Dublin, June 22, 2023 (GLOBE NEWSWIRE) -- The "Freight Chartered Air Transport Global Market Opportunities And Strategies To 2032" report has been added to ResearchAndMarkets.com's offering.
The market is then expected to grow at a CAGR of 12.5% from 2027 and reach $75,525.7 million in 2032.
The global freight chartered air transport market reached a value of nearly $24,213.0 million in 2022, having grown at a compound annual growth rate (CAGR) of 12.6% since 2017. The market is expected to grow from $24,213.0 million in 2022 to $41,917.2 million in 2027 at a rate of 11.6%.
Growth in the historic period resulted from strong economic growth in emerging markets, growth of air cargo transportation and ocean shipping delays. Factors that negatively affected growth in the historic period were high prices for cargo flight services.
Going forward, government support, rising urbanization and benefits of freight chartered air transport over other modes of freight transportation will drive the growth. Factors that could hinder the growth of the freight chartered air transport market in the future include fluctuating fuel prices.
The freight chartered air transport market is segmented by cargo type into heavy and outsize cargo, dangerous cargo, animal transportation and other cargo types. The other cargo types market was the largest segment of the freight chartered air transport market segmented by cargo type, accounting for 55.0% of the total in 2022. Going forward, the other cargo types segment is expected to be the fastest growing segment in the freight chartered air transport market segmented by cargo type, at a CAGR of 12.1% during 2022-2027.
The freight chartered air transport market is segmented by application into private use and commercial use. The commercial use market was the largest segment of the freight chartered air transport market segmented by application, accounting for 79.4% of the total in 2022. Going forward, the private use segment is expected to be the fastest growing segment in the freight chartered air transport market segmented by application, at a CAGR of 12.6% during 2022-2027.
The freight chartered air transport market is segmented by end use into individuals, sports teams and large corporations. The large corporations market was the largest segment of the freight chartered air transport market segmented by end use, accounting for 53.7% of the total in 2022. Going forward, the sports teams segment is expected to be the fastest growing segment in the freight chartered air transport market segmented by end use, at a CAGR of 12.5% during 2022-2027.
North America was the largest region in the freight chartered air transport market, accounting for 42.8% of the total in 2022. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the freight chartered air transport market will be North America and Western Europe where growth will be at CAGRs of 13.1% and 11.3% respectively. These will be followed by Asia Pacific and Eastern Europe where the markets are expected to grow at CAGRs of 10.7% and 9.7% respectively.
The freight chartered air transport market is fragmented, with a large number of small players. The top ten competitors in the market made up to 5.60% of the total market in 2021. Atlas Air Worldwide Holdings was the largest competitor with 3.42% share of the market, followed by Cathay Pacific Airways Ltd. with 1.09%, Air Transport Services Group Inc. with 0.28%, Air Charter Service with 0.24%, Garuda Indonesia with 0.15%, ACC Aviation Ltd with 0.12%, Jet edge International with 0.11%, Air Partner with 0.09%, Thai Airways International Public Co., Ltd. with 0.08%, and Cargo Air Chartering with 0.02%.
Market-trend-based strategies for the freight chartered air transport market include focus on business expansion, partnerships and collaborations, mergers and acquisitions and launch of new cargo centers.
Player-adopted strategies in the freight chartered air transport market include strengthening business operations through securing various new contracts.
To take advantage of the opportunities, the publisher recommends the freight chartered air transport companies to focus on eVTOL (electric vertical take-off and landing) aircraft in cargo applications, focus on developing new cargo centers, continue to focus on developed markets, expand in high altitude/rough terrains, focus on mergers and acquisitions, focus on partnerships and collaborations, provide competitively priced offerings, focus on dynamic pricing, participate in trade shows and events, continue to use B2B promotions and continue to target fast-growing end-users.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 284 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $24213 Million |
| Forecasted Market Value (USD) by 2031 | $75525.7 Million |
| Compound Annual Growth Rate | 12.0% |
| Regions Covered | Global |
Opportunity Analysis
- The top opportunities in the freight chartered air transport market segmented by cargo type will arise in the other cargo types segment, which will gain $10,301.7 million of global annual sales by 2027
- The top opportunities in the freight chartered air transport market segmented by application will arise in the commercial use segment, which will gain $13,684.5 million of global annual sales by 2027.
- The top opportunities in the freight chartered air transport market segmented by end use will arise in the large corporations segment, which will gain $9,852.8 million of global annual sales by 2027.
- The freight chartered air transport market size will gain the most in the USA at $7,854.6 million.
A selection of companies mentioned in this report includes
- Atlas Air Worldwide Holdings
- Cathay Pacific Airways Ltd
- Air Transport Services Group Inc.
- Air Charter Service
- Garuda Indonesia
Key Topics Covered:
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
6. Introduction And Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Freight Chartered Air Transport Market Definition And Segmentations
6.4. Market Segmentation By Cargo Type
6.4.1. Heavy And Outsize Cargo
6.4.2. Dangerous Cargo
6.4.3. Animal Transportation
6.4.4. Other Cargo Types
6.5. Market Segmentation By Application
6.5.1. Private Use
6.5.2. Commercial Use
6.6. Market Segmentation By End Use
6.6.1. Individuals
6.6.2. Sports Teams
6.6.3. Large Corporations
7. Major Market Trends
7.1. Focus On Company Expansion
7.2. Partnerships And Collaborations
7.3. Mergers And Acquisitions
7.4. eVTOL Aircraft In Cargo Applications
7.5. Focus On Launch Of New Cargo Centers
8. Global Market Size and Growth
8.1. Market Size
8.2. Historic Market Growth, 2017 - 2022, Value ($ Million)
8.2.1. Market Drivers 2017 - 2022
8.2.2. Market Restraints 2017 - 2022
8.3. Forecast Market Growth, 2022 - 2027, 2032F Value ($ Million)
8.3.1. Market Drivers 2022 - 2027
8.3.2. Market Restraints 2022 - 2027
9. Global Freight Chartered Air Transport Market Segmentation
9.1. Global Freight Chartered Air Transport Market, Segmentation By Cargo Type, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
9.2. Global Freight Chartered Air Transport Market, Segmentation By Application, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
9.3. Global Freight Chartered Air Transport Market, Segmentation By End Use, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
10. Freight Chartered Air Transport Market, Regional and Country Analysis
10.1. Global Freight Chartered Air Transport Market, By Region, Historic and Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
10.2. Global Freight Chartered Air Transport Market, By Country, Historic and Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
For more information about this report visit https://www.researchandmarkets.com/r/jet7bc
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