LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global shipping container market predicts a CAGR of around 9% during the period 2018-2022.
The report segments the global shipping container market by type of containers (dry containers, reefer containers, tank containers, and special containers), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global shipping container market, according to Technavio transportation and logistics researchers:
- Growing global container traffic: a major market driver
- Expected decline in the dominance of China in the global shipping container market: emerging market trend
- APAC dominated the global shipping container market with close to 80% share in 2017
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Growing global container traffic: a major market driver
Growing global container traffic is one of the major factors driving the global shipping container market. The global container traffic is growing progressively after a steep decline in 2009. The steep decline in container traffic growth is mainly because of the after-effects of the global recession in 2008. The global shipping container market is one of the few markets that showed a quick recovery after the recession. The developing inter-Asia and intra-Asia trade and growth in the global economy are the two main factors that helped the growth of the global container traffic. For instance, in 2016, China and India signed around 24 agreements that pave the way for trade possibilities worth around USD 23 billion. Also, many Asian countries are creating trade barrier liberalization to encourage inter-Asian trade possibilities.
According to a senior analyst at Technavio for logistics research, “These approaches by Asian countries are reducing the gap between two key world trade routes, namely, the Far Eastern-Europa and Far Eastern North America. All these trade possibilities are expected to influence the demand for containers among various end-users across the globe.”
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Expected decline in the dominance of China in global shipping container market: emerging market trend
China has been dominating the global shipping container market since 1990. Before that, the South Korea market was known for shipping container manufacturing. Four out of the five key leading vendors in the global shipping container market in 2017 is from China as it holds the highest share in the global shipping container market accounting for close to 78% of the total market share. The ease of raw material availability and reduced labor cost are the main reasons for China's development in the shipping container manufacturing market. However, presently the scenario is changing. The rising labor cost is expected to impact the profit margins of shipping container manufacturers.
Global market opportunities
In terms of regional dominance, APAC led the global shipping container market, in 2017 with a market share of close to 80%, followed by the Americas and EMEA. The market share of the three regions is expected to witness slight changes over the forecast period. APAC is expected to witness a small increase while the other two regions will witness a small decline in their market shares by 2022.
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