The flourishing e-commerce sector, expanding trade routes, and surging incidence of chronic ailments will drive the global reefer container market at an 8.0% CAGR during the forecast period (2020–2030), thereby helping it reach a volume of 7,063.3 thousand twenty-foot equivalent units (TEU) by 2030. Moreover, the innovations in the real-time tracking technology will support the market growth in the coming years.
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However, in the past year, COVID-19 has adversely impacted the reefer container market due to the disruption in the operations of manufacturing units and closure of trade routes. Shutdowns were implemented to maintain social distancing and prevent the spread of coronavirus across borders. The pandemic has given a major financial setback to transportation companies owing to the shortage of employees, complete or partial closure of ports, and disruption of the supply chain. Additionally, most of the logistics companies are witnessing a reduction in capacity, additional expenditure, pressure on equipment availability, and congestion at specific ports.
The industry segment of the reefer container market is classified into chemical, food, and pharmaceutical. Among these, the pharmaceutical category will demonstrate the fastest growth throughout the forecast period owing to the rising prevalence of chronic disorders, surging geriatric population, and escalating investments in the research and development (R&D) of drugs. Hence, the burgeoning demand for pharmaceutical drugs, especially the ones that require temperature-controlled containers for storage and transportation, will facilitate the growth of this category.
Globally, the Asia-Pacific (APAC) reefer container market accounted for the largest share in 2019. This can be owed to the increasing opportunities in the e-commerce sector, changing consumption patterns of customers, and growing urbanization rate in the region. All these factors have resulted in the expansion of the shipping and logistics industry, which has, in turn, boosted the adoption of reefer containers in the APAC region.
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The global reefer container market is extremely consolidated, with the presence of some key players like A.P. Moller – Maersk A/S, Hapag-Lloyd AG, China International Marine Containers (Group) Co. Ltd., MSC Mediterranean Shipping Company S.A., Singamas Container Holdings Ltd., and Triton International Ltd., who are actively pursuing collaborations and partnerships to enhance their market standing. For instance, in December 2019, Yang Ming Marine Transport Corp. announced the establishment of a new subsidiary in collaboration with Huan Ming (Shanghai) International Shipping Agency Co. Ltd. The subsidiary will act as the general agent of the former in China.
Market Size Breakdown by Segments
- 20 Feet
- 40 Feet
- More than 40 Feet
By Transportation Mode
- Dairy products
- Liquid medicines
- North America
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
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