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Global Air Cargo Market to 2027 - Analysis and Forecasts Lead by Lufthansa Cargo AG, Emirates SkyCargo, FedEx, Cargolux, Cathay Pacific Airways, EtihadCargo

04-01-2019 05:17 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: The Insight Partners

Air Cargo Market

Air Cargo Market

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.

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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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.

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.

With the constant increase in the demand for air cargo, several players operating in the supply chain are significantly investing to efficiently compete in the market. Moreover, with the growing demand for air cargo from the pharmaceutical industry, the market players are making necessary strides in technology to cope up the fast-growing pharmaceuticals market demand. 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.

Many air cargo carriers are capitalizing on the sturdy growth in Asia Pacific, particularly Southeast Asian countries including Vietnam, Cambodia, and Indonesia. These countries are witnessing high growth due to a considerable relocation of manufacturing from China to these countries. Moreover, governments of economies in the Asia Pacific region are investing in building logistics hub such as KLIA Aeropolis in Malaysia. Further, countries such as Vietnam is a major agro-forestry-fisher exporter. Emirates SkyCargo, a Dubai based carrier stated that the volume of fruit exports from Vietnam to Dubai has increased significantly during the past few years. With the increasing volume of exports, in 2018 the Emirates SkyCargo signed an MoU with the Investment and Tourism Promotion Centre of Ho Chi Minh City, Vietnam to cooperatively explore opportunities for promoting trade to and from Vietnam.

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The report segments the global air cargo market as follows:

Global Air Cargo Market - By Type

Air Mail
Air Freight
Global Air Cargo Market - By Service

Express
Regular
Global Air Cargo Market - By End-user

Retail
Pharmaceutical & Healthcare
Food & Beverage
Consumer Electronics
Automotive
Others
Global Air Cargo Market - By Geography

North America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia Pacific (APAC)

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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, Healthcare, Manufacturing, Automotive and Defense.

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