Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Market Definition

A shipping container is a container with a capacity to sustain shipment, storage, and handling. Shipping containers facilitate transport and carriage of goods without requiring to unload or reload at intermediate points. These containers can be transported via rail, ships, or trucks. Therefore, intermodal transport of goods has become more efficient. The shipping containers have enhanced the ease of handling cargo. Furthermore, it resulted in removing conventional loading unloading of cargo directly on the ship, thus saving valuable time and resources.

The global Shipping Containers Market was accounted for US$ 103,50.1 Mn in terms of value and 306, 324 Thousand Units in 2019 and is expected to grow at CAGR of 5.9% for the period 2020-2027.

Market Dynamics- Drivers

  1. Increasing seaborne trade is expected to drive growth of the global shipping containers market during the forecast period

Seat transport has increased significantly over the last five decades. This is typically due to the fact that seaborne transport is less expensive and more efficient than other modes of transport. According to Coherent Market Insights’ analysis, seaborne trade accounts for over 90% of global overseas trade. Furthermore, according to the same source, global seaborne trade increase by 3.8% in 2013 and is expected to grow by 4.1% by 2015. Currently, the Panama Canal is undergoing expansion to permit passage of large ships (over 10,000 TEU capacity). This expansion has been supplemented by significant investment in container terminals across the globe. Hence, these factors are expected to drive growth of the global shipping containers market in the near future.

  1. Rising containerization is expected to propel the global shipping containers market growth over the forecast period

Increasing speed, reliability, and safety of containerization have compelled companies to opt for containers to ship their goods. Decreasing the cost of long-distance containerized transportation combined with globalization of trade further boosts containerization. According to Coherent Market Insights’ analysis, growth in container transport is estimated to increase significantly by 2015 end. Hence, these factors are expected to propel the global shipping containers market growth over the forecast period.

Statistics:

Europe held dominant position in the global Shipping Containers market in 2019, accounting for 37.1% share in terms of value, followed by Asia Pacific and North America respectively

Figure 1: Global Shipping Containers Market Share (%) in terms of Value, By Region, 2019

Shipping Containers  | Coherent Market Insights

Shipping Containers Market - Impact of Coronavirus (Covid-19) Pandemic

Many governments around the globe such as India, Spain and Italy have imposed nationwide lockdown to prevent the spread of COVID-19 disease. For instance, India have imposed lockdown from 25 March to 1 May until the further notice. Lockdown resulted in the shortage of the workers at the ports. Due to the manpower shortage the ports are struggling to move the cargoes. Moreover, there is also shortage of transportation facilities such as Trucks and Trains. Owing to above mentioned factors, the COVID-19 pandemic is expected to restrain the market growth during the year 2020.

Market Dynamics- Restraints

  1. Consolidation of the global market is expected to hinder the global shipping containers market growth over the forecast period

The shipping container market is characterized by the presence of few but major manufacturers of containers. According to Coherent Market Insights’ analysis, as of 2014, the top three players in the market account for nearly 85% share. However, this consolidation is adversely effecting other players in the shipping container market. Hence, these factors are expected to hinder the global shipping containers market growth over the forecast period.

  1. Economic slowdown worldwide is expected to hamper the global shipping containers market growth during the forecast period

Global trade has witnessed slowdown since 2015 due to downturn in some major global companies in Europe, in spite of decreasing fuel prices. According to Coherent Market Insights’ analysis, in 2014, container imports in China increased by around 1.6% as compared to that in the previous year. This atypical flow of imports is due to economic slowdown in China, making it a relatively closed economy. Therefore, these factors are expected to hamper the global shipping containers market growth in the near future.

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Shipping Containers Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 2,929.7 Mn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 3.5% 2027 Value Projection: USD 3,895.2 Mn
Geographies covered (27):
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East and Africa: South Africa, North Africa, Central Africa
Segments covered:
  • By Product Type: (Dry Containers (20’ (20 ft.), 40’ (40 ft.), 40’ High Cube and Others), Reefer Containers (20’ (20 ft.), 40’ (40 ft.), 40’ High Cube, Others), Tank Containers and Others)
Companies covered:

China International Marine Containers Co., Ltd., Sea Box, Inc., Singamas Container Holdings Limited, China Cosco Shipping Co. Ltd., TLS Offshore Containers International, CXIC Group Containers Company Limited, W&K Container Inc., Maersk Container Industry, YMC CONTAINER SOLUTIONS (a division of Thurston Group Limited), and Dong Fang International Container (Hong Kong) Co., Ltd

Growth Drivers:
  • Increasing seaborne trade is expected to drive growth of the market
  • Rising containerization is expected to propel the global shipping containers market
Restraints & Challenges:
  • Economic Slowdown Worldwide

Market Opportunities

  1. Rising preference for 40-foot HC containers can present major business opportunities

End users in the market are increasingly preferring containers 40 feet high cube containers as compared to 40’ conventional containers. This is primarily due to the fact that 40 feet high cube containers provide around 12% more carrying capacity than 40 feet conventional containers and thus, are suitable for transportation of high volume cargo.

  1. Growing demand for reefer containers can provide significant growth opportunities

There is a massive demand for perishable goods across the globe. Major perishable goods exporters such as Mexico, Canada, and New Zealand are focusing on increasing the variety of vegetables and fruits exported. According to Coherent Market Insights’ analysis, in 2013, seaborne perishable trade accounted for 98 Mn tons, with an annual growth rate of 3.2%.

Figure 2: Global Shipping Containers Market Value (US$ Mn), 2016 - 2027

Shipping Containers  | Coherent Market Insights

The global Shipping Containers market was valued at US$ 103, 50.1Mn in 2019 and is forecast to reach a value of US$ 16,183.3 Mn by 2027 at a CAGR of 5.9% between 2020 and 2027.

Market Trends

  1. Low emissions and energy consumption

Governments across the world are focused on implementation of regulatory policies, in order to curb CO2 emissions. This, in turn, is influencing shipment container manufacturers, especially those of reefer containers to adopt eco-friendly refrigerants in order to reduce CO2 emissions. Furthermore, they are also focused on developing advanced systems that use management software to minutely controlling the temperature of goods during shipping. For instance, the European Union (EU)’s new F-gas Regulation, which came into effect from 1 January 2015, focuses on reducing fluorinated greenhouse gases (F-gases) emissions by two-thirds by 2030 as compared to 2014 levels.

  1. Implementation of GPS tracking system

According to the World Shipping Council, in 2013, 5,578 shipping containers were lost. Implementation of GPS system in containers enables real-time tracking and monitoring and thus, ensures enhanced asset visibility.

Competitive Section

Major companies involved in the global shipping containers market China International Marine Containers Co., Ltd., Sea Box, Inc., Singamas Container Holdings Limited, China Cosco Shipping Co. Ltd., TLS Offshore Containers International, CXIC Group Containers Company Limited, W&K Container Inc., Maersk Container Industry, YMC CONTAINER SOLUTIONS (a division of Thurston Group Limited), and Dong Fang International Container (Hong Kong) Co., Ltd.

Key Developments

  1. Key players involved in the market are focused on mergers and acquisitions, in order to enhance the market presence. For instance, in May 2019, China Cosco Shipping Co. Ltd, a China-based shipping corporation, acquired give units of Singamas Container Holdings Ltd.
  2. Major market players are involved in orders, contracts, and agreements, in order to gain a competitive edge in the market. For instance, in May 2019, Maersk Container Industry received an order from ZIM Integrated Shipping Services for 500 Star Cool Integrated Reefers.

A Shipping Containers is a specialized high-speed network that provides block-level network access to storage. SANs are used to augment the capacity of mass storage devices. Moreover, it connects all storage devices together in any network and links them to different operating systems in other IT networks. With increasing volumes of critical data being accumulated in the global business environment, there is a need among enterprises for better performance, availability, manageability, and security of data storage assets.

Market Dynamics

In the recent past, the capital expenditure on IT and associated infrastructure have increased significantly, especially in emerging economies. Furthermore, emerging regions such as MEA, Asia Pacific, and Latin America are witnessing a major increase in the need for investment in IT infrastructure after a break. According to Coherent Market Insights’ analysis, in 2015, global hardware expenditure was hindered by declining sales of PCs and phones. However, other markets are expected to perform better since enterprises are actively investing in network and storage infrastructure. According to the same source, global hardware expenditure accounts for 24% of total IT investment. Hence, these factors are expected to boost the global Shipping Containers market growth in the near future. Increasing speed, reliability, and safety of containerization have compelled companies to opt for containers to ship their goods. Decreasing the cost of long-distance containerized transportation combined with globalization of trade further boosts containerization. According to Coherent Market Insights’ analysis, growth in container transport is estimated to increase significantly by 2015 end. Hence, these factors are expected to propel the global shipping containers market growth over the forecast period.

Market Taxonomy

This report segments the Global Shipping Containers Market on the basis of Product Type and Region. On the basis of Product Type, Global Shipping Containers Market is segmented into (Dry Containers (20’ (20 ft.), 40’ (40 ft.), 40’ High Cube and Others), Reefer Containers (20’ (20 ft.), 40’ (40 ft.), 40’ High Cube, Others), Tank Containers and Others). On the basis of region, Global Shipping Containers Market is segmented into North America, Latin America, Europe, Asia pacific, Middle East and Africa.

Key features of the study:

  • This report provides an in-depth analysis of the Global Shipping Containers Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global Shipping Containers Market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the Global Shipping Containers Market includes China International Marine Containers Co., Ltd., Sea Box, Inc., Singamas Container Holdings Limited, China Cosco Shipping Co. Ltd., TLS Offshore Containers International, CXIC Group Containers Company Limited, W&K Container Inc., Maersk Container Industry, YMC CONTAINER SOLUTIONS (a division of Thurston Group Limited), and Dong Fang International Container (Hong Kong) Co., Ltd These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
  • The global Shipping Containers market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Shipping Containers Market

Detailed Segmentation:

  • Global Shipping Containers Market, By product Type:
    • Dry Containers
      • 20’ (20 ft.)
      • 40’ (40 ft.)
      • 40’ High Cube
      • Others
    • Reefer Containers
      • 20’ (20 ft.)
      • 40’ (40 ft.)
      • 40’ High Cube
      • Others
    • Tank Containers
    • Others
  • Global Shipping Containers Market, By Region:
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East and Africa
  • Company Profiles
    • China Cosco Shipping Co. Ltd.,
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • China International Marine Containers Co., Ltd.,
    • CXIC Group Containers Company Limited,
    • Dong Fang International Container (Hong Kong) Co., Ltd
    • Maersk Container Industry,
    • Sea Box, Inc.,
    • Singamas Container Holdings Limited,
    • TLS Offshore Containers International,
    • W&K Container Inc.,
    • YMC CONTAINER SOLUTIONS (a division of Thurston Group Limited)

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Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, BY Product Type
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. Global Shipping Containers Market, BY Product Type, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Product Type Trends
    • Dry Containers
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
        • 20’ (20 ft.)
        • 40’ (40 ft.)
        • 40’ High Cube
        • Others
    • Reefer Containers
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
        • 20’ (20 ft.)
        • 40’ (40 ft.)
        • 40’ High Cube
        • Others
    • Tank Containers
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Others
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  5. Global Shipping Containers Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, Product Type, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, Product Type, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, Product Type, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, Product Type, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, Product Type, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  6. Competitive Landscape
    • Company Profiles
      • China Cosco Shipping Co. Ltd.,
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • China International Marine Containers Co., Ltd.,
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • CXIC Group Containers Company Limited,
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Dong Fang International Container (Hong Kong) Co., Ltd
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Maersk Container Industry,
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Sea Box, Inc.,
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Singamas Container Holdings Limited,
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • TLS Offshore Containers International,
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • W&K Container Inc.,
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • YMC CONTAINER SOLUTIONS (a division of Thurston Group Limited)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  7. Section
    • References
    • Research Methodology
    • About us and Sales Contact

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Frequently Asked Questions

The global market for Shipping Containers is expected to reach USD 12,150.3 Million by 2022.
Increasing seaborne trade is expected to drive growth of the global shipping containers market during the forecast period.
Dry Containers sub-segment holds the largest market share among Application segment contributing 64.6% market share in terms of value in 2019.
Europe region hold the largest share in the global Shipping Containers market in 2019, accounting for 37.1% share in terms of value.
Key players operating in the global Shipping Containers market are China International Marine Containers Co., Ltd., Sea Box, Inc., Singamas Container Holdings Limited, China Cosco Shipping Co. Ltd., TLS Offshore Containers International, CXIC Group Containers Company Limited, W&K Container Inc., Maersk Container Industry, YMC CONTAINER SOLUTIONS (a division of Thurston Group Limited), and Dong Fang International Container (Hong Kong) Co., Ltd.
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