Factors that drive the growth of the container tracking market include an increase in the volume of international trade and globalization, along with growth in concerns regarding cargo theft and security.
PORTLAND, Ore., May 14, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Container Tracking Market By Offering (Hardware, Software, and Service), Technology Type (RFID, GPS, Cellular, and Satellite), Mode of Transportation (Maritime, Land, and Air), and End User (Food and Beverage, Consumer Goods, Vehicle Transport, Healthcare, Industrial Products, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global container tracking market generated $10,075.00 million in 2022 and is anticipated to generate $21,627.26 million by 2032, witnessing a CAGR of 8.2% from 2023 to 2032.
Prime Determinants of Growth
The global container tracking market has experienced significant growth and transformation, driven by several factors such as an increase in international trade and globalization volume, rise in cargo theft and security concerns, and a growth in focus on supply chain optimization. However, the high initial cost of the container tracking solutions, along with the integration challenges and compatibility issues hampers the market growth. In addition, the surge in the development of customized solutions for industry-specific needs along with the global expansion of the cross-border trade industry presents significant opportunities for market expansion.
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Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$10,075.00 million |
|
Market Size in 2032 |
$21,627.26 million |
|
CAGR |
8.2 % |
|
No. of Pages in Report |
265 |
|
Segments Covered |
Offering, Technology Type, Mode of Transportation, End User, and Region |
|
Drivers |
Increase in the volume of international trade and globalization |
|
Rise in cargo theft and security concerns |
|
|
Growth in focus on supply chain optimization |
|
|
Opportunities |
Surge in the development of customized solutions for industry-specific needs |
|
Global expansion of cross-border trade |
|
|
Restraints |
High initial cost of the container tracking solutions |
|
Integration challenges and compatibility issues |
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The hardware segment to maintain its leadership status throughout the forecast period
By offering, the hardware segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to its significant application in supply chain processes. These components are primarily designed to mitigate risks by offering early warning systems and enabling proactive measures in response to potential threats. However, the software segment is witnessing a CAGR of 9.8%, as advancements in technologies such as the Internet of Things (IoT), RFID, and GPS have made it simpler and more cost-effective to track containers in real-time.
The RFID segment to maintain its leadership status throughout the forecast period
By technology type, the RFID segment held the highest market share in 2022, and is expected to witness a CAGR of 6.0% during the forecast period 2023 to 2032, due to the rise in need for inventory visibility and enhanced security, which fuels the demand for container tracking solutions, thus creating a significant growth prospect for the RFID segment. However, the GPS segment is witnessing the highest growth rate with a CAGR of 10.9%, owing to rise in the need for compliance with regulations and standards governing the transportation and handling of goods, along with the increase in focus on meeting consumer demands for transparency and visibility in the supply chain.
The maritime segment to maintain its leadership status throughout the forecast period
By mode of transportation, the maritime segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to its significant application in supply chain processes, along with the increase in the need for monitoring the movement of goods through maritime routes. However, the air segment is witnessing a CAGR of 10.6%, as the continual growth of global trade and e-commerce has led to an increase in demand for air cargo services, which paves the market growth prospect of container tracking solutions.
The industrial products segment to maintain its leadership status throughout the forecast period
By end user, the industrial products segment held the highest market share in 2022, and a CAGR of 5.9% during the forecast period 2023 to 2032, due to the considerable adoption of container tracking solutions in inventory management and asset protection, thus creating a significant growth prospect for the industrial product segment. However, the healthcare segment is expected to witness the highest CAGR of 11.0%, owing to rise in the need for tracking and monitoring temperature-sensitive products along with the presence of stringent regulations governing the transportation and storage of healthcare products.
Asia-Pacific to maintain its dominance by 2032
By region, the Asia-Pacific region held the highest market share in 2022, growing a CAGR of 9.9% owing to the robust growth in e-commerce operations, along with industry upgrading through supply chains going global. Moreover, the strict implementation of regulations related to cargo security and transparency has driven the adoption of advanced container tracking in the Asia-Pacific region. However, Asia-Pacific is also expected to witness the highest CAGR throughout the forecast period 2022-2032, the ongoing developments and improvements in port infrastructure in countries such as India, Singapore, Malaysia, and Vietnam, are crucial for efficient container handling, which is further paving the adoption of container tracking systems.
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Leading Market Players: –
- CMA CGM
- COSCO
- GoComet
- Hanjin Logistics Corporation
- Hapag-Lloyd AG
- INTTRA
- Maersk
- Orient Overseas Container Line Limited
- Project44
- SeaRates
The report provides a detailed analysis of these key players in the global container tracking market. These players have adopted strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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