The term “air cargo” describes the movement of supplies and machinery via passenger aircraft’s cargo hold or aboard private cargo aircraft. It covers the transportation of all commodities, including electronics, chemicals, perishables, finished goods, and raw materials. The sector is essential to international trade because it moves expensive and urgent goods and links companies and customers worldwide. Air freight is renowned for its efficiency and speed in transporting valuable and time-sensitive products. On the other hand, fuel prices significantly affect all airline operational costs, including freight costs.
According to SPER market research, ‘Air Cargo Market Size – By Carrier Type, By Service Type, By Shipment Type, By End Use – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Air Cargo Market is predicted to reach USD 257.20 billion by 2033 with a CAGR of 6.21%.
The potential for growth in the air cargo industry through e-commerce sales and the subsequent increase in e-commerce sales as a result of both an increase in online buyers and sellers is one of the main drivers propelling the market’s expansion. The growth of e-commerce is driving the industry since online vendors need services to deliver their goods to clients on time. Moreover, the anticipated increase in demand for products that are temperature sensitive will drive market growth and trends worldwide. Air transport is essential for the quick delivery of valuable, time-sensitive, and temperature-controlled goods to businesses, including pharmaceutical industries which are dependent on air transport for the speedy delivery of high-value, time-sensitive, and temperature-controlled products.
One of the main obstacles to market expansion is the anticipated increase in jet fuel prices and since fuel is one of the primary operating expenses for market vendors, businesses in the sector are susceptible to increases in its price. The drop in crude oil prices was ascribed to the excess resulting from increasing production by nations like Canada and Russia as well as the lifting of sanctions against Iran. Furthermore, the US produced more oil as a result of the application of fracking technology. It is expected that this excess will start to decrease shortly. Furthermore, it is projected that the price of crude oil will rise due to rising demand.
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Impact of COVID-19 on Global Air Cargo Market
The market for air cargo was significantly impacted by the COVID-19, due to travel limitations and decreased demand, passenger aircraft were either grounded or operated at reduced capacity, which resulted in restricted cargo capacity and fierce rivalry amongst carriers. In addition, the e-commerce industry and essential goods saw a sharp rise in demand, which changed the kinds of cargo that were shipped. A global supply network was maintained and items were transported to numerous nations thanks in large part to cargo airlines.
Air Cargo Market Key Players:
The Asia Pacific region is projected to contribute a third of the market growth by 2027. Additionally, some of the key market players are American Airlines Inc., CAL Cargo Air Lines Ltd., China Airlines Ltd., IAG Cargo, Qatar Airways Cargo, among others.
Air Cargo Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
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.
For More Information, refer to below link:-
Air Cargo Market Future Outlook
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