Global Container Shipping Market is valued at USD 7.01 Billion in 2021 and is expected to reach USD 12.59 Billion by 2028 with a CAGR of 8.71% over the forecast period.
Container Ships are common means of transport through sea-route. These ships carry truck-sized intermodal freights or containers which carry loads to be transported globally. The containers have standardized dimensions and these intermodal freight container systems refer to as containerization. The typical size of containers is measured in terms of twenty-foot equivalent units (TEU). First container ship was designed in late 18th century in England to carry standardized load units. Shipping expenses and time has been lowered due to containerization which leads to growth of international trade. Hence container shipping is highly flexible with low energy consumption and provides great protection to goods. In present scenario, more than 90% of non-bulk cargo is transported via containerization and largest container ship can carry over 23,000 TEU.
During the COVID-19 pandemic, some industries have positive impact and some are struggling. Global shipping industries saw a slowdown in shipping requirements due to COVID-19 measures. According to UNCTAD, containers arriving at port were reduced by 8.5% in mid-June due to decrease in supply chain demands. The ease in lockdown during the end of year 2020 saw the increase in transportation volume. As per the experts, the future of shipping industry is uncertain as it will take some time to resume the container shipping operations.
Global Container Shipping Market report is segmented on the basis of product type, container size, end-use and Region & country level. Based upon Product Type, Global Container Shipping market is classified as Flat Rack Containers, Dry Storage Containers, Special Purpose Containers, Refrigerated Containers and Others. On the basis of container size, the market is classified into Large Containers (40 feet), Small Containers (20 feet), and High Cube Containers (40 feet). On the basis of end-use, market is divided as Consumer Goods, Food & Beverages, Healthcare, Vehicle Transport, Industrial Products and Others.
Some major key players in Global Container Shipping Market are
February 8, 2021; In January, China’s index of container shipping went up by 28.7%, according to Shanghai Shipping Exchange. According to them, China Containerized Freight Index (CCFI) average value was 190,613. The CCFI tracks rate from container ports in China for 12 shipping routes based on 22 international carriers across the globe.
February 8, 2021; Severe shortage of containers has led to high shipping costs and difficulty in goods movement adversely affected the sugar exports. Managing director of MEIR Commodities, India said that freight rates have been increased with tight shipments and also countries like Sri Lanka and Afghanistan are dependent on sugar exports from India.
The major factors driving the growth of Global Container Shipping Market are Sustainable transport methods, Containerization along with rising supply & demand growth. Furthermore, increase in globalization and trade activities has also increased the import and export activities all around the globe and support the market growth. According to Container Trade Statistics (CTS), in September 2020 global container volume increased by 6.9% compared to 2019 reports. However, Shipping can have environmental impacts like air and water pollution which poses threat to marine life as well as fluctuation in transportation cost act as major restraining factor for the market growth. On the other hand, Innovations in technology, automation and increase in marine safety norms is expected to create ample opportunities in Container Shipping Market.
Universal trade is the backbone of container shipping market. The international trade across the world sustained its robust growth. Global container shipping is growing due to the increased growth of global economy which increased the trade. Additionally, growing sea-borne trade, trend of containerization of goods are some other factors augmenting the demand for containers shipping. For instance; according to World Shipping Council; Around 200 countries have ports open to container ships. Ports extent the volume of containers they handle in twenty-foot equivalent units (TEU). In 2018, containers fingered by all ports world-wide that’s including empties, trans shipments and port handling are estimated at around 785 million TEU. In addition, ports globally load and unload around 10,000 liner ship per week. Furthermore, the factors such as containers consumes large terminal space, complexity of arrangement of containers and theft and losses may restrain the market growth. For instance; according to a research study by Dr. Jean-Paul Rodrigue, Dept. of Global Studies & Geography, Hofstra University, New York, USA. around 1,500 containers are missing in sea each year.
Europe is expected to dominate the container shipping market owing to the presence of major market players in the region. Furthermore, technological advancement followed growth in export and import activities owing to globalization and trade practices is also expected to fuel the market growth. On the other hand Asia Pacific is expected to show significant growth rate owing to the presence of developing economies and rising trade practices. In 2019, ports in Asia handled around 504 million TEUs containers, calculates 62% of world’s port container traffic according to UNCTAD stats. China tops the list of Liner Shipping Connectivity Index (LSCI) with overall connectivity rate as 158.37, followed by Singapore, Korea, The U.S.A and Malaysia. North America is also expected show substantial growth over the forecast period.
Middle East and Africa
|Historical data||2015 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 7.01 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||8.71%|
|Market Size Expected in 2028:||USD 12.59 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Maersk, Mediterranean Shipping Company, China Ocean Shipping Company, CMA-CGM, Hapag-Llyod, One-Ocean Network express, Hyundai Merchant Marine, Evergreen Marine Corp., Cleveland Containers, BSL Containers Ltd., Sicom SpA, Singamas Container Holdings Limited, Sea Box, Inc., CXIC Group Containers Company Limited, W&K Containers, Inc., and others.|
By Product, By Container Size, By Container Type, By Application
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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