Global Air Cargo Services Market Outlook 2024-2033: Growth Drivers, Share, And Trends
Air Cargo Services Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The air cargo services market has exhibited strong growth in recent years. The market size, valued at $66.1 billion in 2023, is anticipated to grow to $70.28 billion in 2024, reflecting a compound annual growth rate CAGR of 6.3%. This significant increase during the historical period can be attributed to factors such as globalization of trade, increasing reliance on time-sensitive shipments, expansion of manufacturing supply chains, and booming automotive and electronics industries. Growth in the oil and gas sector, with a rising demand for equipment transport, has also contributed to this expansion.
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Looking ahead, the air cargo services market is projected to see robust growth, estimated to reach $90 billion in 2028 at a compound annual growth rate CAGR of 6.4%. This forecast growth is attributed to evolving trade alliances, advances in pharma cold chain logistics, shifts in customs and regulatory landscapes, transportation needs for energy transition equipment, and advancements in space cargo and exploration. Trends that are expected to influence the market during the forecast period include smart cargo tracking solutions, predictive analytics powered by artificial intelligence AI, digitalization of cargo handling processes, collaboration in air cargo alliances, and the utilization of unmanned aerial vehicles UAVs for cargo delivery.
The rising development in the automotive industry is anticipated to propel the growth of the air cargo services market. The automotive industry comprises a network of companies and organizations involved in the design, development, manufacturing, marketing, selling, repairing, and modification of motor vehicles. Given the critical nature of timely delivery of components and spare parts in automotive manufacturing, air cargo services play an essential role. Any delay in delivery can result in production disruptions, and air cargo services can help in offsetting these challenges, supporting the just-in-time manufacturing processes.
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For instance, as per data from MarkLines Co. Ltd., a US-based online information service provider in the automotive industry, the US in 2022 recorded the sale of 1.287 billion units of light vehicles. This marked a 5.4% increase compared to the same month in the previous year. Also, sales of trucks and SUVs saw a 5.3% y-o-y growth, reaching 1.02 billion units, while passenger car sales increased by 5.7%, totaling 0.266 billion units. These increasing sales figures underscore the crucial role of the automotive industry in driving the growth of the air cargo services market.
The air cargo services market report features several key industry players, including Amazon.com Inc., China Railway Corporation, UPS Airlines, United Parcel Service Inc., Deutsche Post AG, FedEx Corporation, A.P. Møller-Mærsk A/S, United States Postal Service, American Airlines, Delta Airlines, United Airlines, Kuehne + Nagel International AG, The Emirates Group, Indian Railways, JSC Russian Railways, International Consolidated Airlines Group SA, Qatar Airways Company QCSC, LATAM Airlines, Japan Airlines Co. Ltd., Cathay Pacific Airways Limited, Cargolux Airlines International SA, China Airlines Ltd., Cargill Incorporated, Aeromexico Cargo, Gol Airlines, Azul Airlines, Magma Aviation Limited, China Airlines Cargo, South African Airways Cargo, Thai Airways Cargo.
Companies operating in the air cargo services market are putting increased focus on introducing logistics and delivery network cargo services in order to gain a competitive edge in the market. Logistics and delivery network cargo services comprise a series of activities and solutions within the transportation and supply chain industry, including management, transportation, and handling of goods and products along various stages of the supply chain.
The report segments the air cargo services market as follows –
By Type: Air Mail, Air Freight
By Service: Express, Regular
By Destination: Domestic, International
By End-User: Consumer Electronics, Retail, Third Party Logistics, Food And Beverages, Pharmaceuticals And Healthcare, Other End Users
Asia-Pacific was the largest region in the air cargo services market in 2023, with North America being the second largest. The report covers other regions such as Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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