Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Container Fleet Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global container fleet market has grown strongly in recent years. It will grow from $12.91 billion in 2023 to $13.86 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The expansion observed during the historic period can be attributed to several factors, including economic growth in emerging markets, the introduction of larger vessels and mega container ships, infrastructure development at ports, the globalization of supply chains, and the prevailing trends in containerization. These elements collectively contributed to the growth and evolution of container fleets during that timeframe.
Asia-Pacific was the largest region in the container fleet market in 2023. North America is expected to be the fastest-growing region in the forecast period.
The container fleet market is expected to see strong growth in the next few years. It will grow to $18.24 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth in the forecast period can be attributed to various factors, including the continued expansion of e-commerce, a focus on supply chain resilience and optimization, shifts in manufacturing centers, an increasing emphasis on environmental sustainability, and challenges related to capacity and container shortages. Major trends expected during this period encompass the rise of intermodal transportation, increased technological integration for container tracking, a heightened focus on environmental sustainability, a growing demand for reefer containers, the adoption of automation and smart container technologies, as well as the digitalization of documentation processes. These factors are poised to shape and influence the trajectory of container fleets in the upcoming forecast period.
The escalating demand for cargo transportation via ships is poised to drive the expansion of the container fleet market in the foreseeable future. For instance, in November 2022, as per the U.S. Department of Transportation's Bureau of Transportation Statistics (BTS), long-term projections indicate a fifty percent surge in U.S. freight activity to 28.7 billion tons, doubling in value. Therefore, the mounting reliance on ship-based cargo transportation is a primary catalyst for the burgeoning demand within the container fleet market.
Rapid industrial growth is expected to serve as a propellant for the expansion of the container fleet market in the near future. For instance, in August 2023, according to Eurostat, the statistical office of the European Union (EU), industrial production within the euro area and the EU increased by 0.5% and 0.4%, respectively, in June 2023 compared to May 2023. Therefore, the swift pace of industrial expansion is expected to propel growth within the container fleet market.
Technological innovation emerges as a prominent trend shaping the container fleet market. Companies operating in this sector are actively embracing new technologies to fortify their market standing. For example, in November 2022, the American Bureau of Shipping (ABS) Group, a U.S.-based project management service company, launched ABS Wavesight, a new maritime software aimed at assisting shipowners and operators in streamlining compliance while sustaining competitive, efficient, and sustainable operations. Combining the industry-leading platforms Nautical Systems and My Digital Fleet, both installed on over 5,000 vessels globally, ABS Wavesight features flagship products such as My Digital Fleet - an AI-driven analytics and performance visualization platform - and Nautical Systems - a comprehensive fleet management system offering tools to enhance reliability and performance.
Leading companies within the container fleet market are directing their focus toward product innovations, notably the introduction of container fleets powered by bio-methanol, as a pivotal aspect of their strategic initiatives towards investing in green methanol. Container fleets running on bio-methanol play a significant role in fostering a sustainable and environmentally conscious shipping industry by curbing carbon emissions and reducing dependence on conventional fossil fuels. For instance, in November 2022, Maersk, a Denmark-based shipping and logistics firm, unveiled the world's premier container ship powered by bio-methanol, christened as the 'Laura.' This groundbreaking development signifies a substantial stride in the company's endeavors to diminish its carbon footprint. The vessel is outfitted with a dual-fuel engine and has the capacity to transport 2,136 containers measuring 20 feet each.
In March 2022, Hapag-Lloyd, a Germany-based shipping corporation, executed the acquisition of Deutsche Afrika-container Linien (DAL) for an undisclosed sum. This strategic acquisition of Deutsche Afrika-container Linien (DAL) is expected to significantly bolster Hapag-Lloyd's expansion initiatives in Africa. Deutsche Afrika-container Linien (DAL) operates as a container fleet service provider based in Germany. This acquisition stands to enhance Hapag-Lloyd's operational capacities and market presence in the African shipping landscape.
Report Scope
Markets Covered:
- By Type: Dry Container; Reefer Container; Tank Container; Special Container; Other Types
- By Application: Consume Goods Transport; Industrial Transport; Food Transport
- By End-user: Automotive; Mining & Minerals; Oil Gas & Chemicals; Food & Agriculture; Retail
Key Companies Mentioned: Mitsui O.S.K. Lines Ltd.; Evergreen Marine Corporation S.A.; Mediterranean Shipping Company S.A.; HYUNDAI Merchant Marine Co. Ltd.; China Ocean Shipping (Group) Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Mitsui O.S.K. Lines Ltd.
- Evergreen Marine Corporation S.A.
- Mediterranean Shipping Company S.A.
- HYUNDAI Merchant Marine Co. Ltd.
- China Ocean Shipping (Group) Company
- Maersk Line Limited A/S
- CMA CGM S.A.
- Kawasaki Kisen Kaisha Ltd.
- Westfal-Larsen Shipping A/S
- Hapag-Lloyd Aktiengesellschaft
- A.P. Moller - Maersk A/S
- China COSCO Shipping Corporation Limited
- Nippon Yusen Kabushiki Kaisha (NYK Line)
- China International Marine Containers (Group) Co. Ltd.
- China Shipping Container Lines Co. Ltd.
- Yang Ming Marine Transport Corporation
- ZIM Integrated Shipping Services Ltd.
- Hamburg Sudamerikanische Dampfschiffahrts-Gesellschaft KG
- Orient Overseas Container Line Limited
- Wan Hai Lines Co. Ltd.
- Pacific International Lines Pte. Ltd.
- Sinotrans Limited
- SITC International Holdings Co. Ltd.
- Islamic Republic of Iran Shipping Lines
- Arkas Container Transport S.A.
- NileDutch B.V.
- Seaco Global Limited
- Textainer Group Holdings Limited
- Matson Navigation Company Inc.
- Seaspan Corporation
For more information about this report visit https://www.researchandmarkets.com/r/v5jfyo
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