New York, NY -- (SBWIRE) -- 10/19/2016 -- According to a new market report published by Persistence Market Research, titled "Global Market Study on Shipping Containers: Asia Pacific to Witness Highest Growth by 2021 ", the global market for shipping containers is estimated to reach value of US$ 8.29 Bn by 2015 end, and is expected to expand at a CAGR of 5.6% from 2015 to 2021, to reach a market value of US$ 11.47 Bn by 2021.
Shipping containers also referred to as 'freight containers or cargo containers', are rectangular steel containers used for intermodal transportation of goods across the globe. The use of shipping containers for transportation of goods has emerged as an effective alternative to conventional methods involving loading of cargo directly onto ships. As such, adoption of shipping containers for intermodal transportation of goods and perishables has resulted in improved efficiency and greater ease in handling cargo.
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Growth of seaborne trade is expected to emerge as a major factor driving the growth of the global shipping containers market during the forecast period. Besides, growing containerization, i.e. adoption of containers for transportation as against traditional methods of loading goods directly onto ships, is another factor expected to fuel the growth of the global shipping containers market during the forecast period. Moreover, the decline in global oil prices is resulting in cost savings, which shipping companies can invest in the purchase of shipping containers. Also, variation in prices of steel in turn is affecting the average selling price of these containers. However, slower economic growth in countries such as China and certain European countries is likely to impede the growth of the global shipping containers market during the forecast period. Revenue from the global shipping containers market is expected to increase from US$ 8.29 Bn in 2015 to US$ 11.47 Bn by 2021, expanding at a CAGR of 5.6% during the forecast period.
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In terms of market value, Europe is expected to dominate the global shipping containers market during the forecast period. Asia Pacific is expected to be the second largest market for shipping containers and account for a revenue share of around 35% of the estimated global shipping containers market value for 2015. It is slated to expand at a CAGR of around 5.4% between 2015 and 2021.
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