Container Fleet Global Market Report 2024

The container fleet market size 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.

The container fleet market size 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. Cargo transportation, synonymous with freight transportation, involves conveying products or commodities from one location to another, often swiftly transporting substantial amounts of goods to their destinations. Consequently, the burgeoning cargo transportation industry is anticipated to surge, fostering an increased need for container fleets. 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. The industrial sector encompasses distinct categories or groups of businesses involved in similar economic activities or providing related goods and services. These industries extensively employ container fleets to optimize and streamline goods transportation, enhancing efficiency, scalability, and cost-effectiveness by standardizing cargo units for seamless global shipping and logistics. 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.

Major companies operating in the container fleet market report are 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 Südamerikanische 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.

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 regions covered in the container fleet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the container fleet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of container fleets include dry containers, reefer containers, tank containers, special containers, and others. Dry containers are conventional shipping or cargo containers designed to transport dry, non-temperature-sensitive shipments. These containers find various applications in the transport of consumer goods, industrial materials, and food. They serve industries such as automotive, mining and minerals, oil and gas, chemicals, as well as food and agriculture, and are integral to the retail sector.

The container fleet market research report is one of a series of new reports that provides container fleet market statistics, including container fleet industry global market size, regional shares, competitors with container fleet market share, detailed container fleet market segments, market trends, and opportunities, and any further data you may need to thrive in the container fleet industry. This container fleet market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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