The business landscape of the global container fleet market is characterized by the rivalry between several international and local yet established players, states a research report by Transparency Market Research (TMR). The market demonstrates a moderately consolidated structure with AP Moller – Maersk, CMA CGM, Mediterranean Shipping Co., China Ocean Shipping, Hapag Lloyd, and Evergreen Marine holding more than 58% of the overall market in 2016. The leading players are increasing focusing on mergers, acquisitions, and strategic collaborations to sustain in the highly competitive environment of this market, notes the research study.
As per the research study, the global market for container fleet was worth US$8.8 bn in 2016. Research analyst expect the opportunity in this market to expand at a healthy CAGR of 5.70% during the period from 2017 to 2025 and reach a valuation of US$14.4 bn by the end of the period of the forecast. The demand for dry containers is greater than other types of containers available in this market and the trend is anticipated to continue over the next few years, states the research report.
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Automotive Industry to Remain Leading End User
According to the report, container fleet finds application in the automotive, mining and minerals, oil, gas, and chemicals, food and agriculture, and the retail industries. With a share of more than 20%, the automotive industry surfaced as the leading end user of container fleet across the world. While this industry will continue as the key end user throughout the forecast period, the mining and minerals industry will also report a high demand for container fleet in the years to come.
In terms of the geography, the report has classified the worldwide container fleet market into Asia Pacific, the Middle East and Africa, Latin America, North America, and Europe. With a share of 35.2%, Asia Pacific dominated the global market in 2016. Displaying a high growth rate, this regional market is anticipated to remain on the top over the next few years. Apart from Asia Pacific, the Middle East and Africa market for container fleet is expected to witness significant growth in the near future, thanks to the expansion in the oil, gas, and chemicals industry in this region.
Rise in Intermodal Transport to Boost Market’s Growth
“The global market for container fleet is expected to gain significantly from the rise in intermodal transport,” says a TMR analyst. The intermodal transportation, which refers to shipping intermodal containers, including large steel containers, offers better efficiency and is capable of carrying a large number of containers on a daily basis. The augmenting demand for intermodal containers has, consequently, reflected on the need for container fleet, resulting in the high growth of this market.
In addition to this, the escalating demand for refrigerated cargo shipping is projected to impact positively on this market in the years to come. However, the easy availability of terminals or ports with container facility may hamper the progress of this market over the forecast period, states the report.