Pune, India., April 28, 2021 (GLOBE NEWSWIRE) -- Air Cargo Market: Key Insights
According to our new research study on “Air Cargo Market to 2028 – Global Analysis and Forecast – by Type, Service, and End User,” the Air Cargo Market Size was valued at US$ 109.4 billion in 2019 and is projected to reach US$ 145.2 billion by 2027; it is expected to grow at a CAGR of 4.1% during the forecast period 2020–2027.
APAC led the air cargo market in 2019, followed by Europe. The market growth in APAC is highly influenced by the growth of e-commerce market and the presence of strong manufacturing sector in the region. The strong e-commerce sector in the region has resulted in increased cross-border e-commerce sales. Air cargo hubs are becoming gradually important for the e-commerce growth, as e-commerce giants, integrators, and carriers are strengthening their package sorting and automation competences, coupled with expanding networks to meet the growing demand.
Air Cargo Market: Competition Landscape and Key Developments
UPS Airlines, DHL Aviation, FedEx Corporation, Lufthansa, and Cathay Pacific Cargo are the five key players in the global air cargo market. The listing of key players is based on multiple parameters such as overall revenue, brand image, current air cargo solutions portfolio, technology integration and product enhancements, geographic reach, new product/feature launches, market initiatives, mergers and acquisitions, and other market-related activities. EmiratesKorean Air Cargo, Lufthansa, Singapore Airlines Cargo, China Airlines, British Airways, Cargolux, ANA CARGO, and Zela Aviation The Air Charter Company are among the other notable players operating in the market, which were studied and analyzed during this market study.
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In 2019, Fedex signed a deal with Bahrain airport to expand freight complex at the airport along with the operation as a Gulf Cooperation Council (GCC) logistics hub. The new US$58.5 million air cargo area established at Bahrain International Airport (BIA) looks ahead to strengthen their operations as the GCC logistics hub.
In 2019, DHL International announced its partnership with Austrian Post. Through this partnership, Austrian Post and Deutsche Post DHL Group aims to strengthen their e-commerce business in Austrian market related to last-mile parcel delivery in Czech Republic and Slovakia.
The air cargo industry changed considerably over the past a few decades. With increasing globalization, global markets and manufacturing have developed and shifted or relocated to developing economies globally owing to the availability of cheap labor. Further, innovative logistics and supply chain concepts established on low-fuel costs and labor costs emerged together with trends in just-in-time production and end-point manufacturing assembly destination. With the rapid development of connected technologies, comprising mobile devices, consumers’ lives have changed in many aspects, which includes their purchasing process. In the present scenario, consumers are opting for e-commerce channel for the trading of goods that has resulted increased cross-border sales. This shift is boosting the air cargo market, as the manufacturers or sellers aim to reach the customer as quickly and economically as possible.
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The e-commerce industry gathered pace in the early part of this decade with the growing advancements in the internet infrastructures and speed, and increasing penetration of smartphones and internet among the users. E-commerce sparked an upheaval in the consumers buying behavior and changed the ways in which businesses were used to interact with each other. As the global e-commerce market is heating up, various buying patterns and trends have been observed in different countries of the globe with regard to the product category preferred for online purchase. Most of the buying is influenced by the demographics of a country such as the percentage of youth population indulging in e-commerce activity, the economy of a country, age group interested in e-commerce, and the level of awareness in a country. Online shoppers most often purchase electronics, apparel, accessories, and perfumes. In the e-commerce business, air cargo service providers deliver flexibility and scalability, upgraded technology, and efficiency and specialization to ensure air cargo services are more productive.
Air Cargo Market: Segmental Overview
Based on type, the global air cargo market is bifurcated into air mail and air freight. The air freight segment held a larger share, in 2019 and it is expected to continue its dominance during the forecast period. Air freight is the shipment of goods through an air carrier, which can be commercial or charter. With the increasing demand for quick delivery, express shipping is trending in the air freight market. The express shipping done by air freight is valuable for coordinating time-sensitive shipments across the world.
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