Air cargo plays a pivotal role in the global movement of consumer goods, machinery, and raw materials that facilitate international trade. It involves the transportation of goods via aircraft and serves consumer and industrial customers worldwide. The market features key products like air freight, express freight, mail bags, and aircraft space which help businesses meet time-sensitive delivery needs. Rising e-commerce demand for quick deliveries has boosted the need for advanced logistics solutions.
The global Air Cargo and Freight Logistics Market is estimated to be valued at US$ 429.5 billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing penetration of E-commerce has been a key driver of growth for the air cargo and freight logistics market over the past decade. Explosive growth in online shopping has placed rising demands on delivery networks to complete time-sensitive deliveries across long distances. Air transport plays an indispensable role in facilitating global e-commerce by enabling next-day and same-day international deliveries. It allows e-tailers and retailers to effectively serve an increasingly digital customer base that expects fast fulfillment of online orders. As e-commerce sales continue gaining momentum worldwide, the need for advanced air cargo logistics is projected to accelerate significantly, driving further gains in the market over the forecast period.
Segment Analysis
Air cargo and freight logistics market is segmented by service into forwarding, freight, storage, and value-added services. The forwarding segment dominates the market and is expected to continue its dominance over the forecast period. Air freight forwarding handles time-sensitive and high value goods and assists shippers with documentation and logistical needs. This reduces the operational challenges and fulfillment time for manufacturers and sellers shipping goods via airways
Key Takeaways
The global Air Cargo And Freight Logistics Market Share is expected to witness high growth over the forecast period. The global Air Cargo and Freight Logistics Market is estimated to be valued at US$ 429.5 billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Regional analysis:
North America is currently the largest regional market for air cargo and freight logistics. This is attributed to robust air cargo volumes and strong industrial activity in the US and Canada. However, Asia Pacific region is expected to register the fastest growth through 2030 led by countries such as China, India, Japan. Majority of global freight traffic is witnessed between Asia and North America thereby offering huge opportunities for freight logistics companies in the region.
Key players:
Key players operating in the air cargo and freight logistics market are Deutsche Post DHL Group, United Parcel Service Inc., FedEx Corporation, Kuehne + Nagel International AG, DB Schenker, Korean Air Caro, Cathay Pacific Cargo, CEVA Logistics, China Airlines Cargo. These players are focusing on acquisition and collaboration strategies to expand geographic footprint and service offerings.
For more insights, read- https://www.ukwebwire.com/air-cargo-and-freight-logistics-market-trends-size-and-share-analysis/
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