Air Freight Market Outlook 2024: Industry Companies, Analysis Report and Forecast 2032

IMARC Group's report titled "Air Freight Market Report by Service (Freight, Express, Mail, and Others), Destination (Domestic, International), End User (Private, Commercial), and Region 2024-2032" , Offers a comprehensive analysis of the industry, which comprises insights on the market.

What is the outlook for the air freight market in 2024?

The global air freight market size reached US$ 303.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 481.2 Billion by 2032, exhibiting a growth rate (CAGR) of 5.1% during 2024-2032

For an in-depth analysis, you can refer sample copy of the report : https://www.imarcgroup.com/air-freight-market/requestsample

Factors Affecting the Growth of Air Freight Industry:

• Rapid E-Commerce Boom:

The exponential growth of e-commerce has significantly impacted the global air freight industry. As consumers increasingly turn to online shopping, businesses are striving to meet the demand for quick and efficient deliveries. This rise in online retail has driven a substantial increase in the shipment of goods via airfreight. E-commerce companies and traditional retailers alike are leveraging air cargo services to ensure timely delivery of products to consumers, thereby enhancing their competitiveness in the market. Air freight offers several advantages for e-commerce businesses, including rapid transit times, reduced lead times, and the ability to ship products globally. This aligns with the consumer expectations of fast and reliable deliveries. As a result, e-commerce giants and smaller retailers are investing heavily in air cargo capacity, leading to a sustained growth trajectory for the air freight industry.

• Global Supply Chain Disruptions:

Recent global events such as the COVID-19 pandemic and natural disasters have exposed vulnerabilities in supply chains heavily reliant on sea and land transportation. These disruptions have underscored the need for resilient and flexible logistics solutions, with air freight emerging as a key player in mitigating supply chain risks. The agility and speed of air freight have proven invaluable in times of crisis. It allows companies to bypass congested ports, transport essential medical supplies, and maintain the flow of critical goods. Businesses are now reevaluating their supply chain strategies, opting to diversify their transportation modes by incorporating more air cargo services to reduce dependency on vulnerable routes.

• High-Value and Time-Sensitive Cargo:

The demand for air freight services is driven by the transportation of high-value and time-sensitive cargo. Industries such as pharmaceuticals, electronics, aerospace, and automotive rely heavily on airfreight to meet their specific requirements. Pharmaceuticals, for instance, require strict temperature control and quick delivery to maintain the integrity of vaccines and medicines. Similarly, the automotive sector relies on air cargo to transport critical components for just-in-time manufacturing processes. The speed and reliability of air freight make it the preferred mode of transportation for such industries, ensuring the delivery of goods within stringent timelines.

Leading Companies Operating in the Global Air Freight Industry:

• American Airlines Inc.
• ANA Cargo Inc.
• Bolloré Logistics
• Cargolux Airlines International S.A.
• Delta Air Lines Inc.
• Deutsche Bahn AG
• Deutsche Post AG
• DSV A/S
• Expeditors International of Washington Inc.
• FedEx Corporation
• Hellmann Worldwide Logistics SE & Co. KG
• Kuehne + Nagel International AG
• Nippon Express Co. Ltd.
• Qatar Airways
• United Parcel Service Inc.

Ask Analyst for Customization and Explore Full Report with TOC & List of Figure : https://www.imarcgroup.com/request?type=report&id=5171&flag=C

Air Freight Market Report Segmentation:

By Service:

• Freight
• Express
• Mail
• Others

Freight services dominate the market due to the fundamental role they play in facilitating the movement of goods, serving as the backbone of global trade and commerce.

By Destination:

• Domestic
• International

International holds maximum number of shares due to the increasing globalization of trade, which drives the demand for cross-border shipping and the need for efficient international freight services.

By End User:

• Private
• Commercial

Commercial represents the largest segment due to the extensive use of market research and consulting services by businesses to gain insights, make informed decisions, and maintain competitiveness in their respective industries.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific's dominance in the air freight market is attributed to its extensive manufacturing base, rising consumer demand, and strategic location for international trade, making it a hub for both production and consumption, thus driving significant air freight activity.

Global Air Freight Market Trends:

The adoption of advanced technologies in cargo tracking and handling has played a pivotal role in the growth of the air freight industry. Innovations such as IoT (Internet of Things) sensors, RFID (Radio-Frequency Identification), and real-time tracking systems have enhanced the transparency and security of air cargo operations. These technologies provide real-time data on the location, condition, and status of shipments, reducing the risk of theft, damage, and loss. As a result, businesses have greater confidence in air freight services, further driving its demand.

Additionally, to cater to the diverse needs of various industries, airlines and logistics providers have expanded their specialized air cargo services. This includes dedicated cold chain logistics for temperature-sensitive goods, such as pharmaceuticals and perishables, as well as services for oversized or heavy cargo such as machinery and equipment. These specialized offerings have opened up new opportunities for industries with unique transportation requirements, leading to increased utilization of air freight.

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