According to our new research study on “Air Cargo Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Air Mail and Air Freight), Service (Express and Regular), and End User (Retail, Pharmaceutical & Healthcare, Food & Beverage, Consumer Electronics, Automotive, and Others). The air cargo market is expected to grow from US$ 130.19 billion in 2021 to US$ 223.29 billion by 2028; it is estimated to grow at a CAGR of 8.0% from 2021 to 2028.
Online retailing attracts more prospective customers than brick and mortar based competitors due to the global scale of the internet. In addition, e-commerce market players opt from a variety of logistics options such as the surface transport and air transport, to deliver packages to their customers. Therefore, as the global e-commerce market is heating up, varying buying patterns and trends have been observed in different countries of the regions. Majority of the purchase is influenced by the demographics of the country such as the percentage of youth population indulging in e-commerce activity, the economy of the country, age group interested in e-commerce, and the level of awareness in the country. Thus, e-commerce is a future growth driver for the air cargo industry, as online shopping is boosting the demand for parcel delivery services worldwide. Air cargo is well-positioned to serve their needs and deliver their goods globally with speed, efficiency, and reliability. The fast-growing cross-border e-commerce market remains a key driver in addition to rising domestic volumes sent by large and small e-retailers.
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Companies Profiled in this report includes: ANA Cargo, Cargolux, Cathay Pacific Airways Limited, DHL International GmbH (Deutsche Post DHL Group), Emirates SkyCargo, Etihad Cargo, FedEx Corporation, United Parcel Service of America, Inc., Zela Aviation The Air Charter Company, Lufthansa Cargo AG
Impact of COVID-19 Pandemic on North America Air Cargo Market
North America is engaging in development and adoption of new technologies due to favorable government policies to boost innovation and strengthen the infrastructure capabilities. The Canadian government is anticipated to aid the sector, including financial support to airlines. In addition, the US Government has vastly supported its airlines during the crisis, and there are still hopes for a second support package. According to the statistics by the International Air Transport Association (IATA), the industry-wide cargo ton-kilometers (CTKs), the month-on-month CTKs showed the fastest growth since May, at 3.7% in 2020. The rebound of the industry rebound is largely driven by North American airlines. North American airlines also performed strongly in September 2020. This can be attributed to the increasing Asia-North America trade lanes due to strong demand for goods manufactured in Asia from domestic markets in the US. Moreover, the domestic market in North America has been significantly outperforming the region’s international routes due to the rising popularity of e-commerce since Q2 of 2020 when the country went into strict lockdown. Hence, the air cargo market in the region has been positively influenced by the pandemic.
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Key Findings of Study:
The global air cargo market has been segmented into five major regions – North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). APAC led the global air cargo market with a revenue share of ~34.84 in 2020. The dominance of APAC market is attributed to the growth of e-commerce in countries such as China and India. Another important factor is the presence of technologically advanced industries in countries such as China and Japan. The increased adoption of Industry 4.0, together with rising advancements in manufacturing and machinery tools, is propelling the air cargo market growth. Furthermore, the willingness to invest in advanced components by the manufacturing industries in these countries is adding to the growth of the market. Such factors are expected to propel the growth of air cargo market in the region.
The report segments the global air cargo market as follows:
By End User
Pharmaceutical & Healthcare
Food & Beverage
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