Air Cargo Market Overview
Market Research Future (MRFR) projects that the air cargo market will thrive at an approximate rate of 4.9% between 2020 and 2027.
The air cargo business has been witnessing notable transformation with respect to technology; evolving from the use of traditional mainframe systems to highly adaptable and advanced interfaces deployed for processes including networking planning, revenue accounting, flight operations, and more. Besides, the escalating use of robotics, cool-chain tech, artificial intelligence (AI), automated systems, deep learning, Big Data, augmented & virtual reality and IoT across numerous operations enhance the air cargo industry size worldwide.
Quicker transportation of shipments in comparison with other logistics solutions combined with the surging prevalence of the consolidated airfreight service will be huge opportunities for the air cargo market. With that said, the significant costs related to air cargo solutions could be a major hinderer for the worldwide market in the years to come. However, the surging transportation of high-value items including jewelry, electronics, perishables, and pharmaceuticals should enhance the industry growth rate in the following years. On top of that, with airlines developing facilities to handle chilled and frozen products with freighter and chilled storage capacity and emergence of temperature-controlled packing methods, the worldwide market is bound to perform extremely well in the future.
The most prominent major key players in the air cargo market all across the globe are mentioned below:
- Qatar Airways (Qatar)
- Etihad Airways (UAE)
- International Consolidated Airlines Group, SA (UK)
- All Nippon Airways Co., Ltd (Japan)
- Deutsche Lufthansa AG (Germany)
- Japan Airlines (Japan)
- The Emirates Group (UAE)
- Singapore Airlines (Singapore)
- Cargolux (Luxembourg)
- Korean Air (South Korea)
- China Eastern Airlines Corporation Limited (China)
- Cathay Pacific Airways Limited (Hong Kong)
- DHL International GmbH (Germany)
- United Parcel Service of America, Inc. (US)
- FedEx (US)
Covid 19 Analysis of Air Cargo Market
The pandemic has suspended the global imports and imports as a part of the restrictions to curb the positivity rate of the pandemic which had an impact on the air cargo market operations, as well. Due to the pandemic, the businesses had a hard time adjusting to the new entrants. The government is increasing its investment to help the global air cargo operations to bounce back and thus, help the market recover the losses and add to the huge profit margins by the end of the forecast period in 2025.
The air cargo market has been divided all across the globe based on the type, services, destination, end-users, and region.
Based on the Type
The Air Cargo Market has been divided all across the globe based on the type into airmail and air freight. The largest market share is held by the air freight type and hence it dominates the market in 2018.
Based on the Service
The market has been divided all across the globe based on the service into normal service and express service. The largest market share in the global market was held by the express service in 2018. It is expected to dominate the market in the current period, as well.
Based on the Destination
The Air Cargo Market has been divided all across the globe based on the destination into the international market and domestic market. The largest market share in the global market is held by the domestic market in 2018.
Based on the End-Users
The Air Cargo Market has been divided all across the globe based on the end-users into the automotive sector, consumer electronics, pharmaceutical and healthcare, food and beverages, retail, and others. The pharmaceutical and healthcare sector holds the largest market share and hence dominates the market in 2018.
The air cargo market has been divided all across the globe based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. Being the fastest-growing region, the largest market share in the global market is held by the Asia-Pacific region owing to the increasing growth of the e-commerce industry in countries like India, Australia, and China.
The second-largest market share in the global market is held by the North American region owing to the presence of various market key players drives the market demand to this region. Moreover, an increase in per capita disposable income is another factor that drives the market demand.
The third-largest market share in the global market operations is to be held by the European region. The main reason behind this is the presence of well-established technologically advanced infrastructure that drives the market demand to this region.
The least market share is held by the Latin American region and the Middle East and African region. There is a presence of low infrastructure in both these regions. Low per capita disposable income is another contributing factor that restricts the market growth in these regions.
Browse More Details On Report At: https://www.marketresearchfuture.com/reports/air-cargo-market-8271
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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