The global air cargo market valued at US$ 102.00 Bn in 2018 and is expected to grow at a CAGR of 4.1% during the forecast period 2019 – 2027, to account to US$ 145.20 Bn by 2027.
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Some of the key players operating in the air cargo market includes FedEx Express, UPS Airlines, DHL Aviation, Emirates, Cathay Pacific Airways, Korean Air Cargo, Lufthansa, Singapore Airlines Cargo, China Airlines, British Airways, Cargolux, ANA CARGO, and Zela Aviation The Air Charter Company among others.
Although global economic growth is estimated to surge in aggregate during the forecast period, this covers a broad range in regional as well as country-level performance. Economic activity in the developed economies is anticipated to grow at a similar pace as they were during the past five years, with moderate slowdowns in the US and Japan, being compensated by sturdier growth in the Eurozone. The latter is expected to support incoming demand for air cargo into Europe on the major trade lanes between North America and Asia.
Asia Pacific dominates the global air cargo market, followed by Europe. The growth in Asia Pacific region is highly influenced by the burgeoning e-commerce market in the developing economies of the region, as well as, the presence of strong manufacturing sector. The strong e-commerce sector of the region has resulted in increased cross-border e-commerce sales. For instance, air cargo hubs are becoming gradually important for the e-commerce growth, as e-commerce giants, integrators as well as carriers are strengthening their package sorting and automation competences, coupled with expanding networks with an aim to acquire a larger portion of the growing demand.
Moreover, airports is the ASEAN countries are amongst the fastest growing globally, with shifting of manufacturing facilities into the region. This shift is attributed to increasing manufacturing costs in China, and concerns related to unstable trade relations between the US and China. ASEAN economic ministers have also signed an agreement for supporting the acceleration of cross-border e-commerce among ASEAN members. With the expected growth in ASEAN air cargo market, Turkish Cargo announced addition of freighter routes to Vietnam from Europe to its flight network. For this, the company acquired three of the freighters since 2017. Southeast Asia is a promising region for the air cargo market however, there are concerns among the air cargo operators related to the bandwidth the region can deliver for freighter operations if the economies do not adequately develop their infrastructure and policies.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Media, Healthcare and Telecommunication industries.