LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global reefer container leasing market predicts a CAGR of close to 16% during the period 2017-2021.
The report segments the global reefer container leasing market by end-user (food and beverage and pharmaceutical) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global reefer container leasing market, according to Technavio transportation and logistics researchers:
- Rising dominance of leasing players in global reefer container market: a major market driver
- In 2016, the food and beverage segment dominated the market by occupying almost 58% share
- APAC dominated the global reefer container leasing market with more than 44% share in 2016
- Triton International, Seaco, Textainer, SeaCube Container Leasing, CAI International, and Beacon Intermodal Leasing are the leading players in the market
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Rising dominance of leasing players in global reefer container market: a major market driver
Rising dominance of leasing players in global reefer container market is one of the major factors driving the global reefer container leasing market. In early 2008, it was noted that more than 90% of the investment in the global reefer container market was made by shipping players and only a minimal percentage of the investment was made by the leasing players. After the global recession in 2008, the market scenario changed due to the fear of investing in assets, which provoked them to adopt leasing. Therefore, leasing players started dominating the global reefer container market. Apart from the economic downturn, there are a few other reasons that encouraged shippers to lease reefer containers instead of purchasing them.
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APAC: largest reefer container leasing market
The sales of medical products in APAC are expected to grow. Expansion of many established drug manufacturers in APAC is the key reason for the growth of the medical product sales in APAC. Many established drug manufacturers are expanding their position in developing countries such as Myanmar and Vietnam. The growth in the sales of medical products will increase the transportation requirements of the medical product. Around 20% of the medical products require refrigeration. Thus, it is expected that the growth in the sale of medical products will increase the demand for reefer container leasing.
According to Sharan Raj, a lead analyst at Technavio for research on logistics, “The growth in the demand for perishable food products will increase the need for refrigerated transportation such as refrigerated trucks and refrigerated containers. The demand for refrigerated containers is more than that of refrigerated trucks due to the growing need for exporting perishable foods items to other regions through seaways and airways. Additionally, the developing nature of the container leasing market in APAC will induce shippers and perishable food item manufacturers to prefer leasing to purchasing of reefer containers.”
Competitive vendor landscape
The global reefer container leasing market is highly concentrated with the dominance of few established players. Moreover, huge initial investment induces market consolidation which is the major reason for dominance of a few players in the market. The leading players in the global reefer container leasing market are adopting mergers and acquisitions as a tool to acquire a larger market presence. For instance, in February 2016, China Shipping Container Lines (CSCL) acquired 100% of shares of two global leading container leasing players, namely, Florens Container Leasing and Dong Fang International.
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