The increasing number of trade routes in several countries and between various countries is pushing up the demand for reefer containers. A single trade route contains multiple long-distance arteries, that may further be connected to various smaller networks of non-commercial and commercial transportation routes. The rapid rise in the maritime trade volumes across the globe is boosting the demand for reefer containers. Additionally, the adoption of real-time tracking technology in logistics solutions is fueling the requirement for these containers.
The global reefer container market size is expected to reach 5,981.6 thousand twenty-foot equivalent units (TEU) in 2030, advancing at a 7.3% CAGR during 2020–2030. The market is registering growth due to the emergence of real-time tracking technology, expansion of the e-commerce industry, and rising number of trade routes. On the basis of size, the market is divided into 20 feet, 40 feet, and over 40 feet.
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Reefer containers are used for transporting mainly two types of products namely frozen and chilly products. Between these, the transportation of chilled products via reefer containers would rise explosively in the coming years. Dairy, poultry, ready-to-eat (RTE) meals, noodles, bakery products, fruits, and vegetables are the main chilled products transported by reefer containers throughout the world. Amongst these, the demand for dairy and poultry transportation would rise rapidly around the world in the coming years.
Geographically, the reefer container market is predicted to exhibit the fastest growth in the Latin America, Middle East, and Africa (LAMEA) region in the upcoming years. In this region, the deployment of reefer containers would rise massively in Brazil in the future years, primarily because of the growing inclination of the industries toward technological innovation and the increasing trade of chilled and frozen foods between the country and other developing nations such as India and China.
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Some of the key players operating in the 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 Pte. Ltd., ZIM Integrated Shipping Services Ltd., and SeaCube Container Leasing Ltd.
Market Size Breakdown by Segment
- 20 Feet
- 40 Feet
- More than 40 Feet
By Transportation Mode
- Dairy and Poultry
- North America
- South Korea
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