Dublin, Dec. 01, 2023 (GLOBE NEWSWIRE) -- The "Global Air Cargo Market: Analysis By Type (Air Mail and Air Freight), By Services (Express and Regular), By End User, By Destination (Domestic and International), By Region Size and Trends and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
This report offers in-depth insights into the air cargo industry, covering market trends, growth drivers, challenges, and competitive landscape, with forecasts extending up to 2028.
The air cargo market encompasses the movement of freight, including raw materials, finished goods, valuables, perishables, electronics, pharmaceuticals, and more, through specialized cargo aircraft or the belly space of passenger planes. In 2022, the global air cargo market was valued at US$181.54 billion and is projected to reach US$255.63 billion by 2028.
Air cargo plays a vital role in addressing the urgent and time-sensitive transportation requirements of various industries, including manufacturing, retail, healthcare, and e-commerce. It offers speed and reliability, enabling businesses to transport goods over long distances in a short timeframe.
Factors Driving Growth:
- Just-in-Time Manufacturing: Manufacturers increasingly rely on just-in-time manufacturing, driving the need for timely cargo transportation.
- E-commerce: The growth of e-commerce has led to increased demand for fast and reliable delivery services, benefiting the air cargo industry.
- Temperature-Sensitive Shipments: Pharmaceuticals and other industries require air cargo for transporting temperature-sensitive products.
- Collaboration: Operators are focusing on collaboration and aircraft lease strategies to serve customers more effectively.
- Advancements in Tracking: Enhanced tracking and visibility provided by air cargo services contribute to market growth.
Market Segmentation Analysis: The report provides a detailed analysis of the air cargo market based on several key segments:
- Type: Air Mail and Air Freight
- Services: Express and Regular
- Destination: Domestic and International
- End User: Pharmaceuticals & Healthcare, Food & Beverage, Consumer Electronics, Retail, Automotive, and Others
Asia Pacific Dominates: Asia Pacific is the largest and fastest-growing region in the global air cargo market. Rapid economic growth, increased consumer demand, and expanding e-commerce activities are driving this growth. Within Asia Pacific, countries like China, Japan, India, South Korea, and others contribute to the region's prominence.
Fast-Growing Domestic Air Cargo Market: The domestic air cargo segment is experiencing rapid growth, fueled by e-commerce companies' demand for fast and reliable domestic shipping services. Investments in tracking and logistics technology are also contributing to this growth.
Pharmaceuticals & Healthcare Lead End Users: The pharmaceuticals and healthcare sector is the largest and fastest-growing end user of air cargo services. This growth is driven by the transportation of pharmaceutical products, the need for cold-chain handling, and strict temperature and time-sensitive requirements.
Impact of COVID-19: While the COVID-19 pandemic had a significant impact on the aviation industry, the air cargo segment experienced higher-than-anticipated demand. The pandemic led to increased demand for freight services, particularly for medical and pharmaceutical products. This positive impact on the air cargo market was driven by the need for large-scale transportation of critical supplies, such as PPE kits, vaccines, and medical equipment.
Competitive Landscape: The global air cargo market is characterized by a high degree of fragmentation, with numerous airlines and cargo operators offering services worldwide. Key players in the market include Cathay Pacific Airways Limited, Deutsche Post DHL Group, The Lufthansa Group, FedEx Corporation, Korean Air Lines Co., Ltd., United Parcel Service of America, Inc. (UPS), The ANA Group (ANA Holdings Inc.), The Emirates Group, Qatar Airways Group Q.C.S.C., Turkish Airlines Inc., United Airlines, Inc., Singapore Airlines Limited, Atlas Air Worldwide Holdings, Inc., Cargolux Airlines International S.A., and China Airlines.
These market players are actively investing in both organic and inorganic development strategies, including technology adoption, partnerships, collaborations, and expanding their product portfolios to gain a larger market share.
In conclusion, the global air cargo market continues to grow, driven by various factors such as e-commerce, just-in-time manufacturing, and the need for reliable transportation services. The market's resilience during the COVID-19 pandemic underscores its importance in facilitating critical supply chain operations.
For more information about this report visit https://www.researchandmarkets.com/r/eti3y9
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