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Air Cargo Market Size - By Service, By Shipment, By End-Use, Analysis, Share, Growth Forecast, 2024 - 2032
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Air Cargo Market
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Premium Report Details
Base Year: 2023
Companies covered: 20
Tables & Figures: 200
Countries covered: 21
Pages: 180
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Air Cargo Market Size
The global air cargo market size was valued at USD 185.3 billion in 2023 and is projected to grow at a CAGR of 4.3% between 2024 and 2032. By the beginning of 2024, IATA reported a growth of 13.4% in cargo tonne kilometers (CTK) by the airline industry. This growth of e-commerce is revolutionizing the air cargo industry. Regardless of increasing policy ambiguity and trade conflicts, the airline industry achieved remarkable progress in 2023. This was driven by low bases in 2023, strong e-commerce demand, and disruptions in maritime cargo shipping industry.
Air cargo performed exceptionally well in this year’s first half, attaining all new records despite ongoing trade positional friction and political ambiguity. This can also be attributed to vigorous activity in e-commerce and disruption in shipping supply chains of the global maritime industry.
The development of air cargo services owes much to rising global trade connectivity achieved through free trade agreements together with the expanding rate of economic interdependence among nations. The rising demand for air freight transportation by businesses to enter new markets stems from their need to move high-value small-volume goods. Time-sensitive delivery performance available through air cargo transportation exceeds regular transport durations by producing quicker transit times which improves supply chain productivity.
Air Cargo Market Trends
Air Cargo Market Analysis
Based on service, the market is segmented into express and general air cargo. Analysis shows the general air cargo segment maintained more than 55% air cargo market dominance in 2023 with forecast projections exceeding USD 150 billion by 2032.
Based on the end use, the air cargo market is divided into pharmaceuticals & healthcare, consumer electronics, automotive, retail & e-commerce, food & beverages, and others. The retail & e-commerce segment held more than 25% of the market share in 2023.
Air Cargo Market Share
Air Cargo Market Companies
Major players operating in the air cargo industry are:
Leading companies within the air cargo industry utilize both strategic collaborations and mergers and acquisitions together with technological prowess and sustained R&D investments for operational improvement. Through these efforts companies achieve integration of modern logistics solutions combined with optimized supply chains that lead to improved service efficiency. Through mergers and acquisitions businesses gain increased business reach and enhanced resources in addition to improved innovation potential in evolving air cargo operations.
Leading air cargo firms achieve sustained competitive leadership through important spending in research and development efforts. For instance, in May 2024 FedEx Express directed USD 3.2 billion to research and development which concentrated on AI-driven logistics and fleet modernization solutions and sustainable aviation fuel (SAF) implementation. Air freight operations benefit from the company's recent 19% expanded research and development budget compared to the previous period.
Air Cargo Industry News
The air cargo market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($ Mn/Bn) from 2021 to 2032, for the following segments:
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Market, By Service
Market By Shipment
Market, By End Use
The above information is provided for the following regions and countries: