Reefer Container Industry Will Generate Record Revenue by 2030 Covid-19 Analysis | Seaco Srl, Klinge Corporation

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Summary

New Trade Routes to Boost Requirement for Reefer Containers

Press Release

The increasing number of trade routes, burgeoning demand for pharmaceutical drugs, expanding e-commerce sector, and improving real-time tracking technology will drive the reefer container market at a CAGR of 8.0% during the forecast period (2020–2030). The market stood at a size of 3,169.2 thousand twenty-foot equivalent units (TEU) in 2019 and it is projected to attain7,063.3 thousand TEUof container space by 2030. In recent years, the market has observed a notable number of acquisitions, partnerships, and mergers among container lines.

With the expansion of trade routes, the usage of reefer containers has surged at a substantial rate. A trade route refers to a logistical network of stoppages and pathways for the commercial transportation of cargo. Allowing products to reach distant markets, a single trade route includes multiple long-distance arteries, which may be further connected to smaller network of non-commercial and commercial transportation routes. The expanding trade routes will, further, amplify the maritime trade volume, which will increase the requirement for reefer containers, globally.

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The size category of the reefer container market is categorized into 20 feet, 40 feet, and more than 40 feet. Among these, the 40 feet category will display the fastest growth throughout the forecast period. This will be due to the cost-effectiveness of 40-feet containers, which are priced within the same range of 20-feet containers. These containers are designed to carry high-volume cargo rather than heavy cargo. Therefore, a smaller price difference and higher capacity of 40-feet containers will increase the penetration of such containers in the foreseeable future.

Globally, the Asia-Pacific (APAC) reefer container market generated the highest revenue in 2019 and it is projected to retain its position in the forecast period. This is attributed to the developments in the reefer container technology, expanding global trade of seaborne perishable reefer cargo, and home to inland ports and numerous seaports in the region. Whereas, the Latin America (LATAM) market will register the fastest growth in the forecast years, owing to the booming population and rapid urbanization that have led to a considerable spike in transportation and shipping of food items.
Thus, the expanding trade routes and the magnifying need for pharmaceutical products will fuel the requirement for reefer containers in the foreseeable future.