Global 40-Foot Container Chassis Market Report 2023: Strategic Initiatives by Chassis Manufacturers Drives Growth


Dublin, June 07, 2023 (GLOBE NEWSWIRE) -- The "40-Foot Container Chassis Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Axle and Type" report has been added to ResearchAndMarkets.com's offering.

The global 40-foot container chassis market is projected to reach US$ 1,930.69 million by 2028 from US$ 1,197.83 million in 2022. It is expected to register a CAGR of 8.6% during 2023-2028.

The rapid growth in international and domestic trade is expected to fuel the demand for 40-foot container chassis in Asia Pacific. The maritime industries in Asia Pacific are engaged in development and expansion of ports, resulting in the growing adoption of 40-foot containers, which further contributes to the growth of the 40-foot container chassis market.

For instance, according to the Ministry of Ports, Shipping and Waterways, in December 2021, the Indian government approved the development of a major port in Vadhavan due to increased trade activities in the country. Furthermore, there is a growth in the e-commerce sector across the region. For instance, China's imports and exports of cross-border e-commerce increased by 15% in 2021 compared to 2020. The growth of the e-commerce cross-border will contribute to the increasing adoption of 40-foot container chassis to transport goods in APAC, which is another significant factor impacting the 40-foot container chassis market.

As 90% of the world trade is carried out by sea, there is a rise in the trade activities at the ports in North America. A large number of ships enables a massive number of containers to be transported through various ports in the region, which demands the 40-foot container chassis to move goods. In addition, various ports in the region experienced an increase in the amount of cargo capacity handled.

According to xChange Solutions GmbH, the twenty-foot equivalent unit (TEU) handled by the Port of New Jersey and New York increased by 5.7% in 2022 compared to 2021, Port of Savannah by 8%, Port of Norfolk by 5.1%, Port of Houston by 16%, and Port of Charleston by 12%.

Thus, such a rise in cargo handled at the port contributes to the increased use of large containers, further propelling the growth of the 40-foot container chassis market. Furthermore, the rise in e-commerce activities due to increased penetration of the internet and the rise in online buyers contributes to the growing transportation of goods, further expanding the 40-foot container chassis market in North America.

Key Attributes:

Report AttributeDetails
No. of Pages142
Forecast Period2023 - 2028
Estimated Market Value in 20231197.83 Million
Forecasted Market Value by 20281930.69 Million
Compound Annual Growth Rate8.6%
Regions CoveredGlobal

Market Dynamics

Drivers

  • Strategic Initiatives by Chassis Manufacturers
  • Rise in Trading Operations Across World

Restraint

  • Low Demand for New Chassis Due to Long Lifespan

Opportunities

  • Integration of Modern Technologies in Chassis

Trends

  • Increase in Port Expansion Activities

Companies Mentioned

  • Chassis King Inc
  • Cheetah Chassis Corp
  • Fliegl Fahrzeugbau GmbH
  • Triton International Ltd
  • Cimc Intermodal Equipment LLC
  • Schmitz Cargobull AG
  • Panda Mechanical Co Ltd
  • Panus Assembly Co Ltd
  • Pro-Haul Manufacturing Inc
  • Karl Kassbohrer Fahrzeugwerke Gmbh

For more information about this report visit https://www.researchandmarkets.com/r/h3qi5r

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Global 40-Foot Container Chassis Market

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