Market Overview:
Air Cargo Industry Size is expected to reach USD 130.18 Billion by 2030, registering a CAGR of 4.9 % during 2020-2030.
Air Cargo is a kind of transportation that uses aircraft to carry high-speed shipments over extended distances. Because the global economy depends on the capacity to carry valuable and superior quality products quickly to consumers all over the world, air freight helps to world economic progress. Vaccinations are typically supplied through aeroplanes due to the high delivery rates and temperature-sensitive areas in aircraft. This helps vaccines reach their particular application in time to be efficient.
Vaccination programmes, as per the World Health Organization, assist in avoiding roughly 3 million child deaths each year. Airfreight is critical in ensuring the safe delivery of temperature-sensitive drugs using cutting-edge methods and technologies. Even though air freight accounts for only around 1% of total freight activity by weight and shipping things via aircraft is extremely expensive, it is a very important option for transporting jewellery, medications, perishable commodities, expensive electronic items, and other items. Air cargo market development shows that industry to grow in future amid of covid19 and will show exceptional CAGR Values.
Market Segmentation:
The Air Cargo Industry has been segmented into two types: airmail and air freight worldwide. The air freight type has the biggest market share and dominated the market in 2018.
According to the Service
Depending on the service, the industry has been separated into normal and expedited services worldwide. The express service had the biggest market global market share in 2018. It is predicted to continue to lead the market shortly.
Depending on the Location
The international and domestic markets for air cargo have been established worldwide, depending on the location. In the world market, they have the greatest market share.
Based on the End-Users
The Air Cargo Industry has been segmented into retail, automotive, pharmaceutical and healthcare, consumer electronics, food & drinks, and other end-users worldwide. In 2018, the pharmaceutical and healthcare industry had the biggest market share and therefore controlled the market.
Key players:
The Air Cargo market drivers key players are Qatar Airways (Qatar), Etihad Airways (UAE), International Consolidated Airlines Group, SA (UK), All Nippon Airways Co Ltd (Japan), Deutsche Lufthansa AG (Germany), Japan Airlines (Japan), The Emirates Group (UAE), Singapore Airlines (Singapore), Cargolux (Luxembourg), Korean Air (South Korea), China Eastern Airlines Corporation Limited (China), Cathay Pacific Airways Limited (Hong Kong), DHL International GmbH (Germany), United Parcel Service of America Inc (US), FedEx (US)
Regional Analysis:
By the Air Cargo market statistics and its outlook has been segmented into North American, European, Asia-Pacific, Latin American, and the Middle East and African regions depending on the region. As the quickest area, the Asia-Pacific region has the greatest market share, owing to the rapid growth of the e-commerce industry in countries such as Australia, India, and China.
The North American area has the second-largest industry market share.
The European region will have the third-largest share of the market in worldwide market operations.
Latin America, as well as the Middle East and Africa, have the smallest market share.
Industry news:
The Air Cargo industry is undergoing a technological revolution, moving away from the overuse of ageing mainframe systems and more customizable interfaces for processes like flight operations, networking planning, revenue accounting, etc. Furthermore, the increasing use of cool-chain technology, robots, automated systems, artificial intelligence (AI), deep learning, IoT, Big Data, and augmented & virtual reality across various processes is expected to drive the Air Cargo market forward over the forecast period.
Related reports:
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Cargo Transportation Market Research Report: by Type (Rail Transportation, Road Transportation, Air Transportation, and Sea Transportation), by Shipment Category (Freight, Parcel,Express,and Others), by Application (Construction and Mining, Oil & Gas, Healthcare, Food &Beverages, and Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2030
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