Increase in Maritime Shipping bolsters India Container Market

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According to a new report published by UnivDatos Markets Insights, the India Container Market is expected to value at USD 10 billion in 2028 and grow at a CAGR of around 2% from 2022-2028. The analysis has been segmented into Product (20 feet, 40 feet, and 45 feet); End-Use (food & beverage, consumer goods, industrial goods, healthcare, and others).

The Container market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Container market. The Container market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Container market at India levels.

Market Overview The Indian container market is growing at a substantial rate mainly owing to the several policy reforms in place bolstering the container trade against the global slowdown. Improvement in transshipment numbers at Indian ports, direct port delivery (DPD), direct port entry (DPE), increase in authorized economic operators (AEOs), port community systems (PCS), digitization and automation of cargo movement through port gates, etc are some of the key areas of improvement notably aiding the market towards an upward trend. In addition, healthy competition among major and private ports is improving the container volume growth at each port year-over-year is creating opportunities in the Indian container market.

The India Container Market is expected to grow at a steady rate of around 2% during the forecast period (2022-2028). The rising demand for fish and meat has increased the commercial farming of fish and livestock in India over the years which escalated India's total export. Significant developments in commercial vessels and innovation of cargo ships equipped with the latest technologies such as navigation systems, advanced sensors, and other components are expected to drive the demand for transportation through ships, in turn propelling the growth of the container market.

Some of the major players operating in the market include Hyundai Ltd., A.P. Moller, and Maersk, COSCO Shipping Development Co., Ltd., China International Marine Container (Group) Ltd., CXIC Group, Singamas Container Holdings Limited, Hapag-Lloyd AG, Evergreen Marine Corporation, MSC Mediterranean Shipping Company S.A, and Yang Ming.

COVID-19 Impact The COVID-19 outbreak has declined economic activities in India. It is mainly owing to the impact of coronavirus in major consumption centers like the US, and Europe that compelled the carriers/ alliances to suspend many services. In addition, many sailings were blanked during this period. Moreover, India being on the main Asia-Europe route, the impact was prominent. According to the India container report 2020, a total of 34 sailings were missed at JNPT during the second quarter of 2020.

The India Container market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

Based on the product, the container market is classified into 20 feet, 40 feet, and 45 feet. The 40 feet segment caters substantial share of the market. Factors such as increased durability and large space offered by 40 feet containers are contributing to their high adoption across various applications. In addition, India has emerged as the world's fastest-growing economy for the past five years owing to the rising demand for consumer goods and services

Based on end-use, the container market is segmented into food & beverage, consumer goods, industrial goods, healthcare, and others. The food & beverages segment caters considerable share of the market. Perishable food items and beverages deteriorate quickly if exposed to humidity or extreme temperature. Reefer containers play a vital role in the transportation of perishable food items as they offer exceptionally large storage space for cooling while easy to transport and can be placed in many locations. As a result, the increasing trade of agriculture and processed food is expected to boost the demand for containers in the food & beverage segment over the coming years.

Competitive Landscape

The degree of competition among prominent Indian companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as Indian market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the India Container market. The major players have been analyzed by using research methodologies for getting insight views on India competition.

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