The global container fleet market is expected to grow at a CAGR of 3.19% during the period 2017-2021. This is according to a new “Global Container Fleet Market 2017-2021” report by Research and Markets released in December 2016.
The report covers the present scenario and the growth prospects of the global container fleet market for 2017-20121. To calculate the market size, the report considers volume based on container fleet capacity for the respective region or the container type. It considers freight volume based on the freight volume shipped by the vendors operating in the market making use of the containers.
According to the report, the latest trend gaining momentum in the market is increasing use of fleet management systems. The systems are formed by the integration of hardware, software and communication technologies and act as a platform for fleet operators to help efficient control, tracking, and monitoring of vehicles used for commercial purposes. They improve the overall operational efficiency by reducing non-value added activities of the operators.
The benefits of utilizing these solutions and software in business are extensive. Real-time vehicle tracking, for example, enables companies to save dramatically on things like fuel and insurance costs. This, according to Ruth Kang’ong’oi, Safetrac Limited General Manager, helps businesses increase productivity and efficiency at the same time. She adds that timely reports and notifications minimize the phone call traffic with the drivers in the field. They also help companies easily screen excess mileage and out of business trips and improve their fuel economy.
‘’At Safetrac, our solutions give fleet owners full control of their vehicles through uninterrupted tracking and detailed reporting.’’ she adds.
Read: Safetrac Ltd Partners with DAMCO for Cargo Tracking Solutions
The report also found out that, one of the major drivers for this market is growing intermodal freight transportation. Intermodal transportation is cost-efficient, easy to track and there are few idle periods. It offers door-to-door delivery, a shorter delivery time, safety of the cargo, and the ability to use different routes. The intermodal freight transportation industry is introducing some major advances in technology such as ICT, computerized vehicle routing, active traffic management, and online freight exchange.
Further, the report states that one of the major factors hindering the growth of this market is trade imbalance causing low back-haul utilization rate. Excessive import, as opposed to the volume of exports, leads to accumulation of empty containers and vice versa. This is called trade imbalance in the container shipping industry.
Global Container Fleet Market 2017-2021 report, was prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Featured Image Source: Ballore African Logistics
