New York, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Air Cargo Market Size, Share, Growth, Trends and Global Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Air Mail and Air Freight), Service (Express and Regular), End User (Retail, Pharmaceutical & Healthcare, Food & Beverage, Consumer Electronics, Automotive, and Others), and Geography," the global air cargo market size is expected to grow from USD 123.90 billion in 2022 to USD 175.24 billion by 2028; it is estimated to grow at a CAGR of 5.9% from 2022 to 2028
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Global Air Cargo Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 123.90 Billion in 2022 |
| Market Size Value by | USD 175.24 Billion by 2028 |
| Growth rate | CAGR of 5.9% from 2022-2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 173 |
| No. of Tables | 88 |
| No. of Charts & Figures | 84 |
| Historical data available | Yes |
| Segments covered | Type, Service, and End User |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | ANA Cargo,Cargolux,Cathay Pacific Airways Limited,DHL International GmbH (Deutsche Post DHL Group),Emirates SkyCargo,Etihad Cargo,FedEx Corporation,United Parcel Service of America, Inc.,Zela Aviation The Air Charter Company,Lufthansa Cargo AG |
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
| Global Air Cargo Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPTE100001311/ |
Global Air Cargo Market: Competitive Landscape and Key Developments
ANA Cargo, Cargolux, Cathay Pacific Airways Limited, DHL International GmbH, Emirates SkyCargo, Etihad Cargo, FedEx Corporation, United Parcel Services of America Inc, Zela Aviation-The Air Charter Company and Lufthansa Cargo AG are among the key air cargo market players profiled in the report. Several other essential players were analyzed for a holistic view of the air cargo market and its ecosystem. The report provides detailed market insights, which can help major air cargo market players strategize their growth.
In December 2021: DHL Express continued to strengthen its global aviation network with the purchase of eight additional Boeing 777 Freighters.
In November 2022: IAG Cargo expanded its business in Asia Pacific capacity with a restart between London and Tokyo operations, which is operated daily on British Airways Boeing 787-8 and 787-9 wide-body aircraft. It also provides the movement of pharmaceuticals, electronics, automotive goods, and dried Japanese food.
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Key Findings of Study:
The global air cargo market size is derived on the basis of five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. APAC led the global air cargo market with a revenue share of ~31.4% in 2021. The dominance of the APAC air cargo market is attributed to the growth of e-commerce in countries such as China and India and the presence of technologically advanced industries in China and Japan. In addition, the increased adoption of Industry 4.0, along with rising advancements in manufacturing and machinery tools, is propelling the air cargo market growth. Furthermore, the willingness to invest in advanced components by the manufacturing industries is supporting the growth of the global air cargo market.
The COVID-19 outbreak has positively affected the overall growth rate of the air cargo operations in 2020, as a majority of airlines have converted their passenger aircraft into cargo aircraft owing to an increasing supply of vaccinations both internationally and domestically. Furthermore, as per IATA, the global air cargo market growth declined in 2019 due to the slowed growth of global trade, i.e., ~0.9%. The underperformance of the air cargo sector occurred due to reduced GDP growth in manufacturing-intensive economies. Further, according to IATA, the air cargo industry is recovering owing to businesses restocking at the start of the economic upturn. Also, in 2021, the passenger fleet had a slow return with limited growth of cargo capacity.
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In 2021, North America held the second position with a revenue share of ~25.80%, and Europe held the third position with a revenue share of ~23.64% in the global air cargo market. The demand for air cargo is mainly driven by the growth of air cargo operations across different regions to cater to the increasing demand for international logistics & transportation of goods & services.
The airline sector experienced a downfall during the COVID-19 pandemic due to travel restrictions imposed in many countries in the region; however, the demand for air cargo demand remained steady. Further, supply chain disruptions, weak business and consumer confidence due to increased uncertainties, and a rise in unemployment hampered the air cargo businesses. As per the Association of Asia Pacific Airlines (AAPA), the air cargo sector plays an active role in the transportation of essential medical equipment and supplies. Many countries in Asia Pacific encouraged several airlines to temporarily modify their passenger aircraft for air freight transport. For instance, Fiji Airways modified one ATR 72-600 into a freighter configuration for cargo operations in June 2020. While a standard passenger ATR72-600 can only carry 1.7 metric tons of cargo, its freighter-modified model can carry up to 8 metric tons, making it suitable for Pacific Island countries, given the demand and operating conditions of the region. Air Astana Cargo, a freight business founded in May 2020, announced that it would use three B767-300ERs withdrawn from the airline's fleet and retrofitted for cargo transport. Such initiatives by airlines are driving the air cargo market growth in Asia Pacific.
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Air Cargo Market: Industry Overview
Based on type, the air cargo market size is bifurcated into air mail and air freight. The air freight segment dominated the market in 2022 holding the largest share of air cargo market size. Air freight is the transportation of goods via 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. Small-and mid-sized companies are highly benefited from air freight as it allows them to participate in international trade in an expeditious and effective manner. Third-party logistics providers offer the most reliable and cost-effective air freight services for the corporate, individual parcel, or shipment deliveries.
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