The global air cargo market is estimated to register a CAGR of nearly 4.9% during the forecast period.
October 24, 2019 by Market-NewsFlash
The growth of the global air cargo market can be attributed to the growing e-commerce industry and increasing adoption of air cargo services by the pharmaceutical and healthcare industry. Furthermore, the rising adoption of artificial intelligence (AI) and blockchain technology in supply chain management to facilitate operations is also propelling the growth of the air cargo market.
Air Cargo Market
Factors such as increasing global imports and exports and benefits offered by air cargo such as convenience, efficiency, and timely delivery are driving the market growth. However, stringent government regulations regarding air cargo services are expected to hinder the growth of the market.
The global air cargo market has been segmented based on type, service, destination, end user, and region.
On the basis of type, the global air cargo market has been divided into air freight and air mail. The air freight segment is expected to account for a larger share of the market during the forecast period and register a higher CAGR from 2019 to 2025. Various initaitives undertaken by agencies such as IATA for making the air freight industry paperless are expected to drive the segment growth during the forecast period. For example, E-Freight is an industry-wide initiative undertaken by the IATA to build an end-to-end paperless transportation process for air cargo by developing proper regulatory framework.
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By end user, the market has been divided into retail, food & beverages, pharmaceutical and healthcare, consumer electronics, automotive, and others. The pharmaceutical and healthcare segment dominated the market in 2018 and is anticiapted to register the highest CAGR during the forecast period. Benefits offered by air cargo service providers such as specialized packaging and coolers for storage are propelling the segment growth.
Based on service, the market has been classified as express and regular. The express service segment dominated the market in 2018 and is expected to register a higher CAGR during the forecast period. Growing number of e-commerce companies and rising demand for same-day delivery services by customers are boosting the segment growth.
In terms of region, the global air cargo market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific accounted for a dominant share of the market in 2018. However, the market in North America is projected to expand at the highest CAGR during the forecast period. Presence of prominent air cargo service providers such as United Parcel Service of America, Inc. and FedEx are driving the market growth in the region.
The key players in the global air cargo market are FedEx (US), United Parcel Service of America, Inc. (US), DHL International GmbH (Germany), Cathay Pacific Airways Limited (Hong Kong), China Eastern Airlines Corporation Limited (China), Korean Air (South Korea), Cargolux (Luxembourg), Singapore Airlines (Singapore), The Emirates Group (UAE), Japan Airlines (Japan), Deutsche Lufthansa AG (Germany), All Nippon Airways Co., Ltd (Japan), International Consolidated Airlines Group, SA. (UK), Etihad Airways (UAE), and Qatar Airways (Qatar).
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