New York, United States , Sept. 02, 2024 (GLOBE NEWSWIRE) -- The Global Air Freight Market Size is Expected to Grow from USD 74.12 Billion in 2023 to USD 194.04 Billion by 2033, at a CAGR of 10.10% during the forecast period 2023-2033.
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Air freight is the shipment of goods through an air carrier. Air transport services are the most valuable when it comes to moving fast shipments around the world. Air freight similar to commercial and passenger airlines, uses the same gateways. Air freight is known to be faster and more efficient than other modes of transportation, such as sea or land. The air freight sector is expanding due to rising worldwide trade, thriving e-commerce, and economic development. Technological advancements and infrastructure upgrades also improve efficiency. Air freight is crucial for rapidly moving high-value and time-sensitive items, and enhanced supply chain management further boosts demand. However, the air cargo market has concerns due to high transportation costs, environmental constraints, and restricted cargo capacity.
Browse key industry insights spread across 230pages with 115 Market data tables and figures & charts from the report on the "Global Air Freight Market Size, Share, and COVID-19 Impact Analysis, By Type (Domestic Air Freight, International Air Freight), By End-User (Airport-To-Airport Service, and Door-To-Door Service), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The international air freight segment is predicted to hold the largest market share through the forecast period.
Based on the type, the air freight market is classified into domestic air freight and international air freight. Among these, the international air freight segment is predicted to hold the largest market share through the forecast period. The airport-to-airport service sector dominates the market due to its low cost and high efficiency in long-distance freight transportation. This segment is chosen by large organizations and corporations that demand mass delivery of commodities.
The airport-to-airport service segment is anticipated to hold the highest market share during the projected timeframe.
Based on the end-user, the air freight market is divided into airport-to-airport service and door-to-door service. Among these, the airport-to-airport service segment is anticipated to hold the highest market share during the projected timeframe. Airport-to-airport services are encouraged for their cost-effectiveness and efficiency, as they require fewer logistical stages and benefit from specialized infrastructure at big airports.
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North America is estimated to hold the largest share of the air freight market over the forecast period.
North America is estimated to hold the largest share of the air freight market over the forecast period. North America is projected to dominate the air freight market due to its high economic activity, superior infrastructure, and rapid growth in e-commerce. The region benefits from well-developed logistics networks, technological innovations, and significant worldwide trade links, resulting in considerable demand for air cargo services.
Asia Pacific is predicted to have the highest CAGR growth in the air freight market over the forecast period. Asia Pacific is predicted to be the fastest-growing region in the air freight market due to rapid economic expansion, expanding e-commerce, and large infrastructural investments.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key Vendors in the Global Air Freight Market Agility Logistics, Bolloré Logistics, C.H. Robinson, CEVA Logistics, DB Schenker, DHL, Dimerco, DSV Panalpina, Expeditors International, FedEx Corporation, Geodis, Hellmann Worldwide Logistics, Kerry Logistics, Kuehne + Nagel, Nippon Express, Panalpina, Sinotrans, UPS, XPO Logistics, Yusen Logistics, and Others Key Vendors.
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Recent Developments
- In February 2024, Etihad Cargo announced a strategic cooperation deal with Worldwide Flight Services (WFS), a member of the SATS Group, to provide cargo handling services at 12 key international airports in Europe, Scandinavia, North America, India, and Asia Pacific.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the air freight market based on the below-mentioned segments:
Global Air Freight Market, By Type
- Domestic Air Freight
- International Air Freight
Global Air Freight Market, By End-User
- Airport-To-Airport Service
- Door-To-Door Service
Global Air Freight Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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