Product ID: SQMIG20R2018
Report ID:
SQMIG20R2018 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
60 |
Figures:
75
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 a vital component of the logistics industry, playing a pivotal role in the rapid and efficient transportation of high-value and time-sensitive shipments across long distances. While air freight accounts for approximately 1% of total freight activities by weight, its significance cannot be overstated, especially in delivering critical goods like vaccines. In today's interconnected world, where the global economy relies on the swift delivery of top-quality products to consumers worldwide, air freight emerges as the champion of speed and reliability. One of the most compelling use cases for air freight is the transportation of vaccines, crucial in preventing approximately 3 million child deaths annually, as reported by the World Health Organization. Vaccines, often temperature-sensitive, must reach their destinations swiftly to remain effective. Here's where the air freight industry shines, employing cutting-edge procedures and technologies to ensure that these life-saving medications are transported in optimal conditions. The transformative power of technology is reshaping the air freight landscape. The industry is transitioning from antiquated mainframe systems to flexible, adaptable interfaces for critical functions like flight operations, revenue accounting, and network planning. Moreover, the adoption of innovative technologies such as cool-chain systems, robotics, automation, artificial intelligence (AI), Big Data, deep learning, IoT, and augmented & virtual reality is set to propel the global air freight market's growth in the foreseeable future. While air freight is undoubtedly a game-changer in terms of rapid delivery when compared to other logistics solutions, its appeal extends to a wide range of valuable and perishable goods. Items like jewelry, pharmaceuticals, high-end electronics, and more find their trusted mode of transportation in air freight. Despite these advantages, it's essential to acknowledge the challenges. The high costs associated with air freight can be a barrier to entry for some, and this is a factor that the industry must navigate. However, the market's growth is further driven by the rising popularity of consolidated air freight services, which optimize costs while delivering efficiency. In conclusion, the global air freight market is a dynamic and indispensable sector within the broader logistics industry. It acts as a lifeline for the rapid delivery of critical goods and plays a pivotal role in the global economy. With ongoing technological advancements and the increasing adoption of innovative solutions, it's poised for continuous growth and evolution, ensuring that valuable and time-sensitive shipments reach their destinations swiftly and securely.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Product ID: SQMIG20R2018