Air Cargo Services Market Report 2024 - Air Cargo Services Market Trends And Growth

"The Business Research Company recently released a comprehensive report on the Global Air Cargo Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:
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.

Major companies operating in the air cargo services market are increasing their focus on introducing logistics and delivery network cargo services to gain a competitive edge in the market. Logistics and delivery network cargo services encompass a range of activities and solutions within the supply chain and transportation industry. These services involve the management, transportation, and handling of goods, materials, and products as they move through the various stages of the supply chain, from production and storage to distribution and final delivery to end-users or customers. For instance, in January 2023, Amazon Air, a US-based cargo airline, launched its dedicated air cargo fleet, Amazon Air, in India, making it the first e-commerce company in the country to have its own air network. Amazon Air will utilize the cargo capacity of two Boeing 737-800 aircraft operated by Quikjet Cargo Airlines. Each Amazon Air aircraft will ship thousands of packages every day and fly across Hyderabad, Bengaluru, Delhi, and Mumbai. Amazon Air will help ship goods faster from Amazon's fulfillment centers to last-mile deliveries.

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Major Key Players of the Market:
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

Air Cargo Services Market 2024 Key Insights:
• 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%.
• Air Cargo Services Market To Benefit From Growing Automotive Industry
• Air Cargo Companies Focus On Logistics And Delivery Network Services To Gain Competitive Edge
• Asia-Pacific was the largest region in the air cargo services market in 2023

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This release was published on openPR.