Air Cargo Market to Reach USD 111810 Million by 2027 at a CAGR of 4% | Valuates Reports

BANGALORE, India, Feb. 14, 2022 /PRNewswire/ -- The Air Cargo Market is Segmented by Type (Air Cargo, Air Freight), by Application (Pharmaceuticals and Healthcare, Retail, Consumer Electronics, Food and Beverages, 3PL): Opportunity Analysis and Industry Forecast, 2021–2027. It is published in Valuates Reports under the Transportation & Logistics Category.

The global Air Cargo market size is projected to reach USD 111810 Million by 2027, from USD 82570 Million in 2020, at a CAGR of 4.0% during 2021-2027.

Major Factors Driving the Growth of Air Cargo market are:

Increasing customer demand for faster delivery, increasing cross-border e-commerce, low insurance premium, less requirement of the warehouse, high level of security, track-able cargo status are some of the major factors driving the growth of the air cargo market.

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TRENDS INFLUENCING THE GROWTH OF AIR CARGO MARKET:

Increasing demand for the fast delivery of cargo is expected to drive the growth of the air cargo market. Airfreight is the fastest transport alternative compared to ocean, road, or rail transport. Airfreight is particularly useful for shipping goods over long distances due to its speed.

The growth of the air cargo market is expected to be aided by an increase in cross-border e-commerce. More people are shopping online because they can get better prices on items that aren't always available locally, and this is attracting new customers. The number of goods transported by air cargo is expected to rise as a result of this trend.

You will also pay a lower insurance premium because the goods will be in transit for a shorter period. While air freight is more expensive than other options, there are other ways to save money, such as low insurance costs. Another area where you can save money is packaging. Because air freight delivery services are safer than sea freight delivery services, there is less need for heavy packing.

Furthermore, the transportation of temperature-sensitive goods such as drugs, chemicals, and medicines presents a significant opportunity for the air cargo market. The pharmaceutical industry's rapid expansion has increased demand for temperature-sensitive cargo transportation services. With new pharmaceutical and biotechnology products hitting the market every day, demand is expected to rise. As a result, airlines that use advanced cool chain solutions will be well-positioned to benefit from this sector as it develops.

Furthermore, the airline industry has a high level of security. As a result, it can reduce the risk of theft and damage during transportation. The airport has some special procedures in place to protect the cargo. This factor is expected to boost the air cargo market.

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AIR CARGO INDUSTRY SHARE ANALYSIS:

Based on type, Air freight is expected to be the most lucrative segment. The growing global trade of goods, combined with the booming e-commerce sector, has resulted in a significant increase in air freight demand.

Based on application, the Pharmaceutical segment is expected to be the most lucrative. The pharmaceutical industry, which requires high-value, time-sensitive, and temperature-controlled products to be delivered quickly, is taking steps to establish a network of certified pharmaceutical trade lanes to transport their goods via air to ensure product integrity and consistency.

Based on region, North America is expected to be the most lucrative during the forecast period.

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Key Players

• China Airlines Cargo
• FedEx Express
• UPS Airlines
• Cathay Pacific Cargo
• DHL Aviation
• Korean Air Caro
• Cargolux
• Lufthansa Cargo
• Singapore Airlines Cargo
• Emirates SkyCargo
• Air Freight and Air Mail

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SIMILAR REPORTS:

-  The global air freight market was valued at USD 270.2 Billion in 2019, and is projected to reach USD 376.8 Billion by 2027, registering a CAGR of 5.6%.

-  The global Air Cargo Pallet market was valued at USD 153.3 Million in 2020 and it is expected to reach USD 206.2 Million by the end of 2027, growing at a CAGR of 4.6% during 2021-2027.

-  Due to the COVID-19 pandemic, the global Air Cargo Security Equipment market size is estimated to be worth USD 6683.2 Million in 2022 and is forecast to a readjusted size of USD 8456.3 Million by 2028 with a CAGR of 4.0% during the review period.

-  Due to the COVID-19 pandemic, the global Air Cargo Containers market size is estimated to be worth USD 256.5 Million in 2022 and is forecast to a readjusted size of USD 323.5 Million by 2028 with a CAGR of 3.9% during the review period.

-  The global logistics market size is valued at USD 7641.20 Billion in 2017 and is projected to reach USD 12975.64 Billion by 2027 registering a CAGR of 6.5% from 2020 to 2027.

-  The global express delivery market was valued at USD 262.86 billion in 2020, and is projected to reach USD 484.38 billion by 2030, registering a CAGR of 6.4% from 2021 to 2030.

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