Wilmington, Delaware, United States, April 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global air cargo market stood at US$ 281.4 million in 2022 and the global market is projected to reach US$ 386.9 billion by 2031. The global industry is anticipated to expand at a CAGR of 3.6% between 2023 and 2031.
The market value of air cargo is increasing due to the increasing demand for eCommerce. With the rapid growth of e-commerce, the demand for air cargo has increased significantly. Online shopping has become a global phenomenon, with customers expecting fast and reliable delivery of their purchases.
Air cargo is the fastest mode of transportation, and its ability to deliver goods quickly and efficiently is a key factor driving the growth of the air cargo market.
The growth of cross-border trade is a major factor that is also expected to accelerate the market growth in the near future. As global trade continues to expand, the need for fast and efficient transportation of goods across borders has become increasingly important.
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Air cargo is well-suited for this purpose, as it offers fast transit times and the ability to transport goods to virtually any destination in the world. Another factor driving the market prospects includes the advancements in technology. Advances in technology have also played a significant role in the growth of the air cargo market.
Newer and more efficient aircraft have been developed, allowing for faster and more reliable transportation of goods. In addition, advancements in logistics and tracking technologies have made it easier for shippers to monitor the movement of their goods and ensure timely delivery.
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 281.4 Bn | |
| Estimated Value | USD 386.9 Bn | |
| Growth Rate - CAGR | 3.6% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 260 Pages | |
| Market Segmentation | Services, Mode of Shipping, Carrier Type, End-user, Destination | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | FedEx, United Parcel Service Inc., The Emirates Group, Cathay Pacific Airways Limited, Cargolux Airlines International S.A., China Airlines Ltd., Japan Airlines Co., Ltd., Qatar Airways Company QCSC, Deutsche Lufthansa AG, All Nippon Airways Co., Ltd. (ANA), International Consolidated Airlines Group SA, Magma Aviation Limited, Deutsche Post DHL, Kuehne + Nagel International AG, United Airlines, American Airlines, Delta Air Lines, Inc., GOL Airlines, Azul Airlines, LATAM, Copa Airlines, AirBridgeCargo Airlines, Cargojet Inc. | |
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Key Findings of the Market Report
- On the basis of services, air freight is likely to be most preferred, expected to expand at a significant rate, attributed to the factors such as increasing number of air cargo routes and the development of effective tracking solutions across many parts of the world.
- Based on the mode of shipping, the express segment holds the highest market share, attributed to the increasing demand for faster and more efficient delivery of goods, particularly for e-commerce and time-sensitive shipments.
- By end-user, pharmaceuticals and healthcare sector is expected to dominate the market growth, due to the increasing demand for time-sensitive and temperature-controlled transportation of pharmaceuticals and healthcare products.
Global Air Cargo Market: Growth Drivers
- The global air cargo market is projected to expand at a steady pace from 2021 to 2031, due to the continual growth of the aerospace industry, particularly in emerging markets such as China and India.
- Another factor that is projected to augment the market growth includes the expansion of global supply chains across the globe.
- Additionally, the increasing demand for perishable goods is another major factor that is anticipated to fuel the market prospects in the near future.
Global Air Cargo Market: Regional Landscape
- Asia Pacific is expected to dominate the air cargo market during the forecast period.
- The regional market is witnessing an increase, due to the factors such as strong demand for exports and e-commerce, as well as the growth in air transportation in the region.
- As per an International Air Transport Association (IATA), in August 2022, Asia Pacific at 54.7%, remained the region with the highest cargo load factor globally, followed by Europe as the next best performer at 50.2%.
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Global Air Cargo Market: Key Players
Some of the key market players in the global Air Cargo market are:
- FedEx
- United Parcel Service Inc.
- The Emirates Group
- Cathay Pacific Airways Limited
- Cargolux Airlines International S.A.
- China Airlines Ltd.
- Japan Airlines Co., Ltd.
- Qatar Airways Company QCSC
- Deutsche Lufthansa AG
- All Nippon Airways Co., Ltd. (ANA)
- International Consolidated Airlines Group SA
- Magma Aviation Limited
- Deutsche Post DHL
Competitive Landscape
Prominent players in the Air Cargo industry are taking advantage of the rapidly increasing demand for Air Cargo. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In September 2021, UPS announced plans to acquire Roadie, a technology platform that connects shippers with local same-day delivery drivers. This acquisition is expected to expand UPS's reach in the last-mile delivery market.
- In June 2021, Qatar Airways Cargo launched a new service called "Pharma Express", which offers temperature-controlled transportation for pharmaceuticals and healthcare products. This service is designed to meet the increasing demand for reliable transportation of vaccines and other medical supplies.
- In April 2021, FedEx Express announced plans to purchase 30 electric aircraft from Vertical Aerospace, a UK-based aviation company. This investment is part of FedEx's goal to achieve carbon-neutral operations by 2040.
Global Air Cargo Market: Segmentation
Services
- Air Freight
- Air Freight Forwarding
- Air Mail
- Others
Mode of Shipping
- Express
- Standard
- Economy
Carrier Type
- Belly Cargo
- Freighter
End-user
- Consumer Electronics
- Retail
- Third-party Logistics
- Food and Beverages
- Pharmaceuticals and Healthcare
- Military
- Others
Destination
- Domestic
- International
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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