China to Lead APAC Shipping Containers Market through 2024
Growing containerized trade and rapid industrialization to bolster APAC shipping container market growth through 2024
According to a report published by TechSci Research on “APAC Shipping Container Market By Size of Container, By Product Type, By Goods Transported, By Country, Competition, Forecast & Opportunities, 2024”, APAC shipping container market size is predicted to reach $ 5.9 billion by 2024, exhibiting a CAGR of 4.6% during the forecast period. The growth of APAC shipping containers market is majorly attributable to the improvement in transportation services and growth of seaborne trade. Moreover, rise in the number of manufacturing facilities in APAC is further bolstering the growth of APAC shipping containers market.
In terms of product type, the APAC shipping container market is categorized into dry storage container, tank container, refrigerated container and others. Dry containers have been witnessing increasing demand for shipping and logistics across the region and accounted for maximum market share in the APAC shipping containers market in 2018. This trend is expected to continue throughout the forecast period as well, owing to increasing manufacturing and cross-border trade of machinery, electronics, and electricals products in the region.
On the basis of countries, the APAC shipping container market is categorized into China, India, Japan, South Korea, Indonesia, Malaysia and Singapore. Among these, China shipping containers market accounted for majority share in APAC shipping container market in 2018 and is anticipated to maintain its dominance during forecast period as well on account of presence of a large number of shipping container manufacturers in country. Moreover, reduced labor cost and availability of raw materials in China are encouraging the manufacturing of shipping containers in the country, thereby further driving growth of the market.
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“APAC shipping containers market is anticipated to witness a steady growth over the course of next five years. The growth of the APAC shipping containers market is majorly due to increasing demand for highly efficient and superior capacity shipping containers. Moreover, Asian countries are encouraging inter-Asian trade possibilities by creating trade barrier liberalization, which is bolstering sea-trade in the region and thereby having a positive impact on shipping containers market.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“APAC Shipping Container Market By Size of Container, By Product Type, By Goods Transported, By Country, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the APAC shipping container market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in APAC shipping container market.
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