Air Freight Market Share, Trends, Revenue, Demand, Growth Drivers, Challenges and Future Investment Strategies Till 2033


Air Freight Market Share, Trends, Revenue, Demand, Growth Drivers, Challenges and Future Investment Strategies Till 2033: SPER Market Research

 Published: Oct-2023
 Author: SPER Analyst

Air Cargo Market is projected to be worth USD 257.20 billion by 2033 and is anticipated to surge at a CAGR of 6.21%.

By using a passenger aeroplane's cargo space or a private cargo aircraft, air cargo refers to the transfer of products and equipment. It covers the transportation of a wide range of items, including chemicals, electronics, valuables, perishables, and electronics as well as raw materials and completed goods. 

Global Air Cargo Market Driving Factors and Challenges

The expansion of the worldwide air cargo equipment market will be fuelled by the anticipated increase in demand for temperature-sensitive goods. All parties involved in the cold chain business have possibilities and problems while moving and managing temperature-sensitive goods. Businesses, including those in the pharmaceutical industry, rely on air transportation to quickly deliver expensive, time-critical, and temperature-controlled goods. Building a network of approved pharmaceutical trade lanes that adhere to uniform criteria and ensure product integrity is something the industry has acknowledged as being necessary. The expansion of pharmaceutical companies' ability to ship their shipments by air thanks to a new certification system through CEIV Pharma will eventually fuel the global air freight market for temperature-sensitive goods. 

The expansion of the global air cargo market is being driven by business opportunities in the sector, such as the rise in e-commerce sales. The growth of e-commerce sales as a result of an increase in online buyers and sellers is one of the key drivers fuelling the expansion of the global air cargo business. The growth of e-commerce is pushing the air cargo market since online vendors need these services to deliver their goods to clients on schedule.

However there are several challenges that limit the expansion of air cargo market. The global air cargo market's growth is seriously constrained by growing jet fuel prices. Businesses in the sector are extremely sensitive to rising gasoline costs since they represent a significant operational expense. The easing of sanctions on Iran and increased production by countries like Russia and Canada are both to blame for the glut of crude oil, which has caused prices to drop. However, this surplus is anticipated to decrease, which will lead to an anticipated increase in crude oil prices. Since jet fuel is made from crude oil, the air cargo industry expects higher costs, necessitating budget revisions. In turn, this reduces the possibility for total growth as more money is spent on fuel, posing a financial balance issue for the sector.

Impact of COVID-19 on Global Air Cargo Market
On the market for air cargo, the COVID-19 had a big effect. Due to limits on travel and lower demand, passenger planes were either grounded or operated at reduced capacity, which led to a shortage of cargo space and fierce rivalry between carriers. A change in the kinds of cargo being delivered was also brought on by a sharp rise in demand for e-commerce and basic necessities. In order to maintain a worldwide supply chain and transfer commodities to numerous nations, cargo aircraft were essential.

Air Cargo Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; American Airlines Inc., Bollore Logistics, CAL Cargo Air Lines Ltd, Cargolux Airlines International SA, Cathay Pacific Airways Ltd, China Airlines Ltd., China Southern Airlines Co. Ltd., Delta Air Lines Inc., Deutsche Post AG, Emirates SkyCargo, Etihad Airways PJSC, Expeditors International of Washington Inc., FedEx Corp., IAG Cargo, Korean Air Lines Co. Ltd., Lufthansa Cargo, Nippon Express Holdings, Qatar Airways Cargo, Saudi Airlines Cargo Co., Singapore Airlines Cargo, Others.

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Global Air Cargo Market Segmentation:

By Carrier Type: Based on the Carrier Type, Global Air Cargo Market is segmented as; Belly Cargo, Freighter.

By Service Type: Based on the Service Type, Global Air Cargo Market is segmented as; Express Air Cargo, General Air Cargo.

By Shipment Type: Based on the Shipment Type, Global Air Cargo Market is segmented as; Domestic Air Cargo, International Air Cargo.

By End Use: Based on the End Use, Global Air Cargo Market is segmented as; Automotive, Consumer Electronics, FMCG and retail, Manufacturing, Pharmaceuticals and chemicals, Other industries.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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