Demand for Reefer Container Booming Globally

The increasing number of trade routes, burgeoning demand for pharmaceutical drugs, expanding e-commerce sector, and improving real-time tracking technology will drive the reefer container market at a CAGR of 8.0% during the forecast period (2020–2030). The market stood at a size of 3,169.2 thousand twenty-foot equivalent units (TEU) in 2019 and it is projected to attain7,063.3 thousand TEU of container space by 2030. In recent years, the market has observed a notable number of acquisitions, partnerships, and mergers among container lines. 

Sales of Reefer Container - Research Report 2021

With the expansion of trade routes, the usage of reefer containers has surged at a substantial rate. A trade route refers to a logistical network of stoppages and pathways for the commercial transportation of cargo. Allowing products to reach distant markets, a single trade route includes multiple long-distance arteries, which may be further connected to smaller network of non-commercial and commercial transportation routes. The expanding trade routes will, further, amplify the maritime trade volume, which will increase the requirement for reefer containers, globally.

Globally, the Asia-Pacific (APAC) reefer container market generated the highest revenue in 2019 and it is projected to retain its position in the forecast period. This is attributed to the developments in the reefer container technology, expanding global trade of seaborne perishable reefer cargo, and home to inland ports and numerous seaports in the region. Whereas, the Latin America (LATAM) market will register the fastest growth in the forecast years, owing to the booming population and rapid urbanization that have led to a considerable spike in transportation and shipping of food items.

Hence, as international trade volumes, especially of perishable cargo, grow, so will the procurement of reefer containers by shipping, trucking, and rail freight companies.

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The research offers market size of the Global Reefer Container Market for the period 2014–2030.

Market Segmentation by Size

·      20 Feet

·      40 Feet

·      More than 40 Feet

Market Segmentation by Transportation Mode

·      Seaways

·      Roadways

·      Railways

Market Segmentation by Industry

·      Food

o   Fruits

o   Meat/poultry

o   Fish/seafood

o   Vegetables

o   Dairy products

o   Others

·      Pharmaceutical

o   Liquid medicines

o   Pills

o   Vaccines

o   Biologicals

o   Others

·      Chemical