USD 131.09 Billion
Report ID:
SQMIG20R2033 |
Region:
Global |
Published Date: December, 2024
Pages:
202
|Tables:
68
|Figures:
74
Global Air Cargo Market size was valued at USD 131.09 Billion in 2022 and is poised to grow from USD 138.69 Billion in 2023 to USD 217.74 Billion by 2031, at a CAGR of 5.80% during the forecast period (2024-2031).
The air cargo market is the backbone of global commerce, facilitating the movement of goods and connecting companies worldwide. Air freight has grown exponentially in recent years due to the growing global economy, evolving consumer preferences and technological advances, cross-border trade is the main driver for market growth, which is expected to accelerate in the coming years. The demand for fast and efficient international shipping is strong as global trade grows.
New features were introduced to the digital air cargo market in April 2023, allowing import control companies to quickly write shipping orders to agents in other countries. Air freight is a technique of transporting goods through specialized cargo plane, considering the efficient and rapid delivery of goods round the world. The speedy increase of e-trade has turn out to be a major driving force inside the market. According to a document launched through the International Air Transport Association (IATA) in March 2021, worldwide e-trade retail income rose 27.6% year-on-year to $4.280 billion due to the tremendous growth of online shopping.
US Air Cargo Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 131.09 Billion
Largest Segment
general cargo
Fastest Growth
general cargo
Growth Rate
5.80% CAGR
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Global Air Cargo Market is segmented by Type, Service, Destination, End User and region. Based on Type, the market is segmented into Air Freight, Air Mail. Based on Service, the market is segmented into Express, Regular. Based on Destination, the market is segmented into Domestic, International. Based on end user, the market is segmented into Retail, Food & Beverages, Pharmaceutical & Healthcare, Consumer Electronics, Automotive, others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Air Cargo Market Analysis by Service Type
Forwarding segment dominated the market due to the broad range of services shipper's ship lined the transportation process. This makes it an attractive option for businesses. The skills of the carriers in handling freight operations enable them to design better routes, consolidate freight and negotiate fair prices with the carriers, and that can lead to cost savings for their customers. Freight forwarders act as intermediaries between shippers and carriers, and offer a range of services including the transportation, warehousing, customs clearance and documentation.
Additionally, the growth of e-commerce and global trade has increased the demand for efficient logistics solutions that can handle rapid movement of goods across the regions. The air cargo industry is expected to register the fastest CAGR from 2024 to 2031, driven by the growing demand for direct and express travel services.
The airlines segment is expected to witness the fastest CAGR from 2024 to 2031, driven by the increasing demand for direct and expedited transportation services. The airlines segment offers unmatched speed and capacity for transportation products, making it an important part of the global supply chain. This development has contributed significantly, as the consumers expect faster delivery times for their online purchases. Airlines with extensive flight schedules and frequent schedules are best suited to meet these expectations by providing the fast and reliable travel. Technological advances in flight design and facilities logistics have increased the capacity and efficiency of air cargo handling services.
Analysis by Destination
The domestic accounted for the most important revenue percentage in 2023. Huge demand for fast and reliable transport services, mainly throughout countrywide borders, drives the growth of this phase. Manufacturers and purchasers have excessive expectancies for same-day or next-day shipping, particularly at some point of the high expenses-sensitive gadgets which includes the electronics and capsules. In developed economies, strong infrastructure including extensive airport networks and advanced logistics continues to support the efficiency of domestic air freight transportation. Besides, the growing trend of e-commerce has increased the need for fast and reliable exports across countries. E-commerce giants and retailers increasingly rely on air travel to meet their customers’ high expectations for fast delivery. Increased urbanization and urbanization of economic activities have contributed to the segment’s dominance. Cities are often manufacturing, warehousing, and distribution centers, making air travel a critical part of the supply chain’s timely delivery.
The international destinations segment is expected to grow at the fastest CAGR between 2024 and 2031, provided by several important trends and driven by globalization and rising markets. The development of cross-border e-commerce has also played an important role in the expansion of this sector. Consumers across the globe are increasingly purchasing from international retailers, increasing the demand for air cargo. The demand for international air cargo has increased significantly. Companies are expanding across borders, requiring efficient and reliable logistics solutions to support the global supply chain.
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North America is the dominating region in the global air cargo market, each playing a different role in the growth of the industry. North America, especially the U.S., is the largest and mature market. It is a hub for both domestic and international air freight, driven by strong e-commerce demand and complex logistics policies for Air majors such as FedEx, UPS and DHL have a large operation. North America benefiting from a well-established supply chain, in terms of a combination of logistics and advanced technologies.
On the other hand, Asia Pacific is growing rapidly and emerging as the fastest growing region in the air cargo market. China, Japan, South Korea, and Southeast Asian countries are mainly contributing to the market. The region’s role its position as a global manufacturing powerhouse, with significant exports, especially electronics, auto parts, clothing and perishables. The rise of e-commerce giants such as Alibaba and the increasing preference for fast delivery options are further accelerating demand for air freight services. Additionally, major airports like Hong Kong International Airport, Incheon International Airport, and Shanghai Pudong International Airport serve as key air cargo hubs, facilitating massive cargo traffic between Asia Pacific.
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Air Cargo Market Drivers
Growing E-commerce Industry
Increasing Global Trade and Industrialization
Air Cargo Market Restraints
Increased Operating Costs
Strict Regulatory Environmental Policy
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The air cargo market is characterized by fierce competition, with many global and regional players competing for market share. Factors such as service quality, speed of delivery, global network reach, capacity, and innovative solutions that increase operational efficiency determine the competitive landscape. Major players such as FedEx Express, DHL Aviation and UPS Airlines are dominating the global air cargo market, leveraging their extensive networks, advanced logistics capabilities and fleet capabilities.
Air Cargo Market Top Player’s Company Profile
Air Cargo Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the air cargo market is driven by the rise of e-commerce and the global supply chain, the air cargo market ranks at the forefront of global sales. In turn, the market is witnessing rapid change through the adoption of digital technologies and the expansion of specialized services, setting the stage for future growth, high operating costs and stringent environmental regulations present major challenges.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 131.09 Billion |
Market size value in 2031 | USD 217.74 Billion |
Growth Rate | 5.80% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Air Cargo Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Air Cargo Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Air Cargo Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Air Cargo Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG20R2033
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