Several large and small players are carrying operations in the global container fleet market, rendering it highly competitive. AP Moller – Maersk, Mediterranean Shipping Co., CMA CGM, China Ocean Shipping, Evergreen Marine, and Hapag Lloyd constituted nearly 58.3% of the global container fleet market in 2016, pointing towards the intense competition existing among the market players, finds Transparency Market Research (TMR) in a new study. Entering into partnerships and strategic collaborations was thus one of the key strategies among enterprises targeting to expand their geographic footprint.
The global container fleet market is growing, driven by the increasing demand for intercontinental and intra-continental freight transportation. This has in turn encouraged leading market players to look for mergers and acquisitions to strengthen their foothold. Besides this, the companies are also seeking technological advancements through strategic partnerships.
The global container fleet market is expected to reach US$14.41 bn by the end of 2025, from US$8.81 bn in 2016. If these figures hold true, the global container fleet market will exhibit a CAGR of 5.7% between 2017 and 2025.
Asia Pacific to Remain Dominant Regional Segment
Regionally, Asia Pacific emerged as the dominant market with a share of 35.2% in 2016. Exhibiting the highest CAGR, Asia Pacific is forecast to remain the leading segment in the global container fleet market through the forecast period. Besides this, the market will witness considerable opportunities in North America, Europe, and the Middle East and Africa. However, in Latin America the market prospects might reduce marginally over the years.
The automotive industry emerged as the dominant end user with a share of 20.4% in 2016. While the industry will continue leading the market through the forecast period, the demand for container fleet will also rise across industries such as mining and minerals, oil, gas, and chemicals, food and agriculture, retail, and others.
Rising Intermodal Transport to Stoke Demand for Container Fleet
Intermodal transport refers to shipping intermodal containers, which include large steel containers. The intermodal transportation offers better efficiency and is able to carry more containers on a daily basis. With the rising demand for intermodal containers, the demand for container fleet has increased in response. In addition, the rising demand for refrigerated cargo shipping had positive impact on the global container fleet market. As refrigerated cargoes are used for shipping fresh vegetables, fruits, and even meat, their demand is expected to rise in the coming years. This in turn will boost the global container fleet market.
In the last few years, overseas freight transportation has shaped into a large market. It is also growing due to the rising need for intercontinental transportation of various items by the sea route. As transportation via sea has continued remaining cheaper and safer, the demand has remained high over the years. Spurred by these factors, the demand for container fleet is expected to rise in the coming years.
Requirement of Huge Investment could Restrain Growth
On the downside, the availability of ports or terminals with container facility may have an adverse impact on the global container fleet market. The handling of containers in port requires special skills and techniques in order to minimize the risk of damage. Not all ports across the world provide sophisticated techniques to handle containers, which is limiting the scope for the expansion of the container fleet market. Besides this, venturing into the market needs high capital investment, which fails luring many investors.
Nevertheless, analytics is being incorporated in the business, which is expected to open new avenues for the container fleet market. This development will enable shipping companies facing concerns relating to network designs, such as vessel deployment and utilization, and terminal operations. With these advancements on cards, experts project a positive outlook for the global container fleet market.
This review is based on a TMR report, titled “Container Fleet Market (Type - Reefer Container, Dry Container, and Tank Container; End User - Automotive, Oil, Gas and Chemicals, Mining and Minerals, Food and Agriculture, and Retail) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
The report segments the global container fleet market as:
- Reefer Container
- Dry Container
- Tank Container
By End User
- Oil, Gas and Chemicals
- Mining and Minerals
- Food and Agriculture
- North America
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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