IMARC Group, a leading market research company, has recently releases report titled “Air Freight Market Report by Service (Freight, Express, Mail, and Others), Destination (Domestic, International), End User (Private, Commercial), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global air freight market.
How Big Is the Air Freight Market?
The global air freight market size reached US$ 303.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 481.2 Billion by 2032, exhibiting a growth rate (CAGR) of 5.1% during 2024-2032.
Industry Overview of Air Freight
Air freight refers to transportation of goods via an air carrier, which can be charter or commercial. It offers a faster method of transporting goods internationally or domestically, ensuring timely delivery and maintaining the integrity of perishable items. It is categorized based on the method of transportation, urgency of shipment, and the nature of the goods being transported. It travels from commercial and passenger aviation gateways to anywhere planes can fly and land. It provides rapid delivery and optimal security and can transport high-value items over vast distances. It is a reliable service due to its strict flight schedules that ensure timely arrivals and departures. It provides real-time tracking, giving businesses better shipment control. It aids in connecting companies and making intercontinental trade feasible and efficient.
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What are the growth prospects and trends in the air freight industry?
The increasing utilization of e-air freight by e-commerce companies to deliver goods to customers in various parts of the world represents one of the vital factors impelling the growth of the market. Additionally, the rising number of advancements in aircraft technology, allowing for larger cargo capacities and fuel-efficient journeys, is supporting the market growth.
Besides this, the growing complexities in the supply chain of pharmaceuticals and perishable goods, which require comprehensive cold storge, are offering a favorable market outlook. Moreover, the increasing number of strategic partnerships and alliances between airlines for optimizing routes and streamlining operations is propelling the market growth. In addition, the rising addition of artificial intelligence (AI) and internet of things (IoT) to enhance cargo tracking, capacity management, and route optimization is contributing to the market growth.
Furthermore, the growing focus on security and safety in the air cargo industry is facilitating investments in advanced screening technologies and stricter regulatory measures. Apart from this, the increasing demand for premium products or services that need swift deliveries are encouraging companies to opt for faster shipping methods like air freight.
Leading Companies Operating in the Global Air Freight Industry:
- American Airlines Inc.
- ANA Cargo Inc.
- Bolloré Logistics
- Cargolux Airlines International S.A.
- Delta Air Lines Inc.
- Deutsche Bahn AG
- Deutsche Post AG
- DSV A/S
- Expeditors International of Washington Inc.
- FedEx Corporation
- Hellmann Worldwide Logistics SE Co. KG
- Kuehne + Nagel International AG
- Nippon Express Co. Ltd.
- Qatar Airways
- United Parcel Service Inc.
Air Freight Market Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Service:
- Freight
- Express
- Others
Breakup by Destination:
- Domestic
- International
Breakup by End User:
- Private
- Commercial
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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