Air Cargo Market Trends 2023- By COVID-19 Impact on Industry Share, Revenue, Growth Drivers, Business Challenges and Future Investment Strategies Till 2033: SPER Market Research

When anything is transported by a private cargo aircraft or by using the cargo space on a passenger aircraft, it is referred to as air cargo. It encompasses the movement of many different sorts of goods, including unfinished products, precious items, perishables, chemicals, and electronics.

According to SPER market research, Air Cargo Market Size– By Carrier Type, By Service Type, By Shipment Type, By End Use- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Air Cargo Market is predicted to reach USD 257.20 billion by 2033 with a CAGR of 6.21%.

The consumer market has shifted in favour of online platforms due to the rapid expansion of e-commerce. Consumers increasingly anticipate smoother deliveries and quicker turnaround times. E-commerce businesses depend on cross-border air travel’s speed and efficiency to meet these demands. Additionally, to cut costs and boost efficiency, e-commerce businesses use inventory management techniques including just-in-time inventory and drop shipping models. By assuring the timely movement of goods and enabling firms to maintain low inventories while promptly satisfying orders, air freight plays a crucial part in assisting these initiatives. The customer demand for quick deliveries has increased as a result of the increased usage of e-commerce platforms, and this is fuelling the expansion of the air cargo business. Nowadays, customers anticipate quick deliveries—often within a few days or hours. Due to the ability of air freight container shipping, e-commerce can satisfy these demands while maintaining a high level of industrial value.

However, rising jet fuel prices pose a significant obstacle to the global air cargo market’s expansion. As a major operational expense, heightened fuel costs make businesses within the industry highly sensitive. The oversupply of crude oil, attributed to increased production by nations like Russia and Canada and the lifting of sanctions on Iran, led to a decline in prices. However, this surplus is expected to diminish, causing a predicted rise in crude oil prices. As jet fuel is derived from crude oil, the air cargo sector anticipates increased expenses, requiring budget adjustments. This, in turn, limits overall growth potential as more funds are directed towards fuel, challenging the industry’s financial balance.

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Impact of COVID-19 on Global Air Cargo Market

Furthermore, the COVID-19 had a big impact on the air cargo market. Due to limits on travel and decreased demand, passenger planes were either grounded or operated at reduced capacity, which led to a shortage of cargo space and fierce rivalry between carriers. There was also a substantial shift in the kinds of cargo being transported as a result of the significant rise in demand for e-commerce and basic necessities. Carrying goods to numerous nations and sustaining a worldwide supply chain were both made possible by cargo airlines.

Air Cargo Market Key Players:

As more different raw materials are carried from APAC, where raw materials are more readily available and less expensive than in other parts of the world, air cargo services from APAC to countries in North America are anticipated to increase. This is a result of the cheaper labour and manufacturing costs in APAC nations like China, India, Vietnam, and Thailand. Additionally, some of the market key players are American Airlines Inc., Deutsche Post AG, Qatar Airways Cargo, Saudi Airlines Cargo Co., Singapore Airlines Cargo, Others.

Air Cargo Market Segmentation:

The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.

By Carrier Type: Based on the Carrier Type, Global Air Cargo Market is segmented as; Belly Cargo, Freighter.

By Service Type: Based on the Service Type, Global Air Cargo Market is segmented as; Express Air Cargo, General Air Cargo.

By Shipment Type: Based on the Shipment Type, Global Air Cargo Market is segmented as; Domestic Air Cargo, International Air Cargo.

By End Use: Based on the End Use, Global Air Cargo Market is segmented as; Automotive, Consumer Electronics, FMCG and retail, Manufacturing, Pharmaceuticals and chemicals, Other industries.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

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 Market Future Outlook

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