The storage container industry is booming with activity and change in 2024. Driven by evolving market demands, technological advancements, and shifting business models, the industry is adapting to meet new challenges and opportunities. Here’s an in-depth look at the current state of the storage container industry.
Storage Container Trends – Growth and Expansion
The demand for storage containers continues to rise, fueled by various factors such as increased global trade, expanding e-commerce, and the need for versatile storage solutions. This growth is leading to new investments and innovations within the industry, ensuring that businesses can keep up with the increasing requirements for secure, efficient storage. For instance, major US ports have reported an average 18% increase in inbound TEUs, indicating a significant rise in container traffic and demand. (xChange)
Year after year, the storage container industry continues to grow.
One clear indicator of this growth is the increased interest from potential buyers. Data from 360Connect showed a 31.68% increase in users searching for storage containers compared to the same period the previous year. This surge suggests a robust demand and a promising outlook for suppliers in the industry.
Related: How to Sell Shipping Containers
Storage Container Trends & Insights
Several key trends & insights are shaping the industry in 2024:
- Increased Demand for Refrigerated Containers (Reefers): With the rise of perishable goods transportation, the need for refrigerated storage containers is growing rapidly.
- As the effects of the COVID-19 pandemic subside, the Refrigerated Storage industry is expected to experience growth over the next five years. (IBISWorld)
- Sustainable Practices: Environmental concerns are pushing companies to adopt more sustainable practices, such as using eco-friendly materials and energy-efficient transportation methods.
- Customized Solutions: Businesses are seeking more customized and flexible storage solutions to meet specific needs, driving innovation in container design and functionality.
- By 2030, the global shipping container modification market is expected to reach 147.6 billion USD, up from 85.3 billion in 2022.
- Consumer Spending: Consumer spending in the US increased by only 2% in the first quarter of 2024, below the advance estimate of 2.5% and the lowest increase in three quarters. (xchange)
- Mobile Storage Services Market Size (2024-2029): The US market for mobile storage services experienced growth due to an initial collapse in oil prices. However, this was later challenged by high inflation and extraordinarily high oil prices. (IBISWorld)
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Join Our Supplier NetworkStorage Container Trends & Insights from the NPSA Tradeshow
Our team recently had the pleasure of attending the 2024 NPSA tradeshow in Washington, DC. There, we learned valuable information and are excited to share some insights and trends! So, if you’re a storage container supplier, you’ll want to be sure to keep reading to know what’s happening in the container market and how it’s evolving. Let’s dive into the 6 key trends happening in the storage container industry.
1. More Wholesalers Are Selling Directly to End Users
A key storage container trend we noticed at the tradeshow is the shift in sales channels. More wholesalers are now selling DIRECTLY to the end users. Essentially wholesalers are starting to sell storage containers directly to buyers instead of going through a middleman first.
So, why does this matter? As a storage container supplier, this may raise some flags. But, regardless if you’re gaining new competitors our advice is to continue differentiating your service to ensure you offer better customer service, custom containers, or additional services. Industries expand and innovate, so it’s important to keep this in mind and plan accordingly.
What Suppliers Can Do:
- Enhance Customer Service: Provide personalized services and responsive support to build customer loyalty.
- Focus on Niche Markets: Identify and serve niche markets with specific needs that wholesalers might not cover.
- Value-Added Services: Offer additional services or custom solutions.
- Competitive Pricing: Review and adjust pricing strategies to remain competitive.
- Strengthen Relationships: Build strong, lasting relationships with customers through loyalty programs and excellent service.
2. Transportation Companies Are Joining the Game
Wholesalers aren’t the only ones you have to watch out for. An interesting development is the entry of more transportation companies into the container dealership arena. These companies are not just delivering containers but are also starting to sell them.
Why it Matters: With transportation companies selling storage containers, traditional suppliers face more competition.
What Suppliers Can Do:
- Differentiate Services
- Form Strategic Partnerships
- Innovate Delivery Solutions
3. Industry Growth with a Twist: Dealer Buyouts
The industry is still experiencing robust growth—but there’s a twist. Many small and medium-sized dealers are being bought out by larger companies, leading to a more controlled market. This storage container trend can create a more competitive environment where larger companies have more resources and market power.
As independent dealers decline and dominant players increase, suppliers might need to adjust their strategies to remain competitive.
Supplier Advice:
- Small Dealer: Identify and serve niche markets that larger companies might overlook. Specialize in unique products or services that meet specific needs.
- Large Dealer: Use your larger scale to streamline operations, reduce costs, and offer competitive pricing.
4. Rise of Reefer Dealers
Reefer containers, or refrigerated containers, are becoming more prevalent in the market. More dealers are expanding their offerings to include these specialized units.
For suppliers, this means there’s an increasing demand for refrigerated storage solutions, presenting a potential niche market to explore.
5. Evolution of Container Delivery & Transportation
The tools and equipment used for container delivery and transportation are evolving rapidly. Innovations in this area are making the process more efficient and cost-effective. Suppliers should stay updated on these advancements to improve their service offerings and maintain a competitive edge.
6. AI: The Future of Efficiency
AI technology is making significant advances in the storage container industry. At the tradeshow, we saw various AI-driven solutions aimed at improving operational efficiency. From inventory management to predictive maintenance, AI is the storage container trend expected to revolutionize the way we do business. Suppliers who embrace AI tools and technologies will likely see enhanced efficiency and productivity.
What Suppliers Can Do to Implement this Storage Container Trend:
- Invest in AI Tools
- Train Employees on AI Sales Tools
- Invest in AI Chatbots
Final Thoughts on Storage Container Trends
The storage container industry is dynamic and full of potential in 2024. Staying informed about industry trends and being adaptable to change will be key to thriving in this competitive landscape. Keep an eye on AI advancements, and consider how they can streamline your operations and boost your bottom line. Here’s to a successful year ahead!
For more industry insights and updates, keep following our blog. Let’s stay connected and grow together on this exciting journey!
View Our Previous State of the Storage Container Industry Report
Grow Your Storage Container Business with 360Connect
Stay ahead in the evolving storage container industry by partnering with 360Connect. As the #1 lead generation marketing company for storage container suppliers in the U.S., we connect you with high-quality leads that can drive growth and success. Contact us today to discover how we can help you expand your customer base and achieve your business goals.