Increase in demand for cargo transportation through ships and increase in trade-related agreements have propelled the growth of the global shipping containers market.
Portland, OR, May 13, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global shipping containers market accounting for $8.70 billion in 2018 and is projected to garner $12.08 billion by 2026, growing at a CAGR of 4.3% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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The rise in demand for cargo transportation through ships and an increase in trade-related agreements have boosted the growth of the global shipping containers market. However, fluctuations in transportation and inventory costs hamper the market. On the contrary, the anticipated trend of the automation in marine transportation, and the rise in marine safety norms would create opportunities for the market players in the coming years.
The global shipping containers market is divided on the basis of container size, product type, end-use, and region. Based on container size, the market is segmented into small containers (20 feet), large containers (40 feet), and high cube containers (40 feet). The small container segment held the largest share in 2019, accounting for nearly one-third of the market. However, the large container segment is projected to register the highest CAGR of 4.8% during the forecast period.
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Based on product type, the market is categorized into dry storage containers, flat rack containers, refrigerated containers, special-purpose containers, and others. The dry storage containers segment dominated the market in 2018, accounting for more than one-fourth of the market. In addition, the segment is projected to register the highest CAGR of 5.3% during the forecast period.
The global shipping containers market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held more than one-third of the market and is expected to dominate the market throughout 2027. At the same time, the segment is anticipated to manifest the fastest CAGR of 5.5% from 2020 to 2027.
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The global shipping containers market report includes an in-depth analysis of the major market players such as CARU containers, China International Marine Containers, A.P. Moller–Maersk Group, COSCO SHIPPING Development Co., Ltd, OEG Offshore limited, Singamas Container Holdings Limited, TLS Offshore Containers International, W&K Containers, Inc., CXIC Group, YMC Container Solutions, and others.
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