Press release
Revolutionizing Global Supply Chains: The Future of Container Tracking
According to The Business Research Company's, the container tracking market size has grown strongly in recent years. It will grow from $9.36 billion in 2023 to $10.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. the growth in the historic period can be attributed to increasing consumer demand for transparency, increasing demand for efficient and reliable logistics solutions, increasing the number of goods, increasing seaborne trade, and increasing safety standards at sea.the container tracking market size is expected to see strong growth in the next few years. It will grow to $13.78 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. the growth in the forecast period can be attributed to the growing emphasis on sustainability, growth of international trade and globalization, focus on improving fleet optimization and efficiency, rising trade volumes, and infrastructure development. Major trends in the forecast period include enhanced blockchain applications, advanced data analytics and visualization, autonomous vehicles and drones, integration with supply chain platforms, and environmental and sustainability focus.
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Market Drivers and Trends:
The rising cargo theft is expected to propel the growth of the container tracking market going forward. Cargo theft is growing due to increased economic pressures leading to higher criminal activity and the sophistication of theft methods outpacing current security measures. Additionally, the rise in e-commerce has expanded the volume and value of goods being transported, making cargo an attractive target for thieves. Container tracking helps mitigate cargo theft by providing real-time location and status updates, allowing for immediate action if unauthorized movement is detected. It also enhances overall security through detailed monitoring and historical data analysis. For instance, in May 2024, according to TAPA EMEA, the Netherlands-based not-for-profit industry association, transport theft cases in the European Union rose by 35.46% in 2023 compared to 2022, with reported incidents increasing from 6,113 to 8,281. The total financial loss from these crimes, when the value of stolen goods was reported, amounted to $594.16 million (EUR 549 million). This represents a 438% increase from 2022 and a staggering 1,076% rise from 2021. Therefore, rising cargo theft is driving the growth of the container tracking market.
Major companies operating in the container tracking market are focusing 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 the monitoring and management of standard shipping containers used for transporting cargo that do not require special conditions, such as refrigeration or a controlled atmosphere. For instance, in April 2024, Hapag-Lloyd., a Germany-based maritime transport company, launched a new live position product that delivers comprehensive, on-demand door-to-door visibility through extensive use of Internet of Things (IoT) technology. It offers unique features such as real-time visibility of shipments, a user-friendly interface for easy 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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Major Key Players of the Market:
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.
Container Tracking Market 2024 Key Insights:
• The container tracking market size is expected to grow to$13.78 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Rising Cargo Theft Is Driving The Growth Of The Container Tracking Market.
• Sinay Acquires Safecube To Enhance Container Tracking And Logistics Solutions
• North America was the largest region in the container tracking market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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