Kenneth Research recently released a report titled Shipping Containers market, which is studied over the forecast period 2022-2031. The report provides descriptive insights into the current scenario, growth driving factors, opportunities and challenges associated with the market. The Shipping Containers market is projected to grow with a CAGR of 5% during the forecast period.
The growth of the market can be attributed largely to the rapidly increasing population, and escalating level of urbanization around the world, which in turn is expected to drive vehicle ownership, travel demand, and freight transport demand. According to the World Bank, 56.156% of the global population lived in urban areas in 2020, up from 55.72% in 2019 and 55.277% in 2018 respectively. Furthermore, the market is also anticipated to witness robust growth on the back of rising travel demand, and growing reliance on private motorized modes worldwide. The contribution of travel and tourism industry to the global gross domestic product (GDP) was estimated at a soaring high value of USD 9 billion in the year 2019.
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However, a huge decline was observed in 2020, where the GDP stood at about USD 4.5 billion as a result of the COVID-19 pandemic. The industry is predicted to recover significantly in the near future ascribing to the easing of domestic restrictions and reopening of international borders. Moreover, automotive and transportation companies across the globe are emphasizing on the development of autonomous vehicles that can operate swiftly in traffic congestions without any human assistance. In 2019, there were more than 30 million automobiles with some level of automation in operation, whose number is expected to cross 5o million by the end of 2024.
On the basis of geography, the Shipping Containers market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. These regions are further sub-divided into the following North America (U.S. & Canada), Latin America (Argentina, Mexico, Brazil, Rest of Latin America), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), and the Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
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Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Serious Landscape :
The steel trailers market is solidified. The main 3 organizations hold over 70% of the portion of the overall industry. The main steel trailers sellers incorporate China International Marine Containers (Group) Ltd (CIMC), Dong Fang International Container (Hong Kong) Co. Ltd, and Maersk Container Industry AS.
Significant Players :
China International Marine Containers Co. Ltd
Maersk Container Industry AS
CXIC Group Containers Co., Ltd.
Singamas Container Holdings Ltd.
Late Developments
Dec 2020: India is moving into assembling load compartments, a section overwhelmed by China, as a feature of the Atmanirbhar Bharat drive. The Ministry of Ports, Shipping, and Waterways framed a council to analyze the attainability of making holders at Bhavnagar in Gujarat and forming it into an assembling center point for the steel boxes that have gotten the worldwide norm for transportation an assortment of products across boats, rail, and street. As the initial phase toward this path, the cargo forwarder, Pushpak Logistics, carried out a pilot project by setting orders for a couple of compartments with producers in Bhavnagar.
April 2020: Evergreen Marine Corp. requested 1,800 Star Cool reefers from Maersk Container Industry (MCI) to develop reefer tasks.
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