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Air Transport Global Market Report 2024 Market 2024 - By Size, Demand, Trends, Top Companies, Growth Drivers And Forecast 2033
Air Transport Global Market Report
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According to The Business Research Company's, The air transport market size has grown strongly in recent years. It will grow from $1016.38 billion in 2023 to $1085.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to economic growth, globalization, tourism and leisure travel, connectivity and accessibility.
The air transport market size is expected to see strong growth in the next few years. It will grow to $1394.51 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to emerging markets, global trade and e-commerce, urbanization, aircraft efficiency and sustainability, connectivity and network expansion. Major trends in the forecast period include sustainable aviation, digital transformation, air cargo and e-commerce, ultra-long-haul flights.
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Market Drivers and Trends:
The rise of e-commerce and online shopping is expected to propel the growth of the air transport market going forward. E-commerce, also known as electronic commerce, refers to the buying and selling of goods and services over the Internet or other electronic communication platforms. Air transport enhances e-commerce by ensuring timely and efficient delivery of products, expanding market reach for online retailers, and reducing delivery times for customers, fostering convenience and satisfaction. For instance, in September 2022, according to the International Trade Administration, a US-based Department of Commerce, consumer eCommerce now made up 30% of the UK's overall retail sector (up from 20% in 2020), with an annual e-commerce revenue of more than $120 billion. In 2021, 82% of people in the UK will have made at least one online purchase. Therefore, the rise of e-commerce and online shopping is driving the air transport market.
Major air transport companies prioritize innovative platforms like enhanced partner identification and connectivity to enhance operational efficiency and passenger experience and gain a competitive advantage. The Enhanced Partner Identification and Connectivity (EPIC) platform will help the worldwide air freight supply chain go digital. For instance, in March 2021, the International Air Transport Association, a Canada-based trade association, developed the EPIC platform for Enhanced Partner Identification and Connectivity. Through the rapid sharing of vital data like messaging capabilities and identities, EPIC streamlines the difficult process of creating digital links across the whole air cargo value chain.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
The Emirates Group, China Airlines Ltd., American Airlines Group Inc., Delta Air Lines Inc., United Airlines Inc., China Southern Airlines, Qatar Airways Company Q.C.S.C, Air France-KLM SA, Deutsche Lufthansa AG, FedEx Corporation, United Parcel Service Inc., Cathay Pacific Airways Limited, Cargolux Airlines International SA, Japan Airlines Co. Ltd., ANA Holdings Inc., International Consolidated Airlines Group SA, Magma Aviation Limited, Deutsche Post AG, Kuehne Nagel International AG, AirBridgeCargo Airlines LLC, Cargojet Inc., Gol Linhas Aereas Inteligentes SA, Azul Linhas Aereas Brasileiras S/A, Latam Airlines, Compania Panamena de Aviacion SA, Lufthansa Cargo AG, Korean Air Lines Co. Ltd., Singapore Airlines Ltd., Air China Limited, Turkish Airlines Inc., Air Canada Inc., Ethiopian Airlines Group, British Airways plc, Air India Limited, Malaysia Airlines Berhad, Philippine Airlines Inc., Vietnam Airlines Corporation, Garuda Indonesia (Persero) Tbk PT, Royal Jordanian Airlines.
Air Transport Market 2024 Key Insights:
• The air transport market size is expected to see strong growth in the next few years. It will grow to $1394.51 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Rising E-Commerce's Drives Content Transport Services Market Growth
• Enhanced Partner Identification And Connectivity (EPIC) Transforms The Air Cargo Supply Chain
• Asia-Pacific was the largest region in the air transport market in 2023
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