Global Air Freight Market will be worth ~$210 Billion by 2027

According to Mobility Foresights, the global air freight market size is $197 Billion in 2022 growing at a CAGR of 1.3% over the forecast period 2022 to 2027.

| Source: Mobility Foresights Mobility Foresights

Bangalore, July 26, 2022 (GLOBE NEWSWIRE) -- Report summary

In 2021, available cargo tons - kilometers (ACTKs) fell by ~11% compared to 2019. Capacity did not come back slowly during the year due to improvements in international passenger traffic.The tight air cargo market in 2021 has been affected by high air cargo rates.

Despite starting the year at elevated levels, the cargo rate moved upwards in H2- 2021, reaching new records in December, at almost 150% above December 2019 levels, contributing to the significant increase in air cargo revenues for airlines active in the sector.

In 2021, rates were compounded by supply chain issues, which made air cargo relatively attractive compared to maritime shipping.

There was a marked reduction in container shipping schedule reliability in 2021, and the relative cost of container shipping rose, though air remains overall more expensive for businesses.

Supply chain issue in container shipping is expected to stabilize by 2022-23, which will soften the air freight demand and rates.

Global air freight market is dominated by large scale operators like - DHL, FedEx, UPS, DB Schenker, Kuehne + Nagel and DSV Panalpina occupied 71% of the market in 2021.

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Key Takeaways:

  • In terms of Value, the US is the current leader in the global air freight market due to strong demand for manufacturing exports and increased penetration of advanced technologies in the value chain.
  • European carriers have been significantly affected by supply chain, airport congestion and localized capacity constraints
  • Middle Eastern carriers Reported an increase in international demand of 10.6% in 2021 compared to 2019 and a fall in international capacity of 10.1%
  • China was the major contributor for Asia Pacific region driven by the pharma segment

Freight rate trends

  • In Dec 2021, The Global Average Air Freight rates were ~+180%  ($8.65/Kg) compared to Dec 2019 ($3.1/Kg). In the forecast period the global average air freight rate is expected to come down by 20% by 2027 ($5.8/Kg) compared to 2021 ($7.3/Kg)
  • In 2021, North America had 27% market share in the Global Air Freight Market in terms of volume. The average air freight North America ($10.75/Kg) was 46% higher than Global average air freight rates ($7.32/Kg).
  • The outbreak of new variant Omicron has resulted in increase of air freight rates which were at the peak in the end of 2021 and are now consolidating from the beginning of 2022

Market Segmentation

By Geography

  • North America
  • Asia-Pacific
  • Europe
  • Middle East and Africa
  • ROW( Rest of the World)

By Service

  • Forwarding
  • Express
  • Mail
  • Others

By Destination

  • Domestic
  • International

By End-use

  • E-commerce
  • Express
  • Mail
  • Others

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COMPANIES PROFILED

    • China Airlines Cargo 
    • FedEx Logistics 
    • Kuehne + Nagel 
    • DB Schenker 
    • DSV Panalpina 
    • Expeditors International 
    • UPS Airlines 
    • Cathay Pacific Cargo 
    • DHL Aviation 
    • Korean Air Caro 
    • Cargolux 
    • Lufthansa Cargo 
    • Singapore Airlines Cargo 
    • Emirates Sky Cargo 
    • Japan Airlines Co. Ltd. 
    • All Nippon Airways Co. Ltd. (ANA) 
    • CEVA Logistics 
    • International Consolidated Airlines Group SA


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