New research has valued the global container fleet market at US$14.4 billion by 2025, up from $8.8 billion in 2016.
Transparency Market Research (TMR), a market intelligence company, has found that the compound annual growth rate (CAGR) will be 5.70% during the period from 2017 to 2025.
The rivalry between “several international and local yet established players” is shaping the business landscape of the container fleet market, according to the report.
It's found that there is “a moderately consolidated structure”, with AP Moller – Maersk, CMA CGM, Mediterranean Shipping Company (MSC), China Ocean Shipping, Hapag Lloyd, and Evergreen Marine holding more than 58% of the overall market in 2016.
The leading players are increasingly focusing on mergers, acquisitions, and strategic collaborations to survive in a highly competitive environment.
Demand for dry containers is greater than other types of containers available in this market, with the trend expected to continue over the next few years.
According to the report, container use is common 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 fleets 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 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 fleets are expected to witness significant growth in the near future, thanks to the expansion in the oil, gas, and chemicals industry in this region.
TMR stated: “The global market for container fleet is expected to gain significantly from the rise in intermodal transport.
“The intermodal transportation, which refers to shipping intermodal containers, including large steel containers, offers better efficiency and is capable of carrying many 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.”
Read more: Port Technology is bringing together thought leaders to debate the best ways to automate port and terminal processes by launching the third Container Terminal Automation Conference with the new theme of artificial intelligence (AI)