Global Air Freight Market

Global Air Freight Market Size, Share, Growth Analysis, By Type(Domestic Air Freight and International Air Freight), By End-User(Airport-To-Airport Service, and Door-To-Door Service) - Industry Forecast 2024-2031

Report ID: SQMIG20R2018 | Region: Global | Published Date: March, 2024
Pages: 202 | Tables: 60 | Figures: 75

Global Air Freight Market Dynamics

Air Freight Market Drivers

Rapid growth of e-commerce

  • One key driver of the global air freight market is the rapid growth of e-commerce. The rise of online shopping and cross-border e-commerce has led to an increased demand for fast and reliable transportation of goods. Air freight offers expedited delivery times, making it an ideal choice for time-sensitive shipments. As consumers increasingly rely on e-commerce platforms, the air freight industry is expected to continue its growth trajectory, driven by the need to meet the demands of this booming sector.

Air Freight Market Restraints

Volatility of fuel prices

  • A significant restraint faced by the global air freight market is the volatility of fuel prices. Fluctuations in fuel costs directly impact operating expenses for air cargo carriers, as fuel represents a substantial portion of their overall costs. Unpredictable fuel price changes make it challenging for companies to accurately forecast and manage their financial performance. Additionally, rising fuel prices can lead to increased shipping costs, which may discourage some customers from utilizing air freight services and instead seek more cost-effective alternatives, posing a constraint on the industry's growth potential.
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Global Air Freight Market size was valued at USD 67.2 billion in 2022 and is poised to grow from USD 74.12 billion in 2023 to USD 162.39 billion by 2031, growing at a CAGR of 10.3% during the forecast period (2024-2031).

The global air freight market is characterized by a diverse range of companies spanning airlines, freight forwarders, logistics providers, and integrators. These companies compete based on factors such as service reliability, network coverage, pricing, and technological capabilities. The market is highly fragmented, with numerous players vying for market share. Some focus on specific regions or niche markets, while others offer comprehensive global solutions. Continuous innovation, strategic partnerships, and investments in technology and infrastructure are crucial for companies to stay competitive in this dynamic and evolving industry. 'DHL (Germany)', 'FedEx Corporation (US)', 'UPS (US)', 'C.H. Robinson (US)', 'Kuehne + Nagel (Switzerland)', 'DB Schenker (Germany)', 'Nippon Express (Japan)', 'Expeditors International (US)', 'Panalpina (Switzerland)', 'Sinotrans (China)', 'CEVA Logistics (Switzerland)', 'DSV Panalpina (Denmark)', 'Agility Logistics (Kuwait)', 'Yusen Logistics (Japan)', 'Geodis (France)', 'Hellmann Worldwide Logistics (Germany)', 'XPO Logistics (US)', 'Kerry Logistics (Hong Kong)', 'Dimerco (Taiwan)', 'Bolloré Logistics (France)'

One key driver of the global air freight market is the rapid growth of e-commerce. The rise of online shopping and cross-border e-commerce has led to an increased demand for fast and reliable transportation of goods. Air freight offers expedited delivery times, making it an ideal choice for time-sensitive shipments. As consumers increasingly rely on e-commerce platforms, the air freight industry is expected to continue its growth trajectory, driven by the need to meet the demands of this booming sector.

One key trend in the global air freight market is the growing emphasis on sustainability and eco-friendly practices. With increasing environmental concerns, customers and stakeholders are demanding greener and more sustainable supply chain solutions. Air freight companies are adopting measures such as investing in fuel-efficient aircraft, utilizing alternative fuels, optimizing route planning, and implementing carbon offset programs. The integration of sustainable practices not only helps reduce the industry's carbon footprint but also enhances brand reputation and attracts environmentally conscious customers in a market increasingly focused on sustainability.

North America dominated the global air freight market. The region's robust economy, advanced transportation infrastructure, and high demand for time-sensitive shipments contribute to its strong position. Major players in the North American air freight market include UPS, FedEx, and DHL. The United States, in particular, is a key market in the region, accounting for a significant share of air freight volumes.

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