Shipping containers are reusable steel boxes used for intermodal shipment of goods via ships, trains, and trucks. They facilitate efficient distribution of goods globally and allow for unitization of cargo, security, protection, and accessibility during transport. The global shipping containers market is primarily driven by expansion in international trade activities. Shipping containers allow for safer and more secure transportation of goods across borders. They protect cargo from damage, theft, and weathering during long-distance shipment.
The global shipping containers market is estimated to be valued at US$ 14484.04 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The expansion of international trade has been a key driver of growth in the shipping containers market. As globalization increases avenues cross-border trade of goods, shipping container demand has risen significantly. Growing import and export activities between nations has augmented transportation needs through shipping lanes. It has been estimated that over 80% of global trade by volume and over 70% by value is shipped via containers. As long as international trade continues to witness robust gains supported by factors like globalization, outsourcing, and emerging markets, demand for shipping containers is expected to remain strong. This will allow the market to continue its projected growth trajectory over the forecast period.
Segment Analysis
The global shipping containers market is dominated by the dry containers segment. Dry containers constitute cargo boxes used for general goods transportation and account for over 60% of the total market. They are preferred for their versatility and ability to carry wide variety of goods in bulk. Their standardized design allows for efficient stacking and transportation of containers via multiple modes of transport including ships, trains and trucks.
Key Takeaways
The global Shipping Containers Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis shows that Asia Pacific currently dominates the global market accounting for over 40% share. Rapid industrialization and growing international trade especially from China has fueled the demand for shipping containers in the region. China emerged as the leading trade partner for over 120 countries worldwide.
Key players operating in the shipping containers market include Fuel Cell Energy Inc., Cummins Inc., Ballard Power Systems Inc., Plug Power Inc., SFC Energy AG, Horizon Fuel Cell Technologies Pte Ltd., Mitsubishi Hitachi Power Systems Ltd., Toshiba Energy Systems & Solutions Corporation, Intelligent Energy Limited and Nuvera Fuel Cells LLC.
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