At 10.2% CAGR, the Asia Pacific 40-Foot Container Chassis Market is projected to be worth US$ 828.01 Million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific 40-foot container chassis market was valued at US$ 508.94 million in 2023 and is expected to reach 828.01 US$ million by 2028, registering a CAGR of 10.2% from 2023 to 2028. Integration of modern technologies in chassis and increase in port expansion activities are the critical factors attributed to the Asia Pacific 40-foot container chassis market expansion.   

Import and export of goods via sea cost less than land; thus, a large extent of trade activities is carried out through shipping. According to the United Nations Conference on Trade and Development (UNCTAD), global maritime trade is estimated to grow annually by 2.1% during 2023–2027. Therefore, increasing trade activities via sea encourages port expansion and new port development operations in different countries. According to the International Maritime Organization (IMO), the shipping industry is expected to grow by 50–250% by 2050. A projected upsurge in shipping activities during the forecast period indicated the need for advanced and large ports to efficiently manage traffic at seaports. Thus, several governments are taking initiatives to expand ports in their countries. A few of the port development projects are mentioned below.

• Under the Sagarmala Programme, India, is engaged in expanding its ports capacity to handle goods from 1,500 million metric tons per annum (MMTPA) in 2019 to 2,500 MMTPA by 2025 to manage the traffic.

Thus, with the ongoing expansion of ports, the demand for containers for transportation to and from ports is expected to increase in the future, in turn, contributing to the demand for 40-foot container chassis.

On the contrary, low demand for new chassis due to long lifespan hurdles the growth of Asia Pacific 40-foot container chassis market.

Based on axle, the 40-foot container chassis market is categorized into 2-axle chassis, 3-axle chassis, and 4-axle chassis. The 2-axle segment held 40.0% market share in 2023, amassing US$ 203.50 million. It is projected to garner US$ 323.33 million by 2028 to expand at 9.7% CAGR during 2023–2028.

Based on type, the 40-foot container chassis market size is sub segmented into gooseneck type, flip-up rear bolster, straight frame type, and drop frame type. The gooseneck type chassis segment held 34.7% market share in 2023, amassing US$ 176.39 million. It is projected to garner US$ 279.67 million by 2028 to expand at 9.7% CAGR during 2023–2028.

Based on country, the Asia Pacific 40-foot container chassis market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 33.9% market share in 2023. It was assessed at US$ 172.38 million in 2023 and is likely to hit US$ 304.05 million by 2028, exhibiting a CAGR of 12.0% during the forecast period.

Key players dominating the Asia Pacific 40-foot container chassis market are Triton International Ltd; Schmitz Cargobull AG; Panda Mechanical Co Ltd; Panus Assembly Co Ltd; and Karl Kassbohrer Fahrzeugwerke GmbH, among others.

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