to other means of transportation.
For instance, in September 2022, according to Eurostat, a Luxembourg-based statistical agency of the European Union, the volume of European road freight increased by 6.5% between 2020 and 2021, primarily due to significant growth in all types of operations. Furthermore, according to the International Air Transport Association in July 2021, air cargo rates were 2.79$/kg, or 55.9% higher in 2020 than in 2019 globally due to supply chain disruption. Moreover, ships can carry more cargo from one place to another within a short period. This in turn is projected to boost the growth of the shipping containers market.
The high costs associated with shipping containers are expected to restrain the growth of the shipping container market.The price of shipping containers depends on their size and condition.
The bigger the container, the higher the price.And, the newer the unit, the more expensive it could be.
For instance, in the USA, the average cost for a used container is around $2,000.The larger 40’ unit that could be altered for houses ranges from $3,000 to $4,000 for the used one and is approximately $6,000 for a brand-new unit.
Moreover, there are other costs such as shipping container home plans, and foundation costs involved which make them less affordable for purchase. Thus, the high costs of shipping containers are projected to limit the growth of the shipping container market over the forecast period.
In April 2021, Arcus Infrastructure Partners, LLP, a UK-based company, acquired Gem Containers Limited for an undisclosed amount.With this acquisition, Arcus broadens its container product portfolio, expands its customer base, and expands its product reach into Europe.
Gem Containers Limited is a UK-based metal company pioneering in the manufacturing and distribution of tank containers.
The countries covered in the shipping containers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The shipping containers market research report is one of a series of new reports that provides shipping containers market statistics, including shipping containers industry global market size, regional shares, competitors with a shipping containers market share, detailed shipping containers market segments, market trends and opportunities, and any further data you may need to thrive in the shipping containers industry. This shipping container market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
