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Shipping Containers Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Shipping Containers Market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Shipping Containers Market 2024 Key Insights:
• 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%.
• Rising Cargo Transportation Demand Fuels Growth In The Shipping Container Market
• Cost Implications Hindering Growth In The Shipping Container Market
• Asia-Pacific was the largest region in the shipping containers market in 2023
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