The container yard services market will register a CAGR of almost 4% by 2023
NEW YORK, May 20, 2019 /PRNewswire/ --
About this market
Growth in cross-border trade will drive the growth of the global container yard services market. Cross-border trade refers to the process of selling or buying goods and commodities from neighboring countries. It offers tremendous opportunities to online sellers and promotes e-commerce. Cross-border e-commerce is popular in China, Singapore, Indonesia Australia, France, Moto, and India. The preference for cross-border e-commerce is increasing, owing to factors such as a rise in per capita income and accessibility to foreign brands. Through cross-border trade, sellers will get an opportunity to expand their businesses outside their often saturated home market and tap into new markets. In cross-border trade, container yards play a major role as the movement of the goods depends on transportation and storage capabilities. Analysts have predicted that the container yard services market will register a CAGR of almost 4% by 2023.
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Market Overview
Increase in containerization
Containerization is a system of intermodal freight transport using intermodal containers. An increase in container throughput can be attributed to factors such as the growth of international trade and the adoption of containerization as a privileged vector for maritime shipping and inland transportation. The governments of several countries are undertaking initiatives to improving container handling capacity. Thus, with an increase in container volumes, the need for container yard services will rise, which will eventually drive the growth of the market.
Increase in empty containers
Containers are intended to be in constant use, loaded with a new cargo for a new destination soon after being emptied of the previous cargo. However, this is not the scenario in the current container market. The numbers of empty containers have surged. High costs for the management of empty containers are likely to have a negative impact on container operators and reduce their overall profit. These costs can reduce container movements and hamper the growth of the global container yard services market.
For the detailed list of factors that will drive and challenge the growth of the container yard services market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several companies including Hutchison Port Holdings Ltd. and PSA International Pte. Ltd, the competitive environment is quite intense. Factors such as growth in cross-border trade and increase in containerization, will provide considerable growth opportunities to container yard services manufactures. APM Terminals Management BV, China Merchants Port Holdings Co. Ltd., DP World, Hutchison Port Holdings Ltd. and PSA International Pte. Ltd. are some of the major companies covered in this report.
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