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.