Press release
Air Transport Industry to See Robust Expansion, Valued at $1369.7 Billion by 2029
Air Transport
What Is the Projected CAGR for the Air Transport Market from 2024 to 2025?
The size of the air transport market has seen robust growth in the past few years. It is projected to expand from $986.21 billion in 2024 to $1049.48 billion in 2025, showing a compound annual growth rate (CAGR) of 6.4%. Factors contributing to growth in the preceding years include economic growth, globalization, tourism, leisure travel, as well as improved connectivity and accessibility.
What are the Expected Market Size and CAGR for Air Transport by 2029?
In the upcoming years, a considerable surge in growth is anticipated in the air transport market. It is projected to expand at a compound annual growth rate (CAGR) of 6.9%, reaching $1369.7 billion in the year 2029. This anticipated growth over the forecast period is primarily attributable to factors such as emerging markets, escalation in global trade and e-commerce activities, urbanization, increased aircraft efficiency and sustainability, as well as network expansion and connectivity. The forecast period is marked by significant trends including sustainable aviation, digital transformation, the growth of air cargo and e-commerce, and ultra-long-haul flights.
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What Are the Strategic Drivers Boosting Air Transport Market Performance?
The growth of the air transport market is anticipated to be driven by the burgeoning e-commerce and online shopping trend. Electronic commerce, also referred to as e-commerce, involves the online trade of products and services through the Internet or other digital modes of communication. The efficiency and punctuality of air transport bolster e-commerce by extending the market access for online vendors and diminishing delivery durations for consumers, boosting convenience and contentment. For instance, the U.S. Census Bureau, a governmental entity in the U.S., reported that in August 2024, the retail e-commerce sales in the U.S. for the second quarter soared to $282.3 billion, marking a 5.3 percent (±0.7) increase from the first quarter of 2023. Thus, the expansion of e-commerce and online shopping is acting as a catalyst for the air transport market.
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Which Segment Currently Holds the Largest Share of the Air Transport Market?
The air transport market covered in this report is segmented -
1) By Type: Passenger Air Transport, Chartered Air Transport, Air Cargo Services
2) By Distance: Long-Distance, Short-Distance
3) By End-Use: Private, Commercial
Subsegments:
1) By Passenger Air Transport: Domestic Passenger Air Transport, International Passenger Air Transport, Low-Cost Carrier (LCC) Air Transport, Full-Service Carrier (FSC) Air Transport
2) By Chartered Air Transport: Private Charter Flights, Business Charter Flights, Air Ambulance Services
3) By Air Cargo Services: Express Air Cargo, Freight Forwarding Services, Air Freight Services, Cold Chain Logistics
Which Major Trends Are Shaping the Future of the Air Transport Industry?
In the air transportation industry, leading businesses are directing their efforts towards inventing innovative technological solutions, such as the NextGen eVTOL aircraft, to cater to the burgeoning urban air mobility market. NextGen eVTOL aircraft are progressive electric-powered vehicles engineered for urban air mobility, facilitating vertical take-off and landing in restrictive spaces while serving as efficient, environmentally-friendly urban transit options. For example, Airbus SE, a Netherlands-based Aerospace Corporation, launched the CityAirbus NextGen, a fully electric vertical take-off and landing (eVTOL) aircraft prototype, in March 2024, representing substantial progress in the urban air mobility sphere. The CityAirbus, with a wingspan measuring about 12 meters, being in the two-ton weight category, and having a flight range capability of up to 80 kilometers, is designed to accommodate one pilot and three passengers with the speed of 120 kilometers per hour. The CityAirbus NextGen features fixed wings, a V-shaped tail and eight electric-powered propellers configured in a distributed propulsion system for augmented safety and efficiency.
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Which Key Players Dominate the Air Transport Industry Globally?
Major companies operating in the air transport market include 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.
What Are the Fastest-Growing Regions in the Air Transport Market?
Asia-Pacific was the largest region in the air transport market in 2024. North America was the second largest region in the air transport market. The regions covered in the air transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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