Overview of the global reefer container leasing market
Shipping players in the are the primary investors in the reefer container market and the leasing players make minimal investment. Due to the economic downturn, shippers are leasing containers instead of purchasing containers. Technavio’s market study identifies the rising dominance of leasing players in global reefer container market to be one of the primary growth factors for the reefer container leasing market. Also, shippers can avail several benefits on leasing such as tax benefit, reduced cost burden for maintenance cost, retrofit cost, and disposal or resale cost, and business at low initial investment. Our market analysts estimate that in terms of units, this market will grow steadily at a CAGR of around 16% by 2021.
The refrigerated shipping container market is highly consolidated with the major market share acquired by few key players. Due to intense competition in the market, small players must collaborate with large players to sustain profitably. For instance, Triton Container International and TAL International Group merged to form a new company named Triton International, that collectivity accounted for 26% of the market. Consolidated aided these companies in expanding their customer base and business operations. The increasing number of consolidations in global container leasing market is one of the key factors contributing towards the growth of the reefer container leasing market.
Competitive landscape and key vendors
The reefer container leasing market is highly concentrated owing to the presence of few key players that dominate the market operations. Supported by huge initial investment, large players are entering into M&A to expand their market share and geographical presence. Smaller players in the refrigerated shipping container market are also entering into M&A to sustain profitably in the intense competition. Existing vendors in the market will adopt the cartel strategy to boost the revenue of the players by fixing high lease rate for containers.
The leading vendors in the market are
- Beacon Intermodal Leasing
- CAI International
- Seaco
- SeaCube Container Leasing
- Textainer
- Triton International
The other prominent vendors in the market are CARU Container, China COSCO Shipping, and Touax Container Solutions.
Segmentation by end-user and analysis of the reefer container leasing market
- Food and beverage
- Pharmaceutical
The food and beverage industry is the primary end-user of the reefer container leasing market due to the rising demand for processed and ready-to-eat food by the consumers. Apart from significant growth in APAC and Latin America, matured regions such as North America and Europe are processing natural and organic food over processed food. F&B manufacturers adopt container leasing over purchasing as cost cutting supply chain techniques to reduce their overall cost.
Geographical segmentation and analysis of the reefer container leasing market
- Americas
- APAC
- EMEA
APAC will be the major revenue contributor to the refrigerated shipping container market due to the presence of several established drug manufacturers that contribute to the exponential medical product sales in this region. Also, the growing population contribute to the demand for perishable food items such as fresh and processed foods, meat, poultry, and dairy. Growing sale of medical products and perishable food will drive the growth for reefer container leasing in this region.
Key questions answered in the report include
- What will the market size and the growth rate be in 2021?
- What are the key factors driving the global reefer container leasing market?
- What are the key market trends impacting the growth of the global reefer container leasing market?
- What are the challenges to market growth?
- Who are the key vendors in the global reefer container leasing market?
- What are the market opportunities and threats faced by the vendors in the global reefer container leasing market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global reefer container leasing market?
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