iCrowd Newswire – Jul 20, 2020
According to P&S Intelligence, the increase in the number of trade routes would help the global reefer container market grow. In April 2019, the Chongqing municipality in south-western China was linked to Indonesia via a new trade route, which, in September 2019, was connecting 190 ports across 90 nations. Moreover, with Asian countries increasing their influence on worldwide trade, trade routes are expected to get increasingly directed toward this region.
In addition, much of the long-distance trade is conducted via ships, which makes the sea the most important trade mode. All these factors are predicted to propel the reefer container market to a volume of 5,981.6 thousand twenty-foot equivalent units (TEU) in 2030, from 2,915.6 thousand TEUs in 2019, at a 7.3% CAGR between 2020 and 2030.
In the coming years, the highest CAGR in the reefer container market would be witnessed by the Latin America, Middle East, and Africa (LAMEA) region. Within LAMEA, the highest adoption of reefer containers is expected in Brazil, due to the increasing trade of frozen and chilled goods between Brazil and China and India. Moreover, Brazil, which is the most-productive market for logistics in LAMEA, contributed $145 billion to the regional logistics market in 2019.
Due to the COVID-19 outbreak, the reefer container market has been affected in a negative way. Contract, liquidity, labor, and several other issues have caused much economic stress to logistics and shipping companies. Moreover, global trade has declined by around 15%, and employee payments have also ceased or are delayed. With a complete or partial ceasing of trade operations and port closures, the supply chain has been severely hampered, which has further led to a reduced demand for reefer containers.
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The most prominent companies in the global reefer container market are Singamas Container Holdings Ltd., SeaCube Container Leasing Ltd., A.P. Moller – Maersk A/S,China International Marine Containers (Group) Co. Ltd., Triton International Ltd., Seaco Srl,MSC Mediterranean Shipping Company S.A., Ocean Network Express Pte. Ltd., Hapag-Lloyd AG, and ZIM Integrated Shipping Services Ltd.
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Keywords: Reefer Container Market, Size of Reefer Container Market, US Reefer Container Market Demand