Jersey City, NJ, March 22, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Air Freight Market Size, Share & Trends Analysis Report By Service (Freight, Express, Mail, and Other Services), Destination (Domestic and International), and End-Use (Private and Commercial)- Market Outlook And Industry Analysis 2031"
The global Air Freight Market is estimated to reach over USD 483.28 billion by 2031, exhibiting a CAGR of 6.17% during the forecast period.
Air Freight solutions cater for the needs of air and freight transportation enterprises. These technologies are used to transfer industrial and passenger cargo securely and safely from one location to another. The item is tracked by Air Freight technologies, which also offer cheaper and more convenient alternatives for quicker and easier shipment. Population growth and outsourcing manufacturing operations contribute to a rise in demand for improved air freight management systems.
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Need for shipment safety and security is one of the key characteristics driving the development of Air Freight solutions. On-time delivery and cost-effectiveness are two of the main concerns for typical trading and shipping companies. Solutions for Air Freight make tools for dealing with these problems available. The market for freight management systems now has better growth possibilities as a result of this. A larger need for Air Freight systems has also resulted from the desire for quicker and more efficient transportation as well as an increase in the volume of air cargo.
Recent Development:
• In 2022, Turkish Cargo anounced that it has been investing in technology and infrastructure in order to offer privileged shipment solutions that are flexible, cost-effective, and convenient through the use of three new air cargo service models, namely TK SMART, TK PREMIUM, and TK URGENT.
• In 2022, as part of a range of priority options for its clients, Cathay Pacific Airways Limited developed specific booking tiers for cargo shipments. Due to shipping priority, which includes quicker shipping, increased capacity, and shipment assurance, customers will have more options and more clearly defined service options.
List of Prominent Players in the Air Freight Market:
- Bolloré Logistics
- DB SCHENKER (Deutsche Bahn Group (DB GROUP))
- Deutsche Post AG (DHL GROUP)
- DSV Panalpina
- Expeditors International of Washington, Inc.
- FedEx
- Hellmann Worldwide Logistics
- Kuehne+Nagel International AG
- Nippon Express
- United Parcel Service, Inc. (UPS)
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Air Freight Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 286.60 Bn |
| Revenue forecast in 2031 | USD 483.28 Bn |
| Growth rate CAGR | CAGR of 6.17% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Service, Destination And End-Use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
The primary component fueling the expansion of the global Air Freight market is the rise in e-commerce sales to support the air cargo business. The growth of e-commerce sales due to an increase in online buyers and sellers is one of the key drivers fueling the expansion of the global Air Freight business.
The growth of e-commerce is pushing the Air Freight market since online vendors need these services to deliver their goods to clients on schedule. For instance, even though e-commerce was growing even before the COVID-19 pandemic, the epidemic made consumers more dependent on online sales and doorstep deliveries.
Challenges:
The anticipated increase in jet fuel prices is a significant barrier to expanding the global Air Freight market. As fuel costs rise, which is one of the significant and significant operating costs for vendors in the global Air Freight market, businesses operating in that market are sensitive. Due to increased production by nations like Russia and Canada as well as the lifting of sanctions on Iran, the oversupply of crude oil was blamed for the price decrease.
Additionally, the US produced more oil thanks to the adoption of fracking technologies. This surplus, meanwhile, is anticipated to slow down soon. Additionally, it is predicted that the price of crude oil would rise during the projected period.
Regional Trends:
The North American air freight industry is predicted to soon account for a sizeable portion of global revenues and expand at a rapid CAGR. Regional users' broad usage of products and services for Air Freight makes this possible. High levels of technological adoption and the presence of significant solution providers will influence the North American Air Freight system market's future growth. Air freight management software is widely utilized in the US and Canada, two North American countries.
Besides, the European region had a substantial share in the market. This is a result of the local logistics industry handling an increase in cargo freight. Furthermore, it is projected that the sector's industry will expand due to the leading market participants' increasing investments in creating better Air Freight software. The expansion can also be attributed to the fact that this region is home to a large number of significant players.
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Segmentation of Air Freight Market-
By Service
- Freight
- Express
- Other Services
By Destination
- Domestic
- International
By End-Use
- Private
- Commercial
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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