Air Freight Market Top Key Players - China Airlines Cargo, FedEx Express, UPS Airlines, Cathay Pacific Cargo, DHL Aviation, Korean Air Caro, Cargolux

The air freight market is being propelled by the growth in demand of pharmaceuticals as well as medical devices. Despite being a costlier mode of transportation the demand of perishables, as well as rising demand for JIT (Just in Time) production of goods created a massive demand for air freight services globally.

Air freight consolidation is the most affordable way to ship goods in a faster & safer way, and the rising popularity of consolidated air freight service is expected to drive the growth of the global air freight market over the forecast timeframe.

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AIR FREIGHT MARKET SIZE AND FORECAST

The increase in market size and revenue is attributed to three major factors:
1. Synchronized Global Economic Expansion
2. Increased Industrial Output
3. World Trade Growth

Additionally, global air transports plan to tie up with logistic service providers to create an efficient supply chain concerning freight forwarding, storage capability, and customs clearance. Air cargo continues to face significant challenges, such as fallen global trade volumes, global economic activity, and weakening consumer confidence, indicating further declines.

AIR FREIGHT MARKET SEGMENTATION

By Service
• Forwarding
• Airlines
• Mail
• Other Services

By End-Users
• Consumer Electronics
• Food and Beverages
• Pharmaceuticals and Healthcare
• Retail
• Third Party Logistics
• Chemicals
• Manufacturing

By Destination
• Domestic
• International

By Geography
• Asia-Pacific
• North America
• Europe
• Middle East & Africa
• Latin America

THE COVID IMPACT ON AIR FREIGHT MARKET

The spread of COVID, has almost halted the travel industry, which remarkably had an adverse on cargo capacity.

With most planes grounded, there were no practical way to deliver the freight by air. In March and April 2020, cargo capacity declined by 22.7% and 42% annually. The belly-cargo has been impacted even worse, their capacity has gone down by as much 45% in March and 75% in April.

COMPETITIVE LANDSCAPE

Global air freight industry is dominated by major players operating in multiple regions across the world. One of the top air freight carriers, FedEx Corporation, has a footprint and air cargo hubs in foremost gateways. Additionally, the company acquired regional express players to further increase its service range.

For logistics players to succeed, the storage facilities need to be developed to assist the global increase in air transport. SEZ (Special economic zones), FTZ (Free trade zones), cold storage facilities, and bonded warehouses are anticipated to furnish significant warehousing needs for freight forwarding in and out of the airport soon.

COMPANIES PROFILED

China Airlines Cargo
FedEx Express
UPS Airlines
Cathay Pacific Cargo
DHL Aviation
Korean Air Caro
Cargolux
Lufthansa Cargo
Singapore Airlines Cargo
Emirates Sky Cargo
Japan Airlines Co. Ltd.
All Nippon Airways Co. Ltd. (ANA)
CEVA Logistics
International Consolidated Airlines Group SA
Expeditors International

Read More Information: https://mobilityforesights.com/product/air-freight-market/

Contact:
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This release was published on openPR.