New York, US, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Air Cargo Market
According To Latest Research Report On Air Cargo Market Research Report: Information by Type, Service, Destination, End User and Region - Forecast till 2030, the Market Size is expected to reach USD 130.19 Billion by 2030, registering a CAGR of 4.9 % during 2020-2030.
Market Scope:
The air freight industry has seen significant technological change in recent years, shifting from the usage of conventional mainframe systems to the adoption of highly flexible and cutting-edge interfaces for a wide variety of business procedures. In addition, the growing adoption of AI, robots, cool-chain technology, automated systems, deep learning, Big Data, augmented and virtual reality, and the Internet of Things (IoT) in a wide range of applications contributes to the expansion of the global air cargo market.
| Report Attribute | Details |
| 2030 Market Size | 2030: USD 130.19 Billion |
| CAGR | 4.9 % CAGR (2020-2030) |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Service, Destination, End User and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Air cargo business has been witnessing notable transformation with respect to technology |
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Competitive Dynamics:
The major key players in the air cargo market in the global market use a variety of strategies to maintain their market position, including mergers and acquisitions, collaboration, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a new production process, and many others to expand their customer base in the untapped market of the Air cargo across the globe. The following are some of the world's most important companies in the air freight industry:
- Qatar Airways (Qatar)
- Etihad Airways (UAE)
- International Consolidated Airlines Group, SA (UK)
- All Nippon Airways Co., Ltd (Japan)
- Deutsche Lufthansa AG (Germany)
- Japan Airlines (Japan)
- The Emirates Group (UAE)
- Singapore Airlines (Singapore)
- Cargolux (Luxembourg)
- Korean Air (South Korea)
- China Eastern Airlines Corporation Limited (China)
- Cathay Pacific Airways Limited (Hong Kong)
- DHL International GmbH (Germany)
- United Parcel Service of America, Inc. (US)
- FedEx (US)
Market USP:
Market Drivers
In order to keep up with the expanding business needs of its customers, air cargo service companies are making significant technological advances in this area. The expansion of the online retail industry is bolstering these developments and providing future expansion opportunities for the market. During the current outlook period, the expansion of the Air Cargo Market will benefit from the rising volume of international trade.
Rapidly increasing demand for consolidated airfreight service and the time and cost savings that come with it will create significant growth prospects for the air cargo industry. However, the high price of air freight solutions may be a significant barrier for the global business in the years to come. But the increasing shipping of expensive goods like jewelry, electronics, perishables, and pharmaceuticals may boost the industry's development rate in the coming years. In addition, the advent of temperature-controlled packing processes and the expansion of airline capabilities to handle chilled and frozen items with freighter and chilled storage capacity bode well for the future of the global market.
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Market Restraints
Crude oil is used for freight flights in the air. During the projected period ending in 2025, the increase in the price of crude oil is expected to impede global market operations. According to the forecasts provided by market analysts, the high price of shipping goods via air cargo could also be a hindrance to the worldwide expansion of the business. Due to its high cost, prudent utilization of crude oil necessitates substantial investment and infrastructure. Experts and executives in the business estimate that these factors will lower the market's expected value.
COVID-19 Analysis:
As part of the restrictions aimed at lowering the pandemic's positive rate, the pandemic has halted international imports and exports, which has affected the functioning of the air cargo sector. As a result of the epidemic, companies had a difficult time responding to the influx of new customers. In order to help global air cargo operations recover from losses and add to the substantial profit margins by the end of the projected period in 2025, the government is expanding its investment.
Market Segmentation: Based on the Type
In 2018, the air freight segment held the biggest market share.
Based on the Service
In 2018, express services accounted for the majority of the global market. It is anticipated that it would maintain its market dominance in the present time period.
Based on the Destination
In 2018, domestic sales accounted for the lion's share of the worldwide market.
Based on the End-Users
Since the pharmaceutical and healthcare industry controls such a big portion of the economy, it has been the market leader throughout 2018.
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Regional Analysis:
Due to the rapid expansion of the e-commerce sector in countries like India, Australia, and China, the Asia-Pacific region currently accounts for the greatest proportion of the global market. The rapid expansion of the region's economy and renewed emphasis on retail enactment have led to a dramatic surge in the demand for air freight in Asia and the Pacific. Considering the availability of a more cost-effective labor force, Asian countries are favored by international companies for the expansion of industrial operations. As a result, as the e-commerce industry has grown, distinct patterns of consumer behavior across the Asia-Pacific region have emerged. The increasing need for parcel delivery services across the Asia Pacific region is expected to fuel the air cargo market expansion in the future years.
Various industry main firms are headquartered in North America, which is why the region has the second-largest market share worldwide. A rise in disposable income per person is also a factor that fuels consumer demand.
The European market is expected to account for 3 percent of worldwide sales by 2025. This is due, in large part, to the region's excellent technical infrastructure, which is the primary factor propelling consumer demand.
Neither Latin America nor the Middle East and Africa can boast a sizable part of the market. Both of these areas suffer from a lack of necessary infrastructure. Another factor that slows Air Cargo expansion in these areas is the low per capita disposable income.
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