Shipping Containers Market Definition And Segments
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 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.
The shipping containers market covered in this report is segmented –
1) By Product Type: Dry Storage Container, Flat Rack Container, Refrigerated Container, Special-Purpose Container, Open Top Container, Double Door Container, Other Product Types
2) By Container Size: Small Container, Large Container, High Cube Container
3) By End Use: Food And Beverages, Consumer Goods, Healthcare, Industrial Products, Vehicle Transport, Other End-Uses
The shipping containers market size has grown strongly in recent years. It will grow from $10.81 billion in 2023 to $11.62 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to rise of multinational corporations, port infrastructure development, industrialization and container standardization, economic growth and market integration, intermodal transportation advancements.
The shipping containers market size is expected to see strong growth in the next few years. It will grow to $15.53 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to cultural and artistic use, hospitality and tourism sector, pop-up retail and events, disaster relief and emergency housing, logistics and warehousing solutions. Major trends in the forecast period include modular construction, sustainable building materials, urbanization and housing needs, pop-up retail and events, disaster relief and emergency housing, customization and design aesthetics.
Rising Cargo Transportation Demand Fuels Growth In The Shipping Container Market
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. This in turn is projected to boost the growth of the shipping containers market.
E-Commerce Surge Driving Growth In The Shipping Containers Market
The rise in e-commerce is expected to propel the growth of the shipping containers market going forward. E-commerce (electronic commerce) refers to buying and selling goods and services and sending money or data through an electronic network, most often the Internet. E-commerce utilizes shipping containers to efficiently transport and deliver goods worldwide, streamlining logistics and reducing costs. For instance, in September 2022, according to the International Trade Administration, a US-based Department of Commerce, consumer e-commerce made up 30% of the UK's overall retail sector (up from 20% in 2020), with an annual e-commerce revenue of more than $120 billion. In 2021, 82% of people in the UK will have made at least one online purchase. Therefore, the rise in e-commerce is driving the growth of the shipping containers market.
Major companies operating in the shipping containers market report are A.P. Moller–Maersk Group, China International Marine Containers (Group) Co Ltd. (CIMC), COSCO SHIPPING Development Co Ltd., Triton International Limited, CXIC Group Containers Company Limited, Container Corporation of India Limited, Textainer Group Holdings Limited, Shanghai Universal Logistics Equipment Co Ltd., Maersk Container Industry A/S, THIELMANN Group, OEG Offshore Limited, Sea Box Inc., Hoover Container Solutions, Florens Container Services B.V., Cronos Containers Ltd., BSL Containers Ltd., CARU Containers B.V., Charleston Marine Containers Inc., Klinge Corporation, UES International Pty Ltd., TLS Offshore Containers International Pvt Ltd., SCHüTZ Container Systems Inc., Pacific Tycoon Limited, W&K Containers Inc., American Intermodal Container Manufacturing Inc. (AICM), Storstac Inc., TRS Containers, Rava Group Containers, Skelton Container Services Ltd., Global Container Solutions Ltd.
Cost Implications Hindering Growth In The Shipping Container 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.
Advanced Solutions Enhanced Logistics Operations In Shipping Containers Market
Major companies operating in the shipping containers market are focusing on developing cloud-based technologies to optimize tracking, inventory management, and logistics operations. Cloud-based technologies refer to the use of remote servers accessed via the Internet to store, manage, and process data or run applications. For instance, in March 2023, Meratus, an Indonesia-based shipping company, launched the SMARCO-Smart Container to meet the demand for more efficient and safe container shipping. With advanced Internet of Things (IoT) sensors, GPS tracking, and cloud-based technologies, SMARCO is expected to provide businesses with the possibility of having full visibility and control over shipping containers.
Arcus Infrastructure Partners Expands Portfolio With Acquisition Of Gem Containers Limited
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.
Asia-Pacific was the largest region in the shipping containers market in 2023. The regions covered in the shipping containers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the shipping containers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
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 from The Business Research Company 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.