North America Dominates Global Container Shipping Market
In terms of geography, North America dominates the global container shipping market . This is due to improved transportation services in this region, says a report from Persistence Market Research.
The U.S. represents the largest market for container shipping followed by Canada in North America. In Europe, Germany, the U.K., Spain, Italy, and France hold the major share of the container shipping market.
Asia is expected to witness high growth rates in the next five years, as many companies are constructing manufacturing facilities in this region. The rising number of manufacturing units would result in significant rise in demand for containers.
Improving transportation services are boosting growth of the container shipping market in this region. Japan, China, and India are expected to be the fastest-growing container shipping markets in Asia.
Increasing demand for transportation services is a key driver of the global container shipping market. Rising number of factories and manufacturing units has fueled growth of the global container shipping market.
In addition, several government associations are also boosting growth of the global container shipping market by providing specific guidelines to shipping companies.
However, high shipping freight rates obstruct growth of the global container shipping market.
Some of the major companies operating in the global container shipping market are China Shipping Container Lines, HANJIN, China Ocean Shipping Company, HAPAG-LLOYD, Mediterranean Shipping Company, and MAERSK.
Several government associations such as the World Shipping Council (WSC), together with the International Chamber of Shipping (ICS), published the Transport of Containers by Sea - Industry Guidance for Shippers and Container Stuffers. It provides specific guidelines to shipping companies to transport containers in a safe and efficient way.
