Reefer Container Market

Market Growth

Major factors responsible for the market growth include the increasing number of trade routes, rising demand for pharmaceutical drugs, expanding e-commerce industry, and advent of the real-time tracking technology.
The main factors responsible for the growth of the market include the increase in the number of trade routes, the growth in demand for pharmaceutical drugs, the expansion of the e-commerce industry, and the advent of real-time tracking technology. Econ Market Research&rsquo,s report on Reefer Container Market studies the past and current opportunities of growth and trends to get a clear picture of the growth indicators of the market for the forecast period 2023 to 2031. The report also offers the revenue generated by the Reefer Container market considering 2021 as the historical year, 2022 as the base year, and 20231 as the forecast year. The report also consists of the compound annual growth rate (CAGR) for the Reefer Container market over the forecast period.

COVID-19 IMPACT

Due to the COVID-19 pandemic, the global reefer container market has been negatively impacted. This is mainly due to the regulations laid down by governments worldwide such as lockdown &, social distance. Therefore, containers that were shipped to the major ports are either stranded onboard ships, off-loaded at alternate locations, or are sitting at various ports and terminals in demurrage and detention. Moreover, the COVID-19 pandemic has caused companies in the global transportation and logistics industry to face economic stress due to liquidity, labor shortage, fewer contracts, and other issues and resulted in ceased payment to employees and a severe decline of ~16% in the global trade volume.

In the past, the food category dominated the global reefer container market, under segmentation by industry. With the growing population pushing up the demand for food, pharmaceutical drugs, expanding e-commerce industry, the use of reefer containers to transport them over long distances is rising. This is because most of the food products, including fruits, vegetables, dairy, meats and poultry, need to be shipped at sub-zero temperatures to prevent spoilage.

Top Impacting Factors

• The 40ft container is expected to experience the fastest growing refrigerated container market during the forecasts period. This is mainly because the 40ft containers are designed to carry bulk goods rather than heavy goods. Therefore, higher capacity and small difference in cost of containers are expected to increase the penetration of 40ft containers during the forecasts period.

• There is a huge demand for Prioritizing ships for internationals trade. Ocean freight accounted for the largest share of the global reefer container market and is expected to continue to rank early in the coming years.

• This is mainly due to the expansion of world trade in refrigerated perishable goods at sea, coupled with advancements in refrigerated container technology. In addition, most of the major country in the region are home to many sea-ports and inland ports, and the region experiences the fastest rate of urbanization development, which has resulted in increased trade volume.

Recent Development

• SeaCube Containers LLC acquired 200 Carrier Pods monitored by Sensitech Inc. in order to address the anticipated increases in the demand for refrigerated storage capacity, as well as cargo visibility, in support of the COVID-19 vaccine distribution efforts.

• A.P. Moller - Maersk A/S acquired Performance Team LLC. This will further strengthen the capabilities of the former company as an integrated container logistics company offering end-to-end supply chain solutions. Performance Team LLC offers business-to-business (B2B) and business-to-consumer (B2C) distribution solutions to the retail, wholesale, and e-commerce sectors, with 24 warehousing sites.

Competitive Landscape

Some of the main manufacturers of Reefer Container Market are:

• A.P. Moller - Maersk A/S

• Singamas Container Holdings Ltd.

• China International Marine Containers (Group) Co. Ltd.

• Seaco Srl

• Triton International Ltd.

• MSC Mediterranean Shipping Company S.A.

• Hapag-Lloyd AG

• Ocean Network Express (ONE) Pte. Ltd.

• ZIM Integrated Shipping Services Ltd.

• SeaCube Container Leasing Ltd.

• Klinge Corporation

• W&,K Containers Inc.

• Almar Container Group

• Daikin Reefer

• Klinge Corporation

• Fortune Container Trading

• Singamas

• Global Sea Containers Ltd

• BSL Refrigerated Containers

• Pioneer Refrigeration

• Air Conditioning Works

• NYK Line

Regional Analysis

The Global Reefer Container market report provides a study for more than 20 countries and their market players The report covers a regional and country-level analysis that covers North America, South America, Europe, Asia Pacific (APAC), Africa, and the Middle East. The market is deeply analyzed for each region, which helps in identifying the market trends, size, share etc. for each region, growth opportunities, and restraining factors.