40-Foot Container Chassis Market Size to Hit $1.93 Billion, Globally, by 2028 to Grow at 8.6% CAGR | Exclusive Report by The Insight Partners
The 40-foot container chassis market incremental growth to be recorded during (2023-2028) is USD 186.35 million. The global market growth is driven by strategic initiatives by chassis manufacturers, rise in trading operations across world and integration of modern technologies in chassis.
Pune,India, June 20, 2023 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “40-Foot Container Chassis Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and – by Axle (2-Axles, 3-Axles, and 4-Axles), Type (Gooseneck Type, Flip-Up Rear Bolster, Straight Frame Type, and Drop Frame Type), and Geography”, the global market is expected to grow from $1.27 billion in 2023 to $1.93 billion by 2028; it is estimated to register a CAGR of 8.6% from 2023 to 2028.
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40-Foot Container Chassis Market Report Scope, Segmentations, Regional & Country Scope:
|Market Size Value in||USD 1.27 Billion in 2023|
|Market Size Value by||USD 1.93 Billion by 2028|
|Growth rate||CAGR of 8.6% from 2023 to 2028|
|No. of Pages||142|
|No. of Tables||56|
|No. of Charts & Figures||72|
|Historical data available||Yes|
|Segments covered||Axle, and Type|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Companies Covered||Chassis King Inc, Cheetah Chassis Corp, Fliegl Fahrzeugbau GmbH, Triton International Ltd, CIMC Intermodal Equipment LLC, Schmitz Cargobull AG,Panda Mechanical Co Ltd, Panus Assembly Co Ltd,Pro-Haul Manufacturing Inc, Karl Kassbohrer Fahrzeugwerke GmbH|
Browse key market insights spread across 142 pages with 56 list of tables & 72 list of figures from the report, “40-Foot Container Chassis Market Forecast to 2028 – COVID-19 Impact and Global Analysis By by Axle (2-Axles, 3-Axles, and 4-Axles), Type (Gooseneck Type, Flip-Up Rear Bolster, Straight Frame Type, and Drop Frame Type), and Geography” in detail along with the table of contents: https://www.theinsightpartners.com/reports/40-foot-container-chassis-market
Global 40-Foot Container Chassis Market: Competitive Landscape and Key Developments
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. are among the key 40-foot container chassis market players profiled in the study.
In 2022: Panus Assembly Co Ltd, Thailand’s leading trailer manufacturer, successfully entered the US market with its first delivery of 150 semi-trailers.
In 2022: the launched 3-axle semi-trailer K.SKS B. is meant for reliability and robustness and can work under the hardest load and road conditions with the help of its ingeniously designed chassis.
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40-Foot Container Chassis Market: COVID-19 Overview
The onset of the COVID-19 outbreak severely affected the 40-foot container chassis market across the globe. The US was the most affected country in North America due to the COVID-19 pandemic. Owing to the strict regulations imposed by the US government in Q2 of 2020, human movement was restricted, which temporarily discontinued all manufacturing activities. Also, there was a temporary suspension of production activities in manufacturing and transportation industries, negatively affecting the 40-foot container chassis market growth during the pandemic. The significant drop in import activities in the US led to decreased demand for chassis, which is used to transport goods. For instance, according to US Census Bureau, the import volumes in the US fell by US$ 1.8 billion in May 2020, impacting the use of chassis. However, with the ease of lockdown restrictions, the manufacturing activities restarted, and the market and trading activities started to recover through 2021, which propelled the 40-foot container chassis market growth in 2021.
40-Foot Container Chassis Market: Type Overview
Based on type, the global 40-foot container chassis market is segmented into gooseneck, flip-up rear bolster, straight frame, and drop frame. The unique feature of the flip-up rear bolster container chassis trailer is a mechanism that helps ease unloading the container. This chassis comes with a different structure from other types of container trailers. Different equipment is added as modifications to the conventional chassis trailer models, which helps simplify the process of unloading cargo from the container.
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The increase in 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 increase 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.
• In May 2022, APM Terminals Mobile signed an agreement with the Alabama State Port Authority to add 32 acres to the existing 134-acre container terminal yard to cope with the future demand of the US market.
• Under the Sagarmala Programme, India is expanding its port 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, contributing to the requirement for 40-foot container chassis.
North America is estimated to be the second most dominant region in the global 40-foot container chassis market in 2023. The region’s market players are taking strategic initiatives to boost the 40-foot container chassis market. For instance, in June 2022, GIC, OMERS Infrastructure, and Wren House jointly acquired Direct Chassis Link Inc. (DCLI), a chassis leasing company in the US. This acquisition will strengthen the DCLI capabilities to reach more customers and leverage the constant support from the GIC, OMERS Infrastructure, and Wren House. Moreover, market players are building new chassis manufacturing units to cater to the rising chassis demand amid the chassis shortage issue in the US. For instance, in October 2020, California-based CIE Manufacturing (CIEM) opened its new chassis manufacturing plant in Virginia and rolled out its first container chassis. The aim of building this manufacturing plant was to manufacture chassis capable of transporting 40-foot and 40/45-foot intermodal containers. In addition, CIEM expanded its California manufacturing plant in 2020. In March 2022, TRAC Intermodal partnered with American Made Chassis (AMC) to manufacture and supply new marine 40-foot container chassis. Strategic partnerships among the market players to manufacture 40-foot container chassis lead to increased collaboration in design, manufacturing, and distribution capabilities of the market players, helping fuel the 40-foot container chassis market growth in North America.
Key Findings of 40-Foot Container Chassis Market Study:
Based on axle, the global 40-foot container chassis market is segmented into 2-axles, 3-axles, and 4-axles. The 2 axles segment dominated the global 40-foot container chassis market in 2022. The 2-axle chassis is also known as tandem axle chassis. The tandem axles’ extra tires allow the trailer to handle more weight compared to the single-axle chassis while remaining stable at high speeds. The high payload capacity it offers is usually enough for any general hauling purposes. Generally used for transporting ISO containers in ports, shipyards, routes, bridges, tunnels, and transfer stations, and supporting multimodal transport logistics systems. The skeleton trailer is mainly used for medium and long-distance transportation and is generally used to transport containers. The 40-foot 2-axle Container chassis are offered by various players, including Cheetah Chassis Corporation, Chassis King Inc, and Panda Mechanical Co Ltd.
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