BANGALORE, India, March 25, 2021 /PRNewswire/ -- The Air Freight Market is segmented by Service (Freight, Express, Mail, and Other Services), Destination (Domestic and International), and End-Use (Private and Commercial). The report covers global opportunity analysis and industry forecast from 2020 to 2027. It is published on Valuates Reports in the Transportation Category.
The global Air Freight Market was valued at USD 270.2 Billion in 2019 and is projected to reach USD 376.8 Billion by 2027, registering a CAGR of 5.6%.
Major factors driving the growth of Air Freight market size are:
Safer, decreased risk of theft and damage, faster delivery of shipments as compared with other logistics solutions and rising popularity of consolidated air freight service.
Several operations within air freight are adopting cool-chain tech, robotics, automated systems, artificial intelligence (AI), Big Data, deep learning, IoT, and augmented & virtual reality is anticipated to increase efficiency and productivity there by boosting the growth of the global air freight market.
Air Freight offers the faster delivery of shipments as compared with other logistics solutions. This feature is expected to drive the growth of the Air Freight market size. While other modes of transportation, such as shipping, rail, or road transportation, can take days or weeks to deliver items, air transport can do so in just a few hours. High-value products, such as electronics, jewelry, pharmaceuticals, perishables, etc., are generally shipped by air freight.
The rising popularity of consolidated air freight service is expected to fuel the air freight market size. Consolidated air freight allows clients to combine their shipment with a number of other items to form a full load, making consolidated air freight a very cost-effective method of transporting goods by plane.
e-Commerce is expected to be the future growth driver for the air freight industry as the increase in online retail is boosting the demand package transport services around the world. Over the forecast period, increasing e-commerce shipments across the globe via air freight are expected to boost the air freight market size.
Moreover, air freight is the safest among all other modes as goods sent via air go through the least handling, and the safety controls at airports are strictly managed. This decreases the risk of both theft and damage to the shipment. In addition, as the shipment duration is quite short, the insurance premiums on air freight are usually low. These factors make air freight a superior and essential mode of goods transportation.
However, the lockdowns and other control measures to curb the COVID-19 spread have caused significant disruptions in economic activity and supply chains, affecting both trade and air freight. When most lockdowns were lifted in May, manufacturing activity and consumer demand was able to rebound strongly. This recovery is expected to continue, despite some volatility, when renewed COVID outbreaks forced some markets to implement new restrictions.
Based on service, Express service is expected to be the most lucrative segment. With the rise of e-commerce, consumer preferences have moved more and more to the center of attention. Large e-commerce players are working hard to provide their customers with the best customer experience possible, especially by offering express delivery and improving delivery times.
Based on region, Asia Pacific is expected to exhibit the highest CAGR of 6.3% during 2020-2027. The rapid growth of the region is attributed to driven by the rebound in manufacturing activity and export orders, notably from China and South Korea.
Based on the destination, the domestic segment is projected to witness lucrative growth opportunities. And Based on industry, the Private sector is projected as the most lucrative segment.
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