Air travel is the fastest means of transportation, followed by land, rail, and sea travel. Cargo and freight can be carried by a variety of aircraft types, including passenger, cargo, and hybrid aircraft. Air cargo and freight are handled by numerous organizations, such as the consignee, aircraft carrier, airport ground crew, and cosigner/shipper. These days, logistic companies provide their customers with an air waybill number (AWB) so they may track the product during the shipping process.
According to SPER market research, Air Cargo and Freight Logistics Market Size- By Destination Type, By Service Type, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Air Cargo and Freight Logistics Market is predicted to reach USD 413.32 Billion by 2033 with a CAGR of 6.8%.
The expansion of international trade is a key factor propelling the growth of the air cargo and freight logistics sectors. The ongoing growth of globalization and international trade is creating a greater demand for efficient, dependable, and timely cargo transportation services. Due to the rise in cross-border trade, the complexity of global supply chains, and the time-sensitive nature of some industries, such e-commerce, air cargo is anticipated to assist in meeting market demand. The rapid growth of e-commerce is another significant factor that has raised demand for air freight services.
However, issues that are expected to obstruct market expansion during the projected period include high implied import taxes in numerous countries and the high cost of air travel. Even in the presence of growth catalysts, limitations such as worldwide recessions can prevent the market from increasing. Consumer spending and manufacturing output may both suffer from this. As a result, there might be less demand for air freight services, particularly for luxuries and non-essential goods. During economic downturns, price sensitivity can have an effect on demand for air freight.
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Impact of COVID-19 on Air Cargo and Freight Logistics Market
Worldwide COVID-19 Because of the extraordinary and profound effects of the pandemic on the market, demand was lower than expected when compared to pre-pandemic levels. The market is showing signs of recovery, with the Compound Annual Growth Rate (CAGR) rising sharply to levels observed prior to the epidemic. During the epidemic, several airlines halted or cut back on passenger flights, which resulted in a reduction of freight capacity in their lower decks. Due to growing competition for capacity on cargo-only airplanes, air freight charges went up. Lockdowns caused additional disruptions to the supply chain, as well as delays and uncertainty.
Air Cargo and Freight Logistics Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Air China Ltd, Bollore Logistics, Canada Air Cargo & Freight Logistics Inc, Cathay Pacific Airways Limited, CEVA Logistics, Korean Air Co., Ltd, Lavin Star, Rosan Sea Air Services, Singapore Airlines, Titan Sea & Air Services, Others.
Air Cargo and Freight Logistics Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
Destination Type: Based on the Destination Type, Global Air Cargo and Freight Logistics Market is segmented as; Domestic, International.
By Service Type: Based on the Service Type, Global Air Cargo and Freight Logistics Market is segmented as; Express, Regular.
By Application: Based on the Application, Global Air Cargo and Freight Logistics Market is segmented as; Equipment, Food, Industry Materials, Pharmaceuticals and Healthcare, Other.
By Region: This research also includes data for Asia-Pacific, Europe, Middle East and Africa, North America, Latin America. This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Air Cargo and Freight Logistics Market Revenue
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