Ocean freight and Air freight Market to Witness Huge Growth by 2029 -Kuehne + Nagel, DHL Group, DB Schenker Logistics, GEODIS, Nippon Express, Damco, KWE, Hitachi Transport, China Airlines Cargo, FedEx Express, UPS Airlines, Cathay Pacific Cargo, Korean A

The global air freight market was valued at $340.2 billion in 2021, and is projected to reach $866.8 billion by 2032, registering a CAGR of 5.6%.

The Ocean freight and Air freight research report studies primary and secondary research in order to analyze the data effectively. The market study further also draws attention to crucial industry factors such as global clients, potential customers, and sellers, which instigates positive company growth. In order to gauge the turning point of the businesses, significant market key players are also enlisted in order to deliver readers with in-depth analysis about industry strategies.

Air freight is a transportation mode of delivering fast-speed shipments via aircraft mostly for longer distances. Air freight contributes to the global economic development as the global economy relies on the capability to transport valuable and superior quality products rapidly to consumers across the world. Attributed to fast delivery speeds and temperature-sensitive space in aircraft, vaccines are usually sent via aircraft to help reach their required destination in time to be effective. According to the World Health Organization, vaccinations programs help prevent around 3 million child deaths annually. Air freight plays a crucial in delivering temperature-sensitive medications in the best conditions by means of state-of-the-art procedures and technologies. Although air freight accounts approximately 1% of the total freight activities by weight, and it is quite expensive to ship products via aircraft, it is quite valuable mode to transport jewelry, perishable items, pharmaceuticals, costly electronic items, and others.

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The report provides a comprehensive analysis of company profiles listed below:

Kuehne + Nagel, DHL Group, DB Schenker Logistics, GEODIS, Nippon Express, Damco, KWE, Hitachi Transport, China Airlines Cargo, FedEx Express, UPS Airlines, Cathay Pacific Cargo, Korean Air Caro

Ocean freight and Air freight Market Types:

Ocean freight, Air freight.

Ocean freight and Air freight Market Applications:

Agricultural, Automotive, Beverage, Electronic, Other

The study report offers a comprehensive analysis of Ocean freight and Air freight Market size across the globe as regional and country level market size analysis, CAGR estimation of market growth during the forecast period, revenue, key drivers, competitive background and sales analysis of the payers. Along with that, the report explains the major challenges and risks to face in the forecast period. Ocean freight and Air freight Market is segmented by Type, and by Application. Players, stakeholders, and other participants in the global Ocean freight and Air freight Market will be able to gain the upper hand as they use the report as a powerful resource.

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The air freight business is experiencing a transformation in technology and is evolving from an excessive usage of old mainframe systems to more adaptable interfaces employed for processes such as flight operations, revenue accounting, networking planning, and others. Moreover, the rising usage of cool-chain tech, robotics, automated systems, artificial intelligence (AI), Big Data, deep learning, IoT, and augmented & virtual reality across several operations is anticipated to boost the growth of the global air freight market over the forecast period.

Faster delivery of shipments as compared with other logistics solutions and rising popularity of consolidated airfreight service are anticipated to boost the growth of the air freight market during the forecast period. However, high costs associated with air freight solutions are expected to hinder the growth of the market.

The market segmentation is based on service, destination, end-use, and region. The service segment is divided into freight, express, mail, and other services. Depending on destination, the market is bifurcated into domestic and international. By end-use, it is fragmented into private and commercial. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key players operating in the global air freight market include Bolloré Logistics, DB SCHENKER, Deutsche Post AG, DSV Panalpina, Expeditors International of Washington, Inc., FedEx, Hellmann Worldwide Logistics, Kuehne+Nagel International AG, Nippon Express, and United Parcel Service, Inc.

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Rising popularity of consolidated air freight service
Air freight service providers offer four options for making the delivery. They are charter, standard, deferred, and consolidated. Consolidated air freight service provides the users with an economical method of transportation that offers the advantage of lower rates and reliable schedules, enabling their users to perfectly plan their supply chains. While air freight offers some advantages over ocean freight (a much cheaper logistics mode), such as quicker delivery times and less handling time of high-value goods, it at times faces low acceptance due to its high cost. However, air freight is a flexible transportation mode that can be custom-made to fit the client's needs. As the option of consolidated air freight service increases the feasibility of air freight services, several major companies, such as The Maersk Group, DSV, UPS, DHL, QATAR Cargo, and FedEx, offer consolidation services.

Consolidated air freight option gives the opportunity to the clients to bundle their consignment with a number of other items to create a full load, owing to which consolidated air freight becomes quite economical for moving the goods via plane. Moreover, consolidated freight is profitable to both delivery service companies and airlines as it is more cost-effective to fly an airplane with a full cargo load in comparison with flying an airplane with partial load. 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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