The latest market report published by Credence Research, Inc. “Global Container Fleet Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the container fleet market was valued at USD 8,830.1 Mn in 2016, and is expected to reach USD 8,847.8 Mn by 2025, expanding at a CAGR of 0.02% from 2017 to 2025.
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Since a decade, the world is struggling to cope with huge economic and political changes which created several challenges, one of the key impact on global market was the crash of the financial market in year 2008. According to market experts, the complete restoration of container fleet market will require indefinite years of solid improvements to raise fleet utilization rates. On the other hand, overcapacity of the sector should be reduced almost everywhere.
In addition, government support for container fleet or overall shipping industry is expected to channelize the growth of these markets the globe. However, the major growth driver for container fleet market is significant growth in intermodal freight transportation which requires standard containers as they provide high efficiency in terms of container carrying capacity per voyage. In case of type of container fleets, reefer container market is growing due to increasing demand especially for refrigerated sea transportation.
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According to industry experts, the container fleet market is experiencing high usage of fleet management technologies to develop their operational efficiency, to decrease risk, tracking of fleet, and ultimately decrease the operational cost. The operational productivity of container fleets the demand for fleet management technologies is the growing. Moreover, the changing market demands have forced major manufacturing companies to especially focus on manufacturing of temperature controlled containers especially for transportation of perishable commodities.
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Asia-Pacific accounted for the major market share in the global container fleet market due to market introduction of several innovative technologies that help to improve trade against lagging yield capacity, slowly growing research activities, competition to enhance ship capacity, and innovative projects to lower the carbon emission. As Asia-Pacific has higher number of developing countries in most of the integral business areas it is the largest market for cargo shipping trade. Among the major Asian countries such as Hong Kong, Japan, China, Singapore, Malaysia, and Thailand; China was observed as the largest country in container fleet market.
Key Market Movements:
Rising demand for intermodal transportation
Increasing global demand from reefer container fleets
High capital investments and presence of a few ports with enhanced container handling facility
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