The Asia Pacific air cargo market accounted for US$ 37.63 Bn in 2018 and is expected to grow at a CAGR of 5.2% over the forecast period 2019-2027, to account for US$ 59.13 Bn in 2027
NEW YORK, Jan. 21, 2020 /PRNewswire/ --
The Asia Pacific air cargo market accounted for US$ 37.63 Bn in 2018 and is expected to grow at a CAGR of 5.2% over the forecast period 2019-2027, to account for US$ 59.13 Bn in 2027. The rapid growth of the e-commerce sector in the region and rising demand from the temperature-sensitive product are the key driver that is propelling the growth of the air cargo market. Moreover, the airport infrastructures in Southeast Asian countries are supporting national carriers to expand air freights, which in turn is expected to boost the air cargo market growth in the forecast period. Air cargo stakeholders have a tremendous opportunity in Southeast Asian countries such as Singapore, Thailand, Indonesia, and others. Southeast Asian country's airports are the fastest growing airports in the world. In November 2018, The Association of Southeast Asian Nations' (ASEAN) economic ministers signed an agreement to support the facilitation of cross border e-commerce between ASEAN members. Turkish Cargo is increasing its presence with the launch of new freighter services. The airports of Singapore, Incheon, and Hong Kong, Taiwan are supporting national carriers to expand air freights in ASEAN countries and also encouraging operators to increase services. With these initiatives, it is expected to reduce the trade with China and grow in some transfer cargo traffic in Taiwan form ASEAN. Companies such as APEX Logistics and SEKO Logistics are strategically expanded its operations in Southeast Asian countries. With the developing policies and infrastructure, it is expected that Southeast Asian countries will exhibit huge opportunity for air cargo vendors during the forecast period. The air cargo market players are focusing on various initiatives to enhance its reach to rural areas and boost its position in the market.
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The air cargo market is fragmented with the presence of several industries, and the competitive dynamics in the market is expected to change during the upcoming years.In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the air cargo market further.
For instance, In Asia-Pacific, relevant regulations and initiatives to improve professional standard by industry & government play an important role in logistics operations.The range of logistics services are subject to logistic industry regulations and policies; moreover, the expansion of such services is also driven by government policies.
For instance, the Framework Act on Logistics Policies in Korea provides benefits to companies delivering integrated services of warehousing, transport, and value-added services.The companies entering this market have to comply with various entry requirements depending on the type of plan they offer.
These initiative provide various benefits to the air cargo based companies located in the region, thus, increasing the growth of the air cargo market.
Based on service, the regular segment is leading the air cargo market and is expected to continue its dominance during the forecast period.Regular services are generally low-cost services when compared to express services.
It is mostly for the customers focusing on price than flexibility. Regular services are availed where time is not a constraint.
The overall air cargo market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the air cargo market.
It also provides an overview and forecast for the air cargo market based on all the segmentation provided for the Asia Pacific region.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts, and key opinion leaders specializing in the air cargo industry. Some of the players present in air cargo market are ANA Cargo Inc. (ANA Group), Lufthansa Cargo AG, United Parcel Service of America, Inc., Etihad Cargo, FedEx Corporation, Cargolux Airlines International S.A., DHL International GmbH, Emirates SkyCargo, Cathay Pacific Cargo, and Zela Aviation The Air Charter Company among others.
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