Austin, Oct. 04, 2024 (GLOBE NEWSWIRE) -- The Air Cargo Market Share was valued at USD 182.09 Billion in 2023 and is expected to reach USD 268.79 Billion by 2032, growing at a CAGR of 4.4% over the forecast period from 2024 to 2032. The air cargo industry has played a critical role in global commerce and logistics, providing transport opportunities for cargo across great distances, hence efficient and reliable in the process. The major factors for the growth of the market are a growing trend in online shopping, an increased requirement for expedited shipping, and increasing need for timely delivery of perishable goods. Technological advances such as automated cargo handling and added tracking systems also contribute to the rise in the market.
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Segment Analysis
By Type: Air Freight Dominating the Market
Type-wise segmentation of air cargo market shows that the Air Freight is the leading segment. This type has been showing a strong hold over the market for years. The ability to transport large volumes of goods quickly and efficiently has made this mode highly promising and much in demand. It is estimated that by the year 2023, the air freight segment would contribute to around 75% of the total market share. This sees the growth in e-commerce providing a boost to the air freight market, where there is retailer demand for quicker delivery options to fulfil their demand-sensitive customers. A rise in trend such as fast delivery will magnify this trend further. Innovations in air freight operations, for example, dedicated freighter aircraft and optimized logistics infrastructures, enhance operational efficiency and reliability. But with international trade expected to grow, the airfreight segment will remain inherent and develop supporting industries such as automotive, pharmaceuticals, and electronics.
U.S. Insights
The United States is an early leader in the air cargo market: it plays a critical role in global trade and logistics. Expectations for the U.S. air cargo segment is enormous: demand for faster expedited shipping is accelerating, and technology is improving. Several other majors including FedEx, UPS, and United Parcel Service, all leading logistics companies based in the United States, are investing incredible proportions of their capital in expanding their air cargo capabilities. The U.S. is very well invested with infrastructure; it has very long networks of airports and cargo handling facilities. As such, it will add one more step for the increase in the demand for air freight services.
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Regional Analysis
The North America region represents the dominating air cargo market, taking the approximate market share for about 40% in 2023. Strong logistics infrastructure coupled with major airlines and freight companies in the region have placed North America as an important driver of the air cargo industry.
Increasing demand for expedited shipping and also the US growth market for e-commerce is yet another very significant factor that cements North America's reign. Companies such as FedEx and UPS are constantly setting up air cargo operations to meet ever-increasing customer demand, further cementing this region in the global market. On the contrary, the Asia Pacific region is supposed to be a growth market that could grow at an estimated 5.8% during the forecasting period.
The acceleration in the economy of this region along with an increase in the middle-class population and international trade activities is driving demand for the air cargo business. Countries like China and India are investing largely in Logistics infrastructure, hence increasing their capabilities in the air freight operation. The region is witnessing the entry of more and more e-commerce platforms such as Alibaba and JD.com, which again drive up the need for effective air cargo solutions. With these markets continuing to gain momentum, Asia-Pacific is poised to be an important player in the shaping of air cargo in future.
Recent Developments
September 2023: DHL Express launched a new air freight route from Asia to Europe, which is set to enhance the efficiency of the logistics and speed up delivery.
June 2024: FedEx is to launch a set of environment-friendly aircraft, targeting to provide cut-down carbon emissions while making the air cargo business set for completion.
August 2024: Emirates SkyCargo launched a dedicated freighter service targeted at rising demand in the pharmaceutical segment, which generally requires temperature-sensitive shipment.
Key Takeaways:
- The air cargo market is going to gain growth with increasing e-commerce demand and changes in technology.
- North America remains the leading region and Asia Pacific is identified as a rising market.
- Air freight forms the important market segment as it plays an indispensable role in global trade and logistics.
- Developments from the major players in recent times are understood to be focusing on sustainability and efficiency so as to cater to changing customer needs.
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BENEFITS:
1. No. Of Pages: 340 Pages Report
2. Regions/Countries:
- North America (3 Countries)
- Europe (~15 Countries)
- Asia Pacific (~10 Countries)
- Latin America (~5 Countries)
- Middle East & Africa (~5 Countries) (Include Israel)
3. ME Sheet: Market Estimation in Excel Format
4. Company Analysis:
- Major 16 companies covered in final report.
- Additional 5 companies will be covered as per client demand complimentary.
5. Statistical Insights and Trends Reporting:
- Vehicle Production and Sales Volumes, 2020-2032, by Region
- Emission Standards Compliance, by Region
- Vehicle Technology Adoption, by Region
- Consumer Preferences, by Region
6. Buying Options
- Single User License: USD 3350
- Enterprise User License: USD 5350
- Excel Data Sheet: USD 2350
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