Press release
Air Freight Market Report : Assessing Growth Trends and Analysis 2024-2033
"Air Freight Market
The Business Research Company offers in-depth market insights through Air Freight Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The air freight market size has grown strongly in recent years. It will grow from $300.7 billion in 2023 to $320.8 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to footwear personalization, biometric foot mapping, health and wellness integration, connected footwear ecosystem, fashion-tech integration.
The air freight market size is expected to see strong growth in the next few years. It will grow to $396.84 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to adaptive learning algorithms, environmental sustainability, health monitoring and feedback, integration with smart assistants, augmented reality (ar) retail experiences. Major trends in the forecast period include material innovation, smart insole technology, collaborations and limited editions, dynamic style customization, adaptive and responsive design.
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Market Segmentation:
The air freight market covered in this report is segmented -
1) By Service: Freight, Express, Mail, Other Services
2) By Destination: Domestic, International
3) By End Use: Pharmaceutical, Personal Care, Chemicals, Automobile, Fashion, Other End Users
Major Driver - Fast-Delivery Services Fueling Growth in the Air Freight Market
The escalating demand for fast-delivery services is expected to propel the growth of the air freight market going forward. Fast-delivery services are specialized logistics and transportation solutions designed to ensure the rapid and timely delivery of goods, packages, or shipments from one location to another. Air freight is known for its unparalleled speed compared to other modes of transportation like sea or land. This rapid transportation enables companies to meet tight delivery deadlines and reduces the overall transit time for goods. For time-sensitive and high-value products, such as perishable goods, pharmaceuticals, and electronics, air freight is often the preferred mode of transportation. For instance, according to ShippyPro, an Italy-based software company, by 2023, it is expected that there will be 1.2 billion packages delivered in France and the UK, and this number is projected to increase to 1.9 billion parcels by 2027. Additionally, the same-day delivery market is expected to grow significantly, with an estimated 260 to 521 million items delivered on the same day by 2027, up from 70 million in 2022. Therefore, the escalating demand for fast-delivery services is driving the growth of the air freight market.
Competitive Landscape:
Major companies operating in the air freight market report are Deutsche Post AG, United Parcel Service Inc., FedEx Corporation, Deutsche Bahn AG, Delta Air Lines Inc., American Airlines Inc., Kuehne+Nagel International AG, DSV Panalpina A/S, Southwest Airlines Co., Expeditors International Inc., British Airways plc, Singapore Airlines Limited, Korean Air Lines Co. Ltd., UPS Supply Chain Solutions Inc., Air China Limited, XPO Logistics Inc., TNT Express BV, Kintetsu World Express Inc., Bollore Logistics, Cathay Pacific Airways Limited, Hellmann Worldwide Logistics SE & Co. KG, Cargolux Airlines International S.A., Lufthansa Cargo AG, ANA Cargo Inc., Yusen Logistics Co. Ltd., Qatar Airways Company Q.C.S.C., Nippon Express Co. Ltd., Etihad Airways PJSC, Agility Logistics Pvt. Ltd., CEVA Logistics Ltd.
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