LONDON–(BUSINESS WIRE)–#ContainerFleetMarket–The global container fleet market size is expected to grow by 5.34 teu during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
Growing intermodal freight transportation is expected to drive the container fleet market growth during the forecast period. Intermodal transportation uses different modes of transportation for transporting goods from one region to another. In addition to being environmentally friendly, some of the key advantages of using intermodal transportation over other modes of transportation include high efficiency and low operating cost. Moreover, the intermodal freight transportation industry is introducing some major advances in technology such as ICT, computerized vehicle routing, active traffic management, and online freight exchange. The market has been dominated by the railroad segment because of the low connectivity between rail routes and shipping terminals. However, road-water transportation is a rapidly growing segment of the global intermodal freight transportation market. It uses roadways and waterways to move freight from one location to another.
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As per Technavio, the consolidation and alliance formation for cost-savings will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Container Fleet Market: Consolidation and Alliance Formation for Cost Saving
High operational costs, global economic slowdown, and low profitability have forced shipping companies to pool their resources and share reefer container and vessel space to minimize costs. The vessel sharing agreement allows two or more shipping companies to jointly deploy a reefer vessel on stipulated international sea trade routes. Moreover, the global refrigerated sea transportation market witnessed an alliance known as 2M between two of the leading shipping line companies, Maersk and MSC, that entered into a 10-year agreement to conduct shared shipping trade on the Asia-Europe reefer trade route. The alliance was revised in 2019, with emphasis on offering better services in an increasingly difficult container shipping environment. Such alliances strengthen the global refrigerated sea transportation market. These alliances also help in offering favorable conditions and improved seaborne transportation services. This will have a positive impact on the growth of the market.
“Factors such as the growing demand from refrigerated sea transportation, and high production and distribution activities will have a significant impact on the growth of the container fleet market value during the forecast period,” says a senior analyst at Technavio.
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Container Fleet Market: Segmentation Analysis
This market research report segments the container fleet market by type (dry containers, reefer containers, and tank containers) and geography (APAC, Europe, North America, MEA, and South America).
The APAC region accounted for the highest container fleet market share in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the efficient labor market, excellent infrastructure, and a good transportation system.
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Some of the key topics covered in the report include:
■ Vendors covered
■ Vendor classification
■ Market positioning of vendors
■ Competitive scenario
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