Container Fleet Market: Information by Type (Reefer Container, Tank Container, Dry Container), End-User (Automotive, Healthcare, Retails), and Region — Forecast Till 2029
The global container fleet market is projected to grow at a CAGR of 6.3% during the forecast period, 2020–2029.
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Container Fleet — A Game Changer for Seaborne Trade
The rising demand for fresh, healthy, and quality food products such as fruits, vegetables, dairy products, and others aided by high reliance on cold chain and logistics industry due to its perishable nature is stimulating the container fleet market demand. Besides, according to International Trade Administration (ITA), global losses in the food industry accounted for more than USD 750 million annually due to lack of proper facilities, improper food safety handling procedures, and others in the cold chain. Furthermore, over USD 260 billion sales of biopharma rely on cold chain logistics, ensuring the efficiency of products.
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Temperature-Sensitive Intermodal Transportation Favors Reefer Container
The reefer container segment is expected to witness significant growth during the forecast period, 2020–2029. This is attributed to the surging demand for temperature-controlled cargos such as fruits, vegetables, meat, and dairy products. This type of container can preserve products at various temperatures as humidity conditions are ensured inside the container with the help of humidity systems, also frozen temperatures extending to 60 degrees Celsius. This allows seasonal flowers, fruits, dairy products, and vegetables to stay fresh. Developing economies with a strong agricultural base are subjected to be one of the opportunistic areas for the container fleet market to grow. According to the Agricultural and Processed Food Products Export Development Authority (APEDA), the export of seasonal fruit such as mango to the U.S. doubled in the year 2017. Such increasing exports trigger the demand for reefer containers to promote the fresh delivery of products globally.
The advent of Vegan Diet Culture
The fruits and vegetable industry is projected to grow, owing to the emerging vegan culture in developed regions such as Europe, North America, and others. Vegan diet culture promotes the intake of fruits and vegetables instead of meat and dairy. This diet culture drives the demand for fresh fruits and vegetables, ultimately influencing the container fleet market. Besides, several government institutions are promoting a plant-based diet, thereby increasing the need for imports and exports of fresh agricultural products. For instance, the European Vegetarian Union (EVU) encourages to switch from conventional diet practices to a plant-based diet concerning reasons such as animal welfare, health, and environment.
Burgeoning Trade Activities in North America
North America is growing considerably in the container fleet market during the forecast period due to the increase in trade activity, resulting in enormous demand for the container fleet market. Early adoption of innovative technologies, expanding the supply chain industry, and improving the road infrastructure, among others, are some factors providing impetus to the regional market. Besides, growing health awareness among individuals has generated a higher demand for fresh and quality food products to support the growth of the market in this region. According to the United States Department of Agriculture (USDA), the American diet is reflecting an increasing share of spices, tropical products, and imported gourmet products. Hence, driving the container fleet market on account of the surging imports. Moreover, the burgeoning intra-industry trade where industries are into agricultural-processing carry out offshore processing and import different products from their foreign subsidiaries is driving the demand for the regional container fleet market.
Prevalence of the Digital Ecosystem in Europe
In Europe, the growth of the container fleet market is expected to flourish due to the trending digital platform ecosystem in the transport industry. Rapid growth in the urbanization of the economies is spurring the demand for highly specialized vehicles resulting in substantial growth of the container fleet market. Additionally, grocery delivery services, including frozen and fresh food, are expected to influence market growth positively. According to the U.S Department of Commerce, 27% of shoppers in the U.K use e-commerce for grocery shopping for direct delivery services, which is estimated to reach USD 23 billion by 2020. These factors are slated to stimulate the increasing need for imports of perishable and non-perishable goods.
Government Regulations to Positively Impact the Asia-Pacific Market
Asia-Pacific is anticipated to observe healthy growth on account of stringent rules and reforms made by several government associations pertaining to the shipment procedures, the weight to be loaded, and other associated concerns, resulting in container fleet manufacturers to comply rules. These regulations are drafted by government institutes such as the Container Shipping Lines Association (CSLA), the domestic body for foreign shipping lines, and the Maritime Association of Nationwide Shipping Agencies-India (MANSA) which is a representative of local ship agents.
Presence of Notable Logistics Industries in the MEA Region
The MEA region holds a substantial share in the container fleet market due to a high growth rate in construction activities, long-distance transportation, and logistics industry. Countries such as the Middle East are considered as hubs for container fleets due to the presence of notable logistics companies. These companies include Al-Futtaim logistics, RAK Logistics, Mac World Logistics LLC, Verks Global Logistics LLC, and others.
Why Buy this Report Now?
Our report covers the container fleet market insights, focusing on recent developments in the market across different regions and development strategies of the companies. Moreover, the following sections are covered specifically in the report.
Definitive Market Data
Container Fleet Market Analysis
Recent Opportunities in the Market
6-7 Performance Forecasts: Primary Segments Covering Top Products, Ingredients, and Geographies
Market Share Analysis
Potential Venture Avenues
Some of the notable players in the market are Maersk Line (Denmark), China Ocean Shipping Group Company (China), CMA CGM (France), Mitsui O.S.K Lines, Ltd (Japan), Kawasaki Kisen Kaisha Ltd. (Japan), Evergreen Marine Corporation (Taiwan), Westfal-Larsen Shipping A/S (Norway), Mediterranean Shipping Corporation S.A. (Switzerland), and Hyundai Merchant Marine Co. Ltd. (South Korea).
Container Fleet Market Segmentation
By End User
Oil & Gas, Chemicals
Mining & Minerals
Food & Agriculture
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