smart container Market

The global smart container market accounted for US$ 2.14 Bn in 2018 and is expected to grow at a CAGR of 20.8% over the forecast period 2019–2027, to account for US$ 11.29 Bn by 2027.

With rising global trade and complexities in the supply ecosystem, the need for the advanced smart container is rising. Demand for connected, modular, and flexible would assist in enhancing the process efficiency and will facilitate shipment visibility and monitoring. With escalating city delivery volumes, the smaller containers and innovative packaging have the potential to standardize urban logistics. Improved materials, advancement in automation aid the development and commercialization of efficient & sustainable supply chains. The application of next-generation IoT solutions in packaging will transform visibility, traceability, and security. The e-commerce industry is growing in popularity. With such high internet penetration and growing demand for convenience, consumers are increasingly ordering groceries and other food products online. The above-mentioned factors are projected to render plenty of growth opportunities to the players of smart container market during the forecast period.

Globally, the smart container market is experiencing an intense growth with regards to continuous development in the box industry. In the US and Europe, consumer demand for healthy food products is increasing. Additionally, the shipping companies are witnessing a trend of movement towards containerized shipments of food than conventional break-bulk. Europe is considered as a chief market for imports of pharmaceuticals. For export of temperature-sensitive pharmaceuticals, North America is the leading continent, while SAM and APAC are the major importers. Europe held the largest share of the smart container market in 2018 and is expected to continue its dominance during the forecast period of 2019–2027. Asia pacific and North America held the second and third position in the global smart container market in 2018 with market shares of >25% and >20%, respectively.

The overall smart container market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the smart container market. It also provides the overview and forecast for the global smart container market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the smart container market.