Container fleet refers to the concept of containerization through sea in an intermodal transportation process. The increase in use of high capacity vessels or ships reduces the cost of containers as they can store more number of containers at a time. This, coupled with the rapid increase in use of fleet management systems are likely to push the growth of this market upward in the next few years.
In the intermodal transportation procedure, the goods are not required to unload or reload from the containers and due to this the intermodal transportation is in high demand in the container fleet market. Moreover, the refrigerated cargo containers help the container fleet market to transport fresh vegetables, fruits, medicines, and meat, while maintaining their temperature thus reducing the risk of damage. Spurred by these factors, the demand for container fleet is expected to rise considerably in the coming years.
As manufacturers look towards integrating analytics, the container fleet market will scale higher. Incorporating analytics will the help in dealing with network related issues such as terminal operations, container utilization, and also vessel deployment. However, large capital investments involved in the container fleet market can limit its scope for expansion in the coming years.
The global market for container fleet stood at US$8812.4 mn in 2016. Rising at a CAGR of 5.7% from 2016 to 2025, the global container fleet market is likely to reach US$14.41 bn by the end of 2025.
Asia Pacific to Continue Leading Global Container Fleet Market
On the basis of geography, the global container fleet market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Among these regions, Asia Pacific dominated the market for container fleet in 2016, followed by North America. These regions collectively accounted for more than 50% of the total revenue generated by the market in 2016. However, Asia Pacific is projected to grow at a higher pace during the forecast period followed by Europe, North America, Middle East and Africa and Latin America.
Industrialization witnessed across the emerging Asia Pacific nations has been the chief driver of the container fleet market. The rising industrial activities have stoked operations across oil and chemicals, retail, and automobiles industries. As container fleet provides one of the most trusted methods of transport, the demand for the same corresponds directly the growth in the aforementioned industrial activities. Furthermore, the demand for agriculture goods and mining products is exponentially rising in Asia Pacific, which has boosted the container fleet market. Considering this, Asia Pacific held the leading share of 35.2% in the global container fleet market in 2016. Furthermore, exhibiting the highest CAGR during the forecast period, the region is expected to retain its dominance in the market, followed by North America.
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Reefer Containers to Continue Growing at a Substantial Rate
Based on type, the global container fleet market is segmented into reefer containers, dry containers, and tank containers. Of these, dry containers held the largest market share in the container fleet market in 2016. Dry containers are found useful for transport of various items hence are in demand across all major industries in container shipping. However, during the forecast period reefer containers are projected to be the fastest growing segment in the container fleet market. This is due to the refrigeration capabilities offered by the reefer containers that help controlling t temperature of goods such as fruits, vegetables, meat and medicines while in transit.
The automotive, oil, gas and chemicals, mining and minerals, food and agriculture, retails and others constitute the primary end users in the global container fleet market. Of these, the automotive industry held the largest share of 20.4% in the market in 2016 followed by retails. However, the mining and minerals sector is estimated to report a higher growth rate during the forecast period.
The major players in the container fleet market are Hapag Lloyd (Germany), Maersk Line (Denmark), Westfal-Larsen Shipping A/S (Norway), Kawasaki Kisen Kaisha Ltd. (Japan), Evergreen Marine Corporation (Taiwan) Ltd. (Taiwan), China Ocean Shipping (Group) Company (China), Mitsui O.S.K. Lines, Ltd (Japan), CMA CGM (France), Mediterranean Shipping Corporation S.A. (Switzerland), Hyundai Merchant Marine Co. Ltd. (South Korea).