Europe is expected to dominate the growth of seaborne trade, which is driving the global shipping containers market from US$ 8.29 billion in 2015 to $11.47 billion by 2021, according to a report by Persistence Market Research.
The forecast expects a CAGR of around 5.4% between 2015 and 2021 with factors such as the decline in global oil prices resulting in cost savings that allow shipping companies to invest in purchasing containers.
The adoption of containers for transportation, instead of traditional methods of loading goods directly onto ships, is another factor expected to fuel the growth during the forecast period. Dry containers are also set to dominate the product types being transported.
However, due to increasing adoption of reefer containers for transportation of perishables, this segment is expected to be the fastest-growing segment in terms of product type in the global shipping containers market during the forecast period. In terms of market value, the reefer containers segment is expected to expand at a CAGR of 6.3% between 2015 and 2021.
Asia Pacific is expected to be the second largest market for shipping containers and account for a revenue share of around 35% of the estimated global shipping containers market value for 2015 and is predicted to expand at a CAGR of around 5.4% between 2015 and 2021.
The leading players highlighted by the report are China International Marine Containers Co., Ltd. (CIMC), Singamas Container Holdings Ltd., and CXIC Group Containers Company Limited. Other players include Maersk Container Industry AS and Dong Fang International Container (Hong Kong) Co., Ltd.
