Global ISO Shipping Container Market By Type (Standard Dry Container, High Cube Dry Container, Refrigerated Container and High Cube Refrigerated Container), By Application (Food Transport, Consumer Goods Transport and Industrial Transport) by Region (North America, Europe, China, India, Japan, South Korea and Southeast Asia) – Global Forecast to 2023.
Global ISO Shipping Container market is expected to grow with the CAGR of approximately 5.60% during the forecast period.
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Mergers & Acquisitions: key strategy followed by players in the ISO shipping containers market
The ISO shipping containers market is currently dominated by few bigger players and many medium sized players. Maersk Container Industry A/S is one of them, and held a share of 19.13% in 2016. Maersk engages in the development, manufacture, and supply of dry containers, reefer containers, and refrigeration machines for worldwide customers. With around 5,200 employees and a global network of more than 400 service providers, the company serves over 40 global shipping lines. The company is driven by the urge to constantly improve the performance and efficiency of their product portfolio.
CIMC is another leading company in the ISO shipping containers market with a share of 15.33%. The company’s position in the market is driven by its focus on establishing itself as a global leader in being more agile, responsive and a data smart company that can offer better business solutions. CIMC uses mergers & acquisitions as its key strategy to expand its product line along with achieving geographical expansion.
Hapag-Lloyd held a share of 9.23% in 2016. The company adopted the strategy of achieving long-term profitable growth measured on the basis of developments in the transport volume and the key performance indicators of EBITDA and EBIT. Hapag-Lloyd sees emerging economic regions such as Latin America, Asia and Africa as their key market, owing to rising consumption-related demand and growing industrialization.
Evergreen Marine Corporation holds a share of 6.35% as of 2016. The company is majorly driven by focusing on maximizing revenue flows and minimize costs to achieve key performance indicators by joining alliances, strictly controlling costs and optimizing cargo structures.
The other prominent players in the market include SINGAMAS, CXIC Group, Shanghai Universal Logistics Equipment, Charleston Marine Containers, Inc., Sea Box Inc., and Hoover Container Solutions Inc. Others accounted for a share of 44.75% in the market in 2016, since there are many medium sized players especially in the Asia Pacific countries.
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ISO shipping containers, are large shipping containers, made out of various grades of steel, and built for freight transport. These are used in transportation across modes such as road, sea and rail. The ISO shipping containers are manufactured with identical size specification. Such containers are manufactured after the adoption of the ISO specification. The typical sizes of these containers remain 10’, 20’ and 40’ across types such as standard dry containers and refrigerated containers.
The global ISO shipping container market is expected to witness moderate growth over the forecast period. The growth of ISO Shipping Container market is influenced by growing adoption of shipping containers in the seaborne trade, growing demand of commodities, and expanding industrial base in China. Impact on the environment, fluctuation in raw material prices and slower economic growth, hinder the growth of the market.
Standard Dry Container by type segment and Food transport by application segment is expected to hold the largest market size in forecast period.
Global ISO Shipping Container market is segmented, by type, as standard dry container, high cube dry container, refrigerated container and high cube refrigerated container. Standard Dry Container segment accounted for the largest market share of more than 45%, in 2016, with a market value of approximately USD 3,800 Million, and is projected to grow at the highest CAGR during the forecast period. Based on applications the market is segmented as food transport, consumer goods transport and industrial transport. Food transport accounted for the largest market share of more than 40%, in 2016, with a market value of approximately USD 3,500 Million and is projected to grow at the highest CAGR of about 6% during the forecast period.
The global ISO Shipping Container market is increasing tremendously influenced by major drivers such as, growing adoption of shipping containers in the seaborne trade, growing demand of commodities, and expanding industrial base in China.
China has witnessed expanding manufacturing capabilities when it comes to shipping containers. The country’s shipping industry is governed by CIMC (Shenzhen, China). The industry in China is driven by low labor cost. Small and medium scale players have emerged in last decade, making the market fragmented in the country. In fact the global brands such as Maersk, Hapag-Lloyd, Evergreen, OOCL, Cronos, Hyundai, and Hamburg, have established their manufacturing base in China to take advantage of the low costs. This makes China an important market for shipping industry, including shipping containers. The supportive policies and favorable environment in China along with its expanding industrial capabilities, have enabled the growth of the global market.
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