Rising popularity of consolidated air freight services is a major factor driving air freight market revenue growth
Vancouver, Nov. 21, 2023 (GLOBE NEWSWIRE) — The global air freight market size is expected to reach USD 587.22 Billion in 2032 and register a steady revenue CAGR of 5.7% over the forecast period, according to the latest analysis by Emergen Research. Rising demand for air freight in healthcare industries for rapid transportation of critical supplies and pharmaceuticals is a key factor driving market revenue growth. The pharmaceutical and healthcare sectors are witnessing rapid growth due to rising global demand for medical supplies and medications, making reliable transportation a crucial aspect of their success.
Air freight has become a vital transportation method for these industries, offering speed, efficiency, and dependability. The pharmaceutical and healthcare sectors favor air freight for its swiftness, security, and effectiveness, facilitating the delivery of critical medical supplies to remote areas, due to time-sensitive nature of their materials. This mode of transport also meets specialized requirements for handling and temperature control, ensuring safe transit of sensitive products such as vaccines, biologics, and blood components. In addition, air cargo carriers are equipped with advanced facilities and equipment to maintain the safety and quality of medical goods throughout their journey, hence driving revenue growth of the market.
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However, high operating cost of air freight is limiting the transportation of value goods, could restrain market revenue growth. The demand for air freight is constrained by its relatively high cost, typically ranging from 4 to 5 times that of road transport and 12 to 16 times that of sea transport. Air freight rates typically fall within the range of USD 1.50 to USD 4.50 per kilogram, and the value of air cargo generally exceeds USD 4.00 per kilogram. As a result, commodities shipped by air are typically characterized by their high unit values or extreme time sensitivity, encompassing items such as documents, pharmaceuticals, fashion garments, production samples, consumer electronics, and perishable agricultural and seafood products.
Air freight exports have faced limited demand from landlocked developing countries, mainly because most businesses in these regions deal with low-value and small-volume goods. On the other hand, air freight imports often comprise high-value consumer products. In addition, recent rise in oil prices has made fuel account for nearly half of the annual aircraft operating costs, whether for cargo or passenger transport.
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Air Freight Report Summary
|Market Size in 2022||USD 335.00 Billion|
|Revenue Forecast To 2032||USD 587.22 Billion|
|Base Year For Estimation||2022|
|Quantitative Units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Service, destination, carrier type, freight type, end-use, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, UK, France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa|
|Key Companies Profiled||Bolloré Logistics, DB Schenker, Deutsche Post AG, DSV – Global Transport and Logistics, Expeditors International of Washington, Inc., FedEx, Hellmann Worldwide Logistics, Kuehne+Nagel, Nippon express holdings, United Parcel Service of America, Inc., C.H. Robinson Worldwide, Inc., XPO, Inc., CEVA Logistics, Agility, Ceva, DACHSER, GEODIS, Maersk, Rhenus Group, and Qatar Airways|
|Customization Scope||10 hours of free customization and expert consultation|
Some major players included in the global air freight market report are:
- Bolloré Logistics
- DB Schenker
- Deutsche Post AG
- DSV – Global Transport and Logistics
- Expeditors International of Washington, Inc.
- Hellmann Worldwide Logistics
- Nippon express holdings
- United Parcel Service of America, Inc.
- C.H. Robinson Worldwide, Inc.
- XPO, Inc.
- CEVA Logistics
- Rhenus Group
- Qatar Airways
Air Freight Latest Industry News
On 23 January 2023, Amazon.com Inc. introduced a specialized air cargo service in India, known as Amazon Air, in a bid to enhance and accelerate deliveries within one of its crucial markets marked by rapid e-commerce sales growth. The company has made an investment in the Indian cargo carrier Quikjet, which will be solely responsible for shipping Amazon packages across four major Indian cities. Opting for a dedicated cargo service allows Amazon to exercise greater control over expenses and flight timetables while also cutting down delivery times for a broader spectrum of products.
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Some Key Highlights From the Report
- The international segment is expected to account for largest revenue share in the global air freight market during the forecast period. This is due to increasing use of international air freight to transport products in a significantly short time, maintain product freshness, and ensure safe usability. When contemplating the use of international air freight for shipping goods, international air freight proves exceptionally valuable when serving a widely dispersed customer base, ensuring the punctual delivery of packages. This is particularly crucial for international shipments, where the ability to reach various destinations on time is of paramount importance. Furthermore, owing to the expeditious nature of air freight, it serves as an excellent choice for transporting perishable items, guaranteeing that customers receive their goods prior to their expiration.
- The e-commerce logistics segment is expected to register steadily fast revenue growth rate in the global air freight market over the forecast period. This is because major players in the global e-commerce arena, such as Amazon, have dramatically transformed the air freight sector by introducing the concept of complimentary two-day delivery, prompting many other online retailers to adopt a similar model. This shift has essentially made air freight the sole option for consumers seeking timely delivery of their purchases. Nevertheless, a substantial 65% of online shoppers are willing to pay extra for expedited delivery services, and 85% of consumers expect comprehensive visibility into shipping timelines prior to making an online purchase. Technologies, such as blockchain, provide customers with the capability to track their shipments at virtually every stage of the shipping process.
- On 23 January 2023, Amazon.com Inc. introduced a specialized air cargo service in India, known as Amazon Air, in a bid to enhance and accelerate deliveries within one of its crucial markets marked by rapid e-commerce sales growth. The company has made an investment in the Indian cargo carrier Quikjet, which will be solely responsible for shipping Amazon packages across four major Indian cities. Opting for a dedicated cargo service allows Amazon to exercise greater control over expenses and flight timetables while also cutting down delivery times for a broader spectrum of products.
Browse the complete Global Air Freight Market Research Report – Industry Analysis, Size, Share, Growth, Trends @ https://www.emergenresearch.com/industry-report/air-freight-market
For the purpose of this report, Emergen Research has segmented the global air freight system market based on service, destination, carrier type, freight type, end-use, and region:
- Service Outlook (Revenue, USD Billion; 2019–2032)
- Freight forwarding
- Other services
- Destination Outlook (Revenue, USD Billion; 2019–2032)
- Carrier Type Outlook (Revenue, USD Billion; 2019–2032)
- Belly cargo
- Freight type Outlook (Revenue, USD Billion; 2019–2032)
- Emergency freight
- Perishable freight
- Non-perishable freight
- Dangerous goods
- Live animals
- High-value freight
- Special handling requirements
- Tracking and tracing requirements
- Insurance requirements
- Low-value freight
- End-use Outlook (Revenue, USD Billion; 2019–2032)
- E-commerce logistics
- Retail supply chain
- Cold chain logistics
- Oversized and heavy cargo
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- North America
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