Press release
Air Cargo Services Market: Latest Insights, Growth Rate, Future Trends And Forecast To 2033
Air Cargo Services Market
The Business Research Company presents an extensive market research report on the Air Cargo Services Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The air cargo services market size has grown strongly in recent years. It will grow from $66.1 billion in 2023 to $70.28 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to globalization of trade, time-sensitive shipments, manufacturing supply chains, automotive and electronics industry, oil and gas equipment transport.
The air cargo services market size is expected to see strong growth in the next few years. It will grow to $90 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to evolving trade alliances, pharma cold chain logistics, customs and regulatory changes, energy transition equipment transport, space cargo and exploration. Major trends in the forecast period include smart cargo tracking solutions, ai and predictive analytics, digitalization of cargo handling, collaboration in air cargo alliances, unmanned aerial vehicles (uavs) for cargo delivery.
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Key Market Players:
Major companies operating in the air cargo services market report are 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
Market Drivers:
The growing automotive industry is expected to propel the growth of the air cargo services market going forward. The automotive industry refers to a sector that involves various companies and organizations engaged in the design, development, manufacturing, marketing, selling, repairing, and modification of motor vehicles. Air cargo services play a crucial role in the automotive industry by ensuring the timely delivery of critical components and spare parts, minimizing production delays, and supporting just-in-time manufacturing processes. For instance, in December 2022, according to MarkLines Co. Ltd., a US-based provider of online information services to the automotive industry, there were 1.287 billion units of light vehicles sold in the US in 2022, a 5.4% increase from the same month in 2021. Also, truck and SUV sales increased 5.3% from December 2021 to 1.02 billion units, while passenger car sales increased 5.7% to 0.266 billion units. Therefore, the growing automotive industry is driving the growth of the air cargo services market.
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https://www.thebusinessresearchcompany.com/report/air-cargo-services-global-market-report
The air cargo services market covered in this report is segmented -
1) By Type: Air Mail, Air Freight
2) By Service: Express, Regular
3) By Destination: Domestic, International
4) By End-User: Consumer Electronics, Retail, Third Party Logistics, Food And Beverages, Pharmaceuticals And Healthcare, Other End Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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