Global Shipping Container Market Research Report: Forecast (2024-2030)

Market Definition

A shipping container, also known simply as a container, is a standardized, large, rectangular metal box or container designed for the efficient transport, storage, and handling of goods. These containers are primarily used in international and domestic cargo transportation, allowing goods to be securely packed and easily transferred between different modes of transportation, such as ships, trucks, and trains, without the need to unload and reload the cargo.

Market Insights & Analysis: Global Shipping Container Market (2024-30)

The Global Shipping Container Market size is valued at around USD 10.5 billion in 2023 and it is estimated to grow at a CAGR of about 4.2% during the forecast period, i.e., 2024-30. The market is witnessing substantial growth, primarily driven by the increasing volume of maritime shipping resulting from the proliferation of trade agreements among nations. This growth is attributed to the secure & efficient transfer of cargo, a hallmark of containerized shipping compared to alternative transportation methods.

Notably, cargo ships offer a cost-effective means of transporting goods compared to road and air transportation options. For instance, data from UNCTAD reveals an annual transport of approximately 1,687 million tons of cargo, covering an impressive 177.6 million container units & spanning 998 billion ton miles, with these figures continuing to rise. In response to this escalating trade activity, companies are investing in the development of advanced cargo ships equipped with cutting-edge technology, such as sensors, navigation systems, etc. These innovations are further fueling the demand for cargo transportation, thereby propelling the Shipping Container Market to new heights.

Furthermore, a multitude of trade agreements has been established between developed & developing nations to facilitate the seamless transport of goods. This has spurred cargo container manufacturers to prioritize the development of even more efficient containers tailored for trade purposes. Additionally, the advent of free trade agreements has led to a reduction in duties & taxes, eliminating the financial burden on exporters & importers who are no longer required to make these payments to governments.

Consequently, this favorable environment for trade has resulted in a surge in trade activities. As a direct consequence, the heightened need for containers to accommodate this expanding trade landscape is poised to impact the market significantly in the future years.

Global Shipping Container Market Driver

Technology Advancement is Driving Shipping Container Market Growth – The global shift towards automation & the demonstration of autonomous ships has fostered collaboration among nations in the development of self-piloting vessels for both passenger & cargo transport. Due to this freight, companies are developing and launching new technologies to cater to this new age demand in the market. This collective effort is driving advancements in the shipping industry, propelling it toward growth. For instance:

• In 2022, Japanese freight company Mitsui Lines launched fully automated container ships to help keep freight moving in the future with technology.

Consequently, with the introduction of automation in the shipping industry, the utilization of shipping containers is anticipated to expand, driven by enhanced safety protocols. Hence, this, in turn, is expected to foster global growth in the Shipping Container Market.

Global Shipping Container Market Challenge

Cost Dynamics to Impact the Global Shipping Container Industry – Transportation of the goods requires a suitable and stable transportation means, owing to the expenses associated with both transporting the goods and maintaining inventory. Cost considerations represent a pivotal factor that exerts impact on the entire spectrum of logistics services, spanning from the initial stages of procurement to the ultimate delivery of products.

Nonetheless, the shipping industry has faced considerable challenges stemming from the instability & variability in transportation and inventory costs, which are influenced by a multitude of political & economic factors on a global scale. These external forces have prompted customers to explore alternative methods of goods transportation. Thus, exerting pressure on the worldwide Shipping Container Market's growth trajectory.

Global Shipping Container Market Trend

Rise of AI-based Container Tracking in Global Ports – AI-based container tracking has been a growing trend in the field of shipping containers, and global ports have embraced this technology to optimize their processes and gain a competitive edge in the market. Given that a significant portion of the country's trade was conducted through maritime channels, a large volume of containers has been entering & leaving the ports daily. Further, to effectively monitor & locate these containers, port authorities are increasingly integrating AI-based container tracking systems. For instance: 

• In 2023, Gorilla Technology entered a strategic relationship with British Telecom to deliver an innovative Container Identification and Container Damage Detection solution.

Therefore, as the integration of AI-based tracking systems has been rapidly gaining traction, it has been fueling the demand for the shipping industry. By leveraging advanced technologies, the port authorities aim to streamline operations, improve efficiency, and provide seamless container tracking services. The adoption of an AI-based tracking system is projected to increase in the coming years, which would drive the demand for the maritime industry globally and consequently expected to influence the Shipping Container Market Growth in the forecast years.

Global Shipping Container Market (2024-30): Segmentation Analysis

The Global Shipping Container Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. In accordance to the analysis, the market has been further classified as:

Based on Type:

• Dry Container
• Reefer Container
• Tank Container

Dry Container has the maximum demand in the Shipping Container Market. As this container is designed to transport non-perishable cargo such as electronics, clothing, machinery, and consumer goods. Its versatility & widespread applicability has made it the go-to choice for most cargo shipments.

The global manufacturing & consumer goods industries, driven by international trade, heavily rely on dry containers for their transportation needs. Thus, the rise of e-commerce has further boosted the demand for these containers, as they efficiently transport a variety of consumer products across the globe.

Based on Application:

• Food & Beverages
• Consumer Goods
• Healthcare
• Industrial Product
• Vehicle Transport

Consumer Goods typically exhibit the highest demand and capture the potential share of the Shipping Container Market. The consumer goods sector encompasses an extensive array of products, ranging from electronics & apparel to household goods and appliances, catering to a diverse & global customer base. This market's prominence can be attributed to its vast scale, characterized by widespread production, distribution, and consumption across international borders.

Factors such as the globalization of supply chains, the surge in e-commerce, and the constant quest for supply chain efficiency have fueled the consistent & substantial use of shipping containers. Furthermore, the sector's seasonal demand fluctuations, product diversity, and the emergence of new consumer markets in developing economies contribute to the robust demand for containers.

Global Shipping Container Market (2024-30): Regional Projection

Geographically, the Global Shipping Container Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

The Asia-Pacific region is expected to lead the Global Shipping Container Market during the forecast period. This is attributed to its prominent position in the international waters & robust maritime trade that originates from the regional countries like China, India, South Korea, and others. 

This geographical advantage for trade also provides economic development & transportation of goods from these countries to other parts of the world. Also, the rising quantities of exports, expanding manufacturing activities, and growing intra-regional trade would further support the expansion of the Shipping Container Market in the forecast period.

Global Shipping Container Industry Recent Development:

• 2022: A.P. Moller – Maersk launched launched a new ocean shipping service, ‘Shaheen Express’. The service would rotate between Mundra, Pipavav, Jebel Ali, Dammam, and Jebel Ali and back to Mundra, creating a stable and reliable service for the India-UAE-Saudi Arabia corridor.

Gain a Competitive Edge with Our Global Shipping Container Market Report

1. Global Shipping Container Market Report by Markntel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of the market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Shipping Container Industry Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.