Global Air Freight Market 2024-2032

The global air freight market size reached US$ 303.8 Billion in 2023. By 2032, it will reach US$ 481.2 Billion, growing at a CAGR of 5.1% during (2024-2032).

SHERIDAN, WYOMING, USA, November 16, 2023 /EINPresswire.com/ -- How Big is the Air Freight Industry?

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.

Air freight involves the shipment of goods via airplanes, utilizing the cargo holds of passenger planes or dedicated freighter aircraft. It comprises general cargo, which includes a wide range of goods, from consumer products to industrial equipment. It also consists of specialized cargo, which encompasses items with unique handling requirements, such as hazardous materials and oversized items. It is renowned for its rapid transit times and enables goods to be transported across continents in a matter of hours, ensuring timely delivery and reducing lead times in the supply chain. It adheres to strict schedules, ensuring that shipments arrive at their destinations on time. It is crucial for businesses with time-sensitive cargo, minimizing the risk of delays and disruptions. It also allows businesses to meet tight deadlines and respond swiftly to changing market demands. Air freight networks cover the entire globe, connecting major cities and remote locations. It enhances accessibility and allows businesses to tap into markets worldwide. It often requires less robust packaging compared to sea or road transport, leading to cost savings for businesses. It is often utilized to transport various perishable products like fresh produce, flowers, seafood, and grains without hampering their quality. Air freight is essential for transporting emergency supplies, medical equipment, and humanitarian aid to regions affected by natural disasters or crises. It also supports the just-in-time manufacturing process by delivering components and materials precisely when they are needed for production.

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What is the trend and growth prospects in the air freight industry?

At present, the increasing popularity of online retail, leading to a rise in the movement of goods across borders and creating a need for efficient and timely delivery, represents one of the crucial factors impelling the growth of the market. Besides this, as businesses strive to reach global markets and establish efficient supply chain networks, air cargo becomes indispensable for connecting distant regions. The rising interconnectivity of global economies is driving the need for swift and reliable transportation of goods.

Companies are also strategically positioning themselves to leverage the opportunities, resulting in a sustained uptick in air cargo volumes. In addition, the growing integration of digital solutions, such as automation, internet of things (IoT), and data analytics, is enhancing the efficiency and transparency of air cargo operations. Automation in cargo handling processes, from warehouse operations to loading and unloading, reduces the turnaround time and minimizes errors, contributing to overall cost-effectiveness. IoT-enabled tracking systems also provide real-time visibility into the location and condition of goods during transit, offering greater control and security.

Apart from this, as concerns about carbon emissions and climate change are gaining prominence, stakeholders in the air freight sector are actively pursuing sustainable practices. Investments in fuel-efficient aircraft, the exploration of alternative fuels, and the implementation of eco-friendly operational procedures are supporting the market growth. Additionally, the rising demand for air freight services for the transportation of goods to regions with limited access or challenging terrain, where other modes of transport may be less feasible, is bolstering the market growth.

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What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Service:
• Freight
• Express
• Mail
• 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

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Who are the key players operating in the industry?

The report covers the major market players including:

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.

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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