Global Container Tracking Market Insights 2024, Forecast To 2033
10 Oct, 2024
The container tracking market has experienced substantial growth, with the market size increasing from $9.36 billion in 2023 to $10.11 billion in 2024, marking a compound annual growth rate (CAGR) of 7.9%. The growth during the historic period is driven by increasing consumer demand for transparency, the need for efficient logistics solutions, a rising volume of goods, seaborne trade, and enhanced safety standards. The market is projected to continue its upward trend, reaching $13.78 billion in 2028 at a CAGR of 8.1%. This projected growth will be supported by sustainability initiatives, international trade growth, a focus on fleet optimization and efficiency, rising trade volumes, and infrastructure development. Key trends expected during the forecast period include blockchain applications, advanced data analytics, autonomous vehicles and drones, supply chain platform integration, and an emphasis on environmental and sustainability practices.
Major Driver In The Container Tracking Market
The rising incidence of cargo theft is anticipated to drive growth in the container tracking market. This surge in cargo theft is attributed to economic pressures that lead to increased criminal activity and sophisticated theft methods that surpass existing security measures. Additionally, the growth of e-commerce has expanded the volume and value of goods being transported, making cargo an attractive target for thieves. Container tracking solutions help mitigate cargo theft by offering real-time location and status updates, enabling prompt actions against unauthorized movements. These solutions also enhance security through detailed monitoring and historical data analysis. For instance, in May 2024, TAPA EMEA reported a 35.46% increase in transport theft cases within the European Union in 2023 compared to 2022, with reported incidents rising from 6,113 to 8,281. The total financial loss from these crimes reached $594.16 million (EUR 549 million), reflecting a 438% increase from 2022 and a staggering 1,076% rise from 2021. The container tracking market is projected to grow from $3 billion in 2023 to $4 billion in 2024, with forecasts indicating a market size of $5.5 billion by 2028. Thus, the rise in cargo theft significantly drives growth in the container tracking market.
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Major companies operating in the container tracking market are A.P. Moller - Maersk A/S, CMA CGM Group, Cosco Shipping Lines Co Ltd., NetSuite Inc., Hapag-Lloyd AG, Mediterranean Shipping Company S.A., Orient Overseas Container Line Limited, DP World Logistics FZE, Yang Ming Marine Transport Corporation, Zim Integrated Shipping Services Ltd., Evergreen Marine Corporation, Wan Hai Lines Ltd., Kawasaki Kisen Kaisha Ltd, Hyundai Merchant Marine Co., Ltd., Zebra Technologies Corporation, Ocean Network Express Pte. Ltd., Project44 Inc., CargoWise, E2open Parent Holdings Inc., ORBCOMM Inc., Hanjin Logistics Corporation, Pacific International Lines (Pte) Ltd., GoComet, CargoSmart Ltd.
Key Container Tracking Market Trend
Major companies in the container tracking market are focused on developing advanced solutions, such as dry container tracking, to enhance security, improve logistics efficiency, and provide real-time visibility. Dry container tracking refers to monitoring and managing standard shipping containers used for transporting cargo that does not require special conditions like refrigeration or a controlled atmosphere. For example, in April 2024, Hapag-Lloyd, a Germany-based maritime transport company, launched a new live position product that offers comprehensive, on-demand door-to-door visibility through extensive use of Internet of Things (IoT) technology. It features real-time shipment visibility, a user-friendly interface for tracking by container or booking number, on-demand information updates, and plans for future enhancements, such as application programming interface integration and estimated time of arrival (ETA) predictions.
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Global Container Tracking Market Segmentation
The container tracking market covered in this report is segmented –
1) By Offering: Hardware, Software, Service
2) By Technology Type: Radio Frequency Identification (RFID), Global Positioning System (GPS), Cellular, Satellite
3) By Mode of Transportation: Maritime, Land, Air
4) By End-User: Food And Beverage, Consumer Goods, Vehicle Transport, Healthcare, Industrial Products, Other End-User
By Geography:The regions covered in the container tracking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the container tracking market in 2023.
The Container Tracking Global Market Report 2024 furnishes information about the global container tracking market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.