Air Cargo Market Growth at a CAGR of 5.80% by 2031

Air Cargo Market Size, Share, Growth Analysis, By Type of cargo(General cargo, perishable goods, pharmaceuticals, e-commerce parcels), By Service type(Express delivery, freight forwarding, charter services, and courier services), By Region - Industry Forecast 2024-2031
Global Air Cargo Market [https://www.skyquestt.com/report/air-cargo-market] size was valued at USD 131.09 Billion in 2022 and is poised to grow from USD 138.69 Billion in 2023 to USD 217.74 Billion by 2031, at a CAGR of 5.80% during the forecast period (2024-2031).

In recent times, the demand for air cargo is increasing exponentially due to the growing e-commerce sector and the rising popularity for quick and reliable delivery services. This is increasing the demand for air cargo because of its speed and extensive reach. This is increasing investment in infrastructure and technology to fulfil the increasing requirement for air cargo solutions. Furthermore, increase in online shopping and rising consumer preference for quick deliveries are also fueling the growth of the market.

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Air cargo not only provides the benefit of speed, but it also offers security and is well-equipped to manage shipments containing delicate items. These aircrafts are also used for transporting high-value and time-sensitive products like electronics, pharmaceuticals, perishable food items, and auto parts. The growth of these sectors depending on these products will also increase the demand for air services to transport the. Air cargo plays a vital part in efficiently and timely delivering products due to rapid technological advancements and global distribution of electronic goods.

Increasing Demand for Air Cargo to Provide Safe Delivery of Temperature-Sensitive Products

The growing demand for temperature-sensitive products is fueling the growth of the air cargo market. Cold chain industry stakeholders can face challenges and opportunities both while transporting and handling temperature-sensitive products. Furthermore, pharmaceutical firms are also immensely reliant on-air transport for speedy delivery of high-value, time, sensitive, and temperature-controlled products. It is possible to deliver products through air transport in an hour, unlike transportations like cargos, rail, or road that takes days and weeks to arrive. Moreover, it is also easier to get customs clearance as there is less inventory to offload compared to on-board cargo ships. Air freight is also the safest process of transportation because it needs very less amount of handling and airport safety processes are very strict and closely monitored.

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Growing International Trade to Increase Demand for Efficient Transportation of Products

The increasing international trade activities and the accelerating demand for efficient transportation of products across borders are mainly boosting the popularity for air freight market. The increasing sourcing of component, materials, and finished products by several organizations and business are also increasing the demand for air cargo, contributing to the growth of the market. Furthermore, the extensive movement of perishable and valuable products like luxury items, fresh produce, flowers, electronic items, pharmaceuticals, and more are also positively influencing growth of the market. In August 2023, China's Shenzehn Bao'an International Airport witnessed an increase in cross-border e-commerce from January to July. Such massive growth in international trade is fueling the growth of the air cargo market.

* In February 2022, Flexport conducted an advanced purchase for two large-scale cargo unmanned aerial vehicle designees from Natilus. These drones can carry up to 100 tons of cargo, making them competitors of conventional aircraft.
* In May 2023, ECS Group collaborated with the Air Cargo business unit of MSC. It will the organization's commercial partner fulfilling customer demand and increase capacity.
* In November 2022, cargo-partner launched a new air freight solution to and from Amsterdam. This solution particularly supports customers with the import and export of products from Asia.

This Market Consists of the Following Segments

Type of Cargo

* General Cargo
* Perishable Goods
* Pharmaceuticals
* E-Commerce Parcels

Service Type

* Express Delivery
* Freight Forwarding
* Charter Services
* Courier Services

Key Players Operating the Air Cargo Market

* FedEx Corporation (US)

* DHL International GmbH (Germany)

* Emirates SkyCargo (UAE)

* Cathay Pacific Airways Limited (Hong Kong)

* Korean Air Cargo (South Korea)

* Cargolux Airlines International S.A. (Luxembourg)

* Lufthansa Cargo AG (Germany)

* Singapore Airlines Cargo (Singapore)

* Air France-KLM Cargo (France/Netherlands)

* China Airlines Cargo (Taiwan)

* Qatar Airways Cargo (Qatar)

* Turkish Airlines Cargo (Turkey)

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Growing E-Commerce Sales to Increase Demand for Faster Deliveries

The rapid development in the e-commerce sector has shifted consumer market towards online platforms. In recent times, people are demanding quicker and streamlined deliveries. To fulfil these increasing requirements, e-commerce companies are relying heavily on the speed and efficiency of cross-border air transport. Moreover, e-commerce organizations are making use of inventory management strategies such as just-in-time inventory & drop shipping models for decreasing transportation expenditures and growing efficiency. However, air cargo is playing a significant part in backing up these tactics by guaranteeing there is timely movement of items. They are also letting companies to keep reduced inventories while fulfilling orders rapidly.

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