IMARC Group’s latest report, titled “Air Freight Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global air freight market size reached US$ 287.4 Billion in 2022. Air freight, or air cargo, refers to the movement of goods or consignments through charter or commercial air carriers over long distances. It is widely used to deliver fast-speed shipments from consignors to consignees or sellers to buyers globally. It assists in transporting perishable products requiring quick delivery, such as fruits, vegetables, frozen items, flowers, and meats, and non-perishable items, including jewelry, clothing, automotive parts, and electronics. It also aids in the distribution of vaccines via a well-established temperature-sensitive distribution system and cutting-edge technology and processes. It offers various benefits, such as reduced risks of theft and shipment damage and lower insurance premiums due to shorter durations. Since it is a significant contributor to economic development, air freight is rapidly gaining traction across the globe.
Global Air Freight Market Trends:
Air freight helps save time, provides a higher level of security, and requires less packaging compared to other transportation modes to lower the weight limit. In contrast, other transportation methods, including marine, rail, and road transport, usually take days or weeks to deliver various items. As a result, the escalating demand for fast delivery services, especially for perishable goods, represents one of the primary factors driving the market growth. Besides this, the rising popularity of consolidated air freight services and the increasing import and export activities among various countries are contributing to market growth. Additionally, numerous airlines are focusing on implementing fuel-efficient solutions and adopting innovative technologies to offer cost-effective services to meet the surging demand for air freight services. In line with this, the rapid growth in the e-commerce industry has propelled market growth. Furthermore, the leading players are heavily investing in digitalization to improve user experience and efficiency of the booking process for a cargo shipment to the customer. Along with this, recent technological advancements, such as the large-scale integration of the internet of things (IoT), artificial intelligence (AI), big data, robotics, and automated systems in the air cargo supply chain, have catalyzed market growth. Other factors, including the emerging aviation industry, inflating sales of high-value goods, rising need for pharmaceutical drugs and medical equipment, and shifting focus toward supply chain optimization, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 413.0 Billion by 2028, growing at a CAGR of 5.7% during 2023-2028.
- The market has been segmented based on the service into freight, express, mail, and others.
- On the basis of the destination, the market has been bifurcated into domestic and international.
- Based on the end user, the market has been classified as private and commercial.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being American Airlines Inc., ANA Cargo Inc., Bolloré Logistics, Cargolux Airlines International S.A., Delta Air Lines Inc., Deutsche Bahn AG, Deutsche Post AG, DSV A/S, Expeditors International of Washington Inc., FedEx Corporation, Hellmann Worldwide Logistics SE & Co. KG, Kuehne + Nagel International AG, Nippon Express Co. Ltd., Qatar Airways, and United Parcel Service Inc.
|Base Year of the Analysis
||Service, Destination, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||American Airlines Inc., ANA Cargo Inc., Bolloré Logistics, Cargolux Airlines International S.A., Delta Air Lines Inc., Deutsche Bahn AG, Deutsche Post AG, DSV A/S, Expeditors International of Washington Inc., FedEx Corporation, Hellmann Worldwide Logistics SE & Co. KG, Kuehne + Nagel International AG, Nippon Express Co. Ltd., Qatar Airways and United Parcel Service Inc.
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