Air Cargo Market to Grow at USD 217.74 Billion by 2031 | SkyQuest Technology
Westford, USA, Oct. 03, 2024 (GLOBE NEWSWIRE) -- The demand for air cargo market is increasing rapidly because of factors like rising e-commerce sectors and increasing globalization. The high demand for temperature-sensitive products, perishable and pharma goods along with the increasing manufacturing sector and innovation is cold chain logistics are also further progressing the growth of the market. Air cargo offers the benefit of speed and security to the users. These cargos are also embedded with advanced devices that can manage shipments containing delicate products. The development of sectors depending of these products is leading to this increased demand for air services to transport them. Moreover, air cargo also plays a vital part in efficiently and timely delivering of goods due to technological advancements and international distribution of electronic items. Air cargo can move any type of items like raw materials, finished goods, valuables, perishables, chemicals, and electronics.
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Browse in-depth TOC on the "Air Cargo Market"
- Pages - 202
- Tables - 68
- Figures – 74
Air Cargo Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 138.69 Billion |
| Estimated Value by 2031 | $ 217.74 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.80 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Cargo, Service Type, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Increasing popularity of e-commerce platforms |
| Key Market Opportunities | Emergence of digitalization and automation |
| Key Market Drivers | High demand for speedy deliveries |
Faster Shipment Delivery Compared to Alternative Logistical Solutions to Drive Market Growth
The demand for air cargo market is immensely increasing because of shipment delivery that is faster compared to other substitute logistical solutions. When it is about transportation, there is no doubt that cargo jets are much faster options for delivering various types of products. It is possible to deliver items through air transport just in an hour, where other transportations like cargos, rail, or road takes days and weeks to arrive. Furthermore, it is also easier to get customs clearance as there is less inventory to offload that aboard cargo ships. Air freight is also the safest process of transportation because it needs very less amount of handling and airport safety processes are very strict and closely monitored.
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Rapid Growth in E-Commerce to Increase Demand for Air Cargo Boosting Market Growth
The increasing growth in the e-commerce sector has directed consumer market towards online platforms. Now, people are expecting faster and smooth deliveries. To meet these demands, e-commerce organizations are depending on the speed and efficiency of cross-border air transport. Furthermore, e-commerce businesses are utilizing inventory management strategies like just-in-time inventory & drop shipping models for minimizing transportation expenses and increasing efficiency. However, air cargo is playing a vital part in supporting these strategies by making sure there is timely movement 0of goods. They are also allowing organizations to keep reduced inventories while fulfilling orders rapidly.
High Spending Power of Consumers Leading to Rising Popularity of E-Commerce to Increase Demand for Air Cargo in Asia Pacific
Asia Pacific region is witnessing the maximum growth in the air cargo market. This is mainly due to the increasing economy structure and growing customer demand for convenient product deliveries. Some of the largest economies globally that have experienced recent market expansion is in Asia Pacific region. This expansion has led to an increase in the spending power of consumers, resulting in the high demand for e-commerce and a necessity for air cargo. The growth of middle class and increasing disposable income are some of the biggest factors that has increased the usage of e-commerce platform in this region. This has increased the requirement for air services to deliver products timely and conveniently at the doorsteps of customers. The development of free trade zones and trade agreements have also increased internation investments. These agreements allow cross-border trade for companies and smoothen custom processes, increasing the demand for air cargo market.
Air Cargo Market Insights
Drivers
- Increasing popularity of e-commerce and online shopping
- Growing customer demand for speedy delivery of products
- Emergence of advanced technologies like digitalization to improve supply chain visibility
Restraints
- Limited capacity and infrastructure constraints
- High cost of jet fuel
- Growing security concerns
Key Players Operating in Air Cargo Market
The following are the Top Air Cargo Companies
- FedEx Corporation (US)
- DHL International GmbH (Germany)
- Emirates SkyCargo (UAE)
- Cathay Pacific Airways Limited (Hong Kong)
- Korean Air Cargo (South Korea)
- Cargolux Airlines International S.A. (Luxembourg)
- Lufthansa Cargo AG (Germany)
- Singapore Airlines Cargo (Singapore)
- Air France-KLM Cargo (France/Netherlands)
- China Airlines Cargo (Taiwan)
- Qatar Airways Cargo (Qatar)
Key Questions Answered in Air Cargo Market Report
- Which is the main factor driving the air cargo market?
- Who are the key players in the air cargo market?
- Which is the dominating region in the market?
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This report provides the following insights:
- Analysis of key drivers (Rising popularity of e-commerce & online shopping and increasing customer demand for speedy delivery), restraints (Limited capacity and infrastructure constraints and high cost of jet fuels), opportunities (Advent of advanced technologies and automation), and challenges (Increasing security concerns about safe delivery of products) influencing the growth of air cargo market
- Market Penetration: Comprehensive information on the product offered by the top players in the air cargo market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the air cargo market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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