Rockville, MD, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Expanding at a CAGR of 5.4% from 2023 to 2033, the global dry van containers market is estimated to reach a valuation of US$ 9.6 billion by the end of 2033. This study by Fact.MR, a market research and competitive intelligence provider, reveals that Asian countries such as India, China, and Japan are projected to make APAC the leading regional market for dry van containers.
Rapid industrialization and globalization are the two prime prospects that are anticipated to boost sales of dry van containers in the Asia Pacific region over the next ten years. Supportive government initiatives to boost manufacturing sector growth and expanding population in countries such as China and India are also estimated to increase the number of imports and exports from the region, resulting in high dry van container demand through 2033.
Meanwhile, the North American European regions are estimated to tussle for the second position in terms of share of the global dry van container market across the study period. Increasing adoption of smart containers in these regions is projected to create new opportunities for dry van container companies.
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Key Takeaways from Market Study
- The global dry van container market stands at a valuation of US$ 5.65 billion in 2023.
- Demand for dry van containers is projected to expand at a CAGR of 4% from 2023 to 2033.
- The market is anticipated to reach a size of US$ 9.6 billion by 2033-end.
- Increasing globalization, supportive government initiatives to boost trading activity, growing world population, and increasing demand for imports and exports are set to be prime market drivers.
- High availability of alternative shipping containers is projected to hurt market growth prospects to some extent.
- Asia Pacific accounts for around 40% share of the global market in 2023.
- A majority of dry van containers are currently manufactured using steel.
- Sea transport is forecasted to account for high sales of dry van containers through 2033.
“Dry van container manufacturers need to focus on product innovation to cash in on the growing popularity of smart containers in the logistics industry,” says a Fact.MR analyst
Leading Players Driving Innovation in the Dry Van Container Market:
Dry van container market players are W&K Containers Inc., Sea Box Inc., Singamas Container Holdings Limited, A.P. Moller – Maersk A/S, China Shipping Container Lines Co. Ltd., Charleston Marine Containers Inc., CIMC Group, CXIC Group Containers Company Limited, Hyundai Translead Inc., Hapag-Lloyd AG.
Winning Strategy
Dry van container producers are focusing on expanding their business scope and making it futureproof by integrating advanced technologies that create smart containers. Automation of the global supply chain and changing trade conditions are also estimated to open up new avenues of opportunities for dry van container suppliers in the long run.
Dry Van Container Industry News:
- Ocean Network Express (ONE), a well-known brand in the container transportation sector, declared in February 2023 that it will be working with Sony Network Communications Europe to provide an intelligent container solution. ONE intends to embrace the era of smart logistics by integrating this solution for its worldwide fleet.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global dry van containers market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on container size (dry van 20 ft., dry van 40 ft., dry van 40 ft. high cube, others), material (steel, aluminium, others), application (sea transport, land transport, intermodal transport), and end-use industry (chemicals, pharmaceuticals, food & beverages, electronics, automotive, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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