Global Air Cargo Market Size, Trends and Forecasts to 2028 - Profiles of Leading Players Cathay Pacific Airways, DHL, FedEx, UPS, Qatar Airways, Emirates Group and More

DUBLIN, Nov. 28, 2023 /PRNewswire/ -- The "Global Air Cargo Market: Analysis By Type (Air Mail and Air Freight), By Services (Express and Regular), By End User, By Destination (Domestic and International), By Region Size and Trends and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.

The global air cargo market value stood at US$181.54 billion in 2022, and is expected to reach US$255.63 billion by 2028.

The global air cargo market demonstrated a consistent growth, primarily driven by rising need to transport high-value & time-sensitive products by just-in-time manufacturers, increasing international distribution of electronic goods, and growing need to transport temperature-sensitive products by pharmaceutical sector. Increasing digitalization, positive shift in consumer preferences towards online shopping, rapidly expanding end user industries, and increasing utilization of air freight to deliver both non-perishable goods, such as clothing, jewelry, and perishable items, including fruits, vegetables, meats, etc., have been positively contributing to the increasing demand of air cargo services. Also, rapidly expanding aviation industry, surging prevalence of the consolidated airfreight service, and rising import and export of goods among numerous countries worldwide, is expected to boost the growth of overall air cargo market in the forecasted period of 2023-2028.

Market Dynamics:

Growth Drivers:

The global air cargo market has been rapidly growing over the past few years, due to factors such as rapidly expanding airline industry, growing e-commerce sector, increase in international trade, rising need to transport high-value and time-sensitive products, surging demand for fast-delivery services, etc. Rising disposable income, increased internet penetration and a positive shift in consumer's preference towards online shopping has been positively contributing towards an increase in e-commerce activities, boosting the demand for air cargo services and aircrafts needed by e-commerce companies for efficient delivery of goods across domestic and international borders while also meeting tight delivery windows of time-sensitive shipments, such as same-day and next-day delivery items.

Also, with growing need for efficient air transportation by major companies and organizations to expand their operations and source materials, components, and finished products from various countries, there has been a surge in the number of airlines and airports investing in expanding and improving their air cargo infrastructure, in terms of constructing new cargo terminals, purchasing more cargo aircraft, and improving ground handling facilities, to meet the growing need for faster and safer air transportation of cargo.

Challenges: However, the global air cargo market growth would be negatively impacted by various challenges such as market uncertainty, presence of cheaper alternatives, etc. Air cargo market is characterized by a high degree of fluctuations and uncertainty, with the industry being highly susceptible to economic fluctuations, changes in consumer demand, and global events (e.g., pandemics, political conflicts), all of which create significant fluctuations in shipping volumes and revenue.

Trends: The market is projected to grow at a fast pace during the forecasted period, due to increasing adoption of blockchain technology, escalating focus on supply chain optimization, growing emphasis on reduction of perishable product waste and spoilage, ongoing technological advancements, increasing focus on sustainability, etc. The escalating use of robotics, internet of things, artificial intelligence (AI), automated systems, deep learning, big data, and augmented & virtual reality technologies, across numerous operations in air cargo industry to improve operational efficiency and transparency of air cargo transportation, is expected to accelerate the growth of global air cargo market in the forecasted period of 2023-2028.

The global air cargo market is relatively fragmented with increasing number of airlines and cargo operators offering services globally, and accounting for the majority of market revenue.

The key players of the air cargo market are:

• Cathay Pacific Airways Limited
• Deutsche Post DHL Group
• The Lufthansa Group
• FedEx Corporation
• Korean Air Lines Co., Ltd.
• United Parcel Service of America, Inc. (UPS)
• The ANA Group (ANA Holdings Inc.)
• The Emirates Group
• Qatar Airways Group Q.C.S.C.
• Turkish Airlines Inc.
• United Airlines, Inc.
• Singapore Airlines Limited
• Atlas Air Worldwide Holdings, Inc.
• Cargolux Airlines International S.A.
• China Airlines

Major companies in the market have been implementing both organic (such as launches, expansion, and product approvals) and inorganic development strategies (such as product launches, partnerships, and collaborations) to expand their product portfolio and gain larger market share. Also, the global air cargo market is witnessing a steady increase in research and development (R&D) initiatives as well as investments resulting in improved technology and a better supply chain in the market. For instance, on September 01, 2023, Korean Air launched a program to use sustainable aviation fuel (SAF) for air cargo operations in cooperation with air cargo customers and forwarders, where customers can make customized contributions through the Korean Air Cargo SAF program and reduce their carbon footprint.

For more information about this report visit https://www.researchandmarkets.com/r/vs3xhx

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