Container fleet market to grow by 3.19 % over next five years

Posted by Daily Shipping Times on 06-01-2017        Tweet

LONDON: The global container fleet market is expected to grow at a compound annual growth rate (CAGR) of 3.19% during the period 2017-2021, according to a report issued by Research and Markets.

The report identified Danish shipping giant Maersk, French CMA CGM, Mediterranean Shipping Company (MSC) and China COSCO Shipping as key vendors.

The latest trend gaining momentum in the market is increasing use of fleet management systems, which are formed by the integration of hardware, software, and communication technologies and act as a platform for fleet operators to help in efficient control, tracking, and monitoring of vehicles used for commercial purposes.

They improve the overall operational efficiency by reducing non-value added activities of the operators, Research and Markets noted.

According to the report, one of the major drivers for this market is growing intermodal freight transportation. This industry is introducing some advances in technology such as ICT, computerized vehicle routing, active traffic management, and online freight exchange.

Research and Markets said that “one of the major factors hindering the growth of this market is trade imbalance causing low back-haul utilization rate. Excessive import, as opposed to the volume of exports, leads to accumulation of empty containers and vice versa.”