Container Shipping Market Size, Share & Trends Growth [2031]
Container Shipping Market Size, Share & Trends Growth [2031]
Segments - Container Shipping Market by Type (Refrigerated Container, Flat Rack Container, Dry Storage Container, Special Purpose Container, and Others), Size (High Cube Container, Large Cube Container, and Small Container), End-user (Consumer Goods, Food & Beverages, Industrial Products, Healthcare, Vehicle Transport, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :AL-5305
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| 191 Pages
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Report Description
The global container shipping market size was USD 8.3 Bn in 2022 and is likely to reach USD 12.6 Bn by 2031, expanding at a CAGR of 4.7% during 2023–2031. The market growth is attributed to the rising trade activities due to the liberalization of economies and the subsequent need for efficient and safe modes of transportation of goods and products.
Container shipping is the process of carrying containers over land or across the oceans. Containers are standardized large storage vessels or steel boxes designed to store and carry goods and products safely via ships, trains, and trucks. According to United Nations Conference on Trade and Development, it is estimated that almost 80% of global goods are transported across the oceans as of 2022. When the commodities are transported by sea routes, they transit through harsh conditions such as varying temperatures, rains, and wind.
The containers are designed to protect the commodities from harsh sea or land conditions. Insulated shipping containers and intermodal containers are made from high-quality steel or aluminum with enhanced durability, strength, and weather resistance.
The shipping industry follows standard dimension specifications for shipping containers to facilitate intermodal transportation through various modes such as ships, trains, and trucks. International standardization minimizes redundancy of loading and unloading activities at the ports or at the logistics parks as the containers are stacked strategically at the warehouses. The shipping containers are typically 8 feet 6 inches tall, 8 feet wide, and 20 or 40 feet long with a weight of around 6000 to 7500 pounds.
The market report finds that COVID-19 pandemic negatively impacted the container shipping market. The shipping industry suffered major setbacks due to the pandemic crisis. The economic slowdown and subsequent reduction in international trade activities have hampered shipping activities. Moreover, shipping companies stopped buying of new vessels due to the slowdown in the ship building industry.
Container Shipping Market Dynamics
Major Drivers
Rising awareness about cost-efficiency through sea transportation and liberalization of economies is expected to drive the market. Manufacturers and transporters prefer maritime transportation for large qualities of commodities as it is a cost-efficient proportion. Air freight is five times costlier than sea freight. Fright operators prefer transportation through sea routes as it saves cost and fuel. A cargo ship can carry around 18, 000 containers at a time which is a profitable proportion for the transporters.
Existing Restraints
Significant drop-downs in shipping rates, elevated global inventory levels, and reduction in freight volume are likely to hinder the market. The shipping companies are offering competitive prices to the exporters to stay afloat in the competition.
According to Bloomberg Intelligence, global sea freight rates dropped by about 16%, and container volume reduced by 5% in February 2023 signifying a substantial reduction in revenues of shipping companies. The major trade route between Asia to North America witnessed a 31% drop in shipping activities.
Emerging Opportunities
The rising adoption of digital technologies in shipping operations and warehouse management is likely to create significant opportunities for the market. The technologies such as the Internet of Things (IoT), Fleet Management Software, and Radio Frequency Identification (RFID) are enabling logistics operators to improve operational decisions to provide value-based services to their consumers. Containerization in freight transport management systems with the help of digital technologies enhances the process outcomes significantly.
Scope of Container Shipping Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Container Shipping Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (Refrigerated Container, Flat Rack Container, Dry Storage Container, Special Purpose Container, and Others), Size (High Cube Container, Large Cube Container, and Small Container), and End-user (Consumer Goods, Food & Beverages, Industrial Products, Healthcare, Vehicle Transport, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
COSCO SHIPPING Development Co., Ltd.; A.P. Moller – Maersk; China International Marine Containers (Group) Co., Ltd.; Caru Containers; OEG; TLS Offshore Containers; Singamas Container Holdings Limited; THURSTON GROUP; and W&K Containers, Inc. |
Container Shipping Market Segment Insights
Type Segment Analysis
Based on type, the container shipping market is segmented into refrigerated container, flat rack container, dry storage container, special purpose container, and others. The dry storage container segment is expected to expand at a significant growth rate during the projection period owing to wide applications, low cost, and easy availability of dry containers for shipping purposes.
The commodities such as dry food, electronics items, and machinery constitute a large share of the international trade. Dry containers protect commodities inside the container from external influences such as temperature, humidity, and wind as it is made up of an airtight structure.
Size Segment Analysis
On the basis of size, the global market is segregated into high cube container, large cube container, and small container. The large cube container segment is projected to register a considerable CAGR during the forecast period due to the durability and enhanced space offered by large cube containers. The large cube containers are globally adopted by fleet management companies and thus provide high throughput during transportation and warehouse management operations.
End-user Segment Analysis
Based on end-user, the container shipping market is segregated into consumer goods, food & beverages, industrial products, healthcare, vehicle transport, and others. The industrial products segment is expected to register a robust growth rate during the forecast period owing to the increasing adoption of shipping containers in the supply chain operations of machinery, metals, minerals, and chemicals. The liberalization of economies has increased global industrialization and international trade activities. This factor works as a catalyst for the growth of the industrial products segment.
Regional Analysis
In terms of region, the global container shipping market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period due to the large volume of exports and rising industrialization in the region due to supportive government policies.
The emerging economies in the Asia Pacific such as India and China, are developing due to favorable government policies, skilled workforce, and availability of raw materials. The export-import activities are likely to fuel the commodities shipping activities in the region.
Segments
The container shipping market has been segmented on the basis of
Type
- Refrigerated Container
- Flat Rack Container
- Dry Storage Container
- Special Purpose Container
- Others
Size
- High Cube Container
- Large Cube Container
- Small Container
End-user
- Consumer Goods
- Food & Beverages
- Industrial Products
- Healthcare
- Vehicle Transport
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- COSCO SHIPPING Development Co., Ltd.
- A.P. Moller – Maersk
- China International Marine Containers (Group) Co., Ltd.
- Caru Containers
- OEG
- TLS Offshore Containers
- Singamas Container Holdings Limited
- THURSTON GROUP
- W&K Containers, Inc.
Competitive Landscape
Key players competing in the global container shipping market are COSCO SHIPPING Development Co., Ltd.; A.P. Moller – Maersk; China International Marine Containers (Group) Co., Ltd.; Caru Containers; OEG; TLS Offshore Containers; Singamas Container Holdings Limited; THURSTON GROUP; and W&K Containers, Inc.
These prominent companies in the market adopted development strategies including technological solution integration in the logistics value chain, acquisitions, partnerships, product diversification, innovative product launches to scale up the supply chain operations, and production growth to expand their consumer base worldwide. For instance,
- In April 2023, Shijiazhuang Enric Gas Equipment Co., Ltd. announced the delivery of the first phosphorane and hydrogen mixed gas tubular container in China. This container is dedicated to the safe transportation of hydrogen and phosphorane gas mixture and is expected to mark a new breakthrough in the electronic gas storage and transportation sector.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Container Shipping Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Container Shipping Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Container Shipping Market - Supply Chain
4.5. Global Container Shipping Market Forecast
4.5.1. Container Shipping Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Container Shipping Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Container Shipping Market Absolute $ Opportunity
5. Global Container Shipping Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Container Shipping Market Size and Volume Forecast by Types
5.3.1. Refrigerated Container
5.3.2. Flat Rack Container
5.3.3. Dry Storage Container
5.3.4. Special Purpose Container
5.3.5. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Container Shipping Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Container Shipping Market Size and Volume Forecast by End Users
6.3.1. Consumer Goods
6.3.2. Food & Beverages
6.3.3. Industrial Products
6.3.4. Healthcare
6.3.5. Vehicle Transport
6.3.6. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Container Shipping Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Container Shipping Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Container Shipping Demand Share Forecast, 2019-2026
8. North America Container Shipping Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Container Shipping Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Container Shipping Market Size and Volume Forecast by Types
8.4.1. Refrigerated Container
8.4.2. Flat Rack Container
8.4.3. Dry Storage Container
8.4.4. Special Purpose Container
8.4.5. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Container Shipping Market Size and Volume Forecast by End Users
8.7.1. Consumer Goods
8.7.2. Food & Beverages
8.7.3. Industrial Products
8.7.4. Healthcare
8.7.5. Vehicle Transport
8.7.6. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Container Shipping Demand Share Forecast, 2019-2026
9. Latin America Container Shipping Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Container Shipping Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Container Shipping Market Size and Volume Forecast by Types
9.4.1. Refrigerated Container
9.4.2. Flat Rack Container
9.4.3. Dry Storage Container
9.4.4. Special Purpose Container
9.4.5. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Container Shipping Market Size and Volume Forecast by End Users
9.7.1. Consumer Goods
9.7.2. Food & Beverages
9.7.3. Industrial Products
9.7.4. Healthcare
9.7.5. Vehicle Transport
9.7.6. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Container Shipping Demand Share Forecast, 2019-2026
10. Europe Container Shipping Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Container Shipping Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Container Shipping Market Size and Volume Forecast by Types
10.4.1. Refrigerated Container
10.4.2. Flat Rack Container
10.4.3. Dry Storage Container
10.4.4. Special Purpose Container
10.4.5. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Container Shipping Market Size and Volume Forecast by End Users
10.7.1. Consumer Goods
10.7.2. Food & Beverages
10.7.3. Industrial Products
10.7.4. Healthcare
10.7.5. Vehicle Transport
10.7.6. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Container Shipping Demand Share Forecast, 2019-2026
11. Asia Pacific Container Shipping Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Container Shipping Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Container Shipping Market Size and Volume Forecast by Types
11.4.1. Refrigerated Container
11.4.2. Flat Rack Container
11.4.3. Dry Storage Container
11.4.4. Special Purpose Container
11.4.5. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Container Shipping Market Size and Volume Forecast by End Users
11.7.1. Consumer Goods
11.7.2. Food & Beverages
11.7.3. Industrial Products
11.7.4. Healthcare
11.7.5. Vehicle Transport
11.7.6. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Container Shipping Demand Share Forecast, 2019-2026
12. Middle East & Africa Container Shipping Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Container Shipping Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Container Shipping Market Size and Volume Forecast by Types
12.4.1. Refrigerated Container
12.4.2. Flat Rack Container
12.4.3. Dry Storage Container
12.4.4. Special Purpose Container
12.4.5. Others
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Container Shipping Market Size and Volume Forecast by End Users
12.7.1. Consumer Goods
12.7.2. Food & Beverages
12.7.3. Industrial Products
12.7.4. Healthcare
12.7.5. Vehicle Transport
12.7.6. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Container Shipping Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Container Shipping Market: Market Share Analysis
13.2. Container Shipping Distributors and Customers
13.3. Container Shipping Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. COSCO SHIPPING Development Co., Ltd.
13.4.2. A.P. Moller – Maersk
13.4.3. China International Marine Containers (Group) Co., Ltd.
13.4.4. Caru Containers
13.4.5. OEG
13.4.6. TLS Offshore Containers
13.4.7. Singamas Container Holdings Limited
13.4.8. THURSTON GROUP
13.4.9. W&K Containers, Inc.
Methodology
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