40-Foot Container Chassis Market Research Report and Outlook by 2028

The worldwide market for 40-foot container chassis is anticipated to grow from US$ 1,197.83 million in 2022 to US$ 1,930.69 million by 2028, reflecting a compound annual growth rate (CAGR) of 8.6% from 2023 to 2028.

The surge in both international and domestic trade is expected to significantly boost the demand for 40-foot container chassis, particularly in the Asia Pacific region. The maritime sector in this area is actively involved in the enhancement and expansion of port facilities, which is leading to an increased utilization of 40-foot containers. This trend is further supported by initiatives such as the Indian government's approval in December 2021 for the development of a major port in Vadhavan, aimed at accommodating the rising trade activities within the country. Additionally, the e-commerce sector is experiencing rapid growth across the region. For example, China's cross-border e-commerce imports and exports saw a 15% increase in 2021 compared to the previous year. This expansion in cross-border e-commerce is expected to further drive the demand for 40-foot container chassis for transporting goods throughout the Asia Pacific region, marking a crucial factor influencing the market's growth.

Given that approximately 90% of global trade is conducted via maritime routes, there has been a notable increase in trade activities at North American ports. The high volume of shipping traffic facilitates the movement of a vast number of containers, thereby creating a strong demand for 40-foot container chassis for the transportation of goods. Furthermore, various ports in North America have reported significant increases in cargo capacity. For instance, data from xChange Solutions GmbH indicates that the Port of New Jersey and New York handled a 5.7% increase in twenty-foot equivalent units (TEUs) in 2022 compared to 2021, while the Port of Savannah saw an 8% increase, the Port of Norfolk 5.1%, the Port of Houston 16%, and the Port of Charleston 12%. Such growth in cargo handling at these ports is a driving force behind the increased utilization of larger containers, thereby enhancing the demand for 40-foot container chassis. Additionally, the rise in e-commerce, fueled by greater internet access and a growing number of online consumers, is contributing to the heightened transportation of goods, further expanding the 40-foot container chassis market in North America.

Impact of the COVID-19 Pandemic on the 40-Foot Container Chassis Market

The COVID-19 pandemic had a profound impact on several European nations, including Germany, Italy, the UK, Russia, France, and Spain. In response to the outbreak of SARS-CoV-2, governments across Europe implemented stringent regulations to mitigate the virus's spread. Consequently, many countries experienced significant economic downturns and a reduction in industrial activities during the second quarter of 2020. The closure of borders and strict transportation measures severely hindered the growth of the 40-foot container chassis market in the region. However, as restrictions began to ease in the first quarter of 2021, manufacturers resumed operations, leading to a resurgence in chassis demand. For instance, in September 2021, the first Grunwald container chassis was successfully transported from Russia to Germany for intermodal routes, capable of carrying 40-45 foot containers weighing up to 34,000 kg. This revival of business activities marked a turning point for the 40-foot container chassis market following the lifting of lockdown measures in 2021.

The Asia Pacific market for 40-foot container chassis is divided into several key regions, including Australia, China, India, Japan, South Korea, and the broader Asia Pacific area. The ongoing industrialization in this region has led to the emergence of densely populated urban centers, which in turn has spurred demand for both consumer and industrial goods. This heightened demand has resulted in increased trading activities. According to the International Monetary Fund (IMF), merchandise trade between South Asia and East Asia grew by 10% annually from 1990 to 2018, with projections indicating a further 30% increase by 2030. Such growth in trade activities, whether between regions or within them, necessitates the use of containers and chassis for transporting goods, thereby enhancing the market share of 40-foot container chassis in the Asia Pacific region.

Moreover, the Indian government is making substantial investments in the development and expansion of port infrastructure. For example, in February 2023, the Indian Ministry of Ports, Shipping and Waterways announced plans to invest approximately US$ 15.23 billion to create world-class infrastructure at Indian ports under the Maritime India Vision (MIV) 2030 initiative. This vision includes the construction of the Vizhinjam port in Kerala and the Vadhavan port in Maharashtra, which will accommodate ultra-large container and cargo vessels, thereby increasing the demand for chassis systems for goods transportation. Such governmental initiatives aimed at enhancing maritime activities and port facilities are expected to significantly drive the growth of the 40-foot container chassis market in the Asia Pacific region. Key players in this market include Bull Chassis and Panus Assembly Thailand.

Prominent companies involved in the 40-foot container chassis market include Chassis King Inc, Fliegl Fahrzeugbau GmbH, Cheetah Chassis Corp, Triton International Ltd, Karl Kassbohrer Fahrzeugwerke GmbH, CIE Manufacturing, Schmitz Cargobull AG, Panda Mechanical Co Ltd, Panus Assembly Co Ltd, and Pro-Haul Manufacturing Inc. These companies, along with several others, were analyzed during the market research study to provide a comprehensive overview of the global 40-foot container chassis market.