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Report Overview
The global air freight market reached a volume of nearly 97.92 MMT in 2023 due to the surge in e-commerce, which has dramatically increased demand for fast and reliable shipping options. This has compelled businesses to focus on air freight for time-sensitive deliveries. The rise of same-day and next-day delivery services further intensifies this demand, particularly for high-value goods. As a result, the market is expected to grow at a CAGR of 12.00% during the forecast period of 2024-2032 to attain a volume of 271.54 MMT by 2032. The ongoing globalisation and expansion of international trade are also contributing to the need for efficient logistics solutions, such as air freight for cross-border transactions.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- According to the International Air Transport Association (IATA), the air cargo sector has experienced a remarkable surge in demand, with an impressive 18.4% year-on-year growth recorded in January 2024. This significant increase reflects the ongoing recovery and expansion of global trade, driven by factors such as the rise in e-commerce and the need for speedy delivery of goods. The robust growth in air cargo demand has led businesses to rely on air freight for its efficiency and reliability in transporting high-value products, leading to air freight market expansion.
- As per industry reports of 2023, the North America to Asia route accounted for 26.9% of all air cargo movements, highlighting its critical role in global logistics. This route serves as a vital corridor for trade between two of the world's largest economies, facilitating the swift movement of goods ranging from electronics to perishables.
- Furthermore, Hong Kong International Airport processed an impressive 4,199,196 metric tons of freight in 2023, solidifying its position as one of the world's busiest air cargo hubs. The airport's extensive infrastructure and connectivity enable it to handle diverse cargo types efficiently, catering to the increasing demand from global markets. This substantial volume processed at Hong Kong International Airport exemplifies the airport's pivotal role in facilitating international trade and supporting economic growth in the region.
Air Freight Market Growth
Key drivers boosting the air freight market revenue include the rapid expansion of e-commerce, which has significantly increased the demand for air cargo services, especially for time-sensitive shipments. Additionally, the rise of global supply chains and the manufacturing industry has boosted the need for international air freight services.
The demand for air cargo had almost recovered to pre-pandemic levels by the middle of 2023, and international freight operations had an 11.2% increase in cargo capacity available as compared to the previous year. This was due to rising belly-hold capacity as passenger flights returned, improving overall cargo availability.
According to the most recent data from supply chain data company Xeneta, the demand for air cargo rose by 12% in May compared to the previous year, marking the sixth consecutive month of double-digit growth. In the meantime, capacity climbed by 4% year over year, resulting in a three-percentage point increase in the month's dynamic load factor, reaching 58%.
Furthermore, the expansion of the retail industry, the development of the manufacturing sector, and the rise in domestic e-commerce contribute to the growing need for the quick and reliable delivery of goods within nations, aiding the air freight market growth.
Air Freight Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of 97.92 MMT.
The air freight market is assessed to grow at a CAGR of 12.00% between 2024 and 2032.
The market is being driven by the increased demand for high-technology products, rising consumer disposable income, robust growth in its automobiles industry, rise in construction activities, and rising investments.
Key trends aiding the market expansion include the high demand for pharmaceuticals and medical equipment and the growing need for oil and mining equipment.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Based on destination, the market is divided into domestic and international.
The leading end-use sectors in the industry are pharmaceutical, personal care, chemicals, automobile, and fashion, among others.
Key players in the market are Deutsche Post AG, DSV A/S, Kuehne + Nagel International AG, FedEx Corporation, Schenker AG, United Parcel Service of America, Inc., The Emirates Group, Cargolux International Airlines S.A., Nippon Express Co., Ltd., and Hellmann Worldwide Logistics SE & Co. KG, among others.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around 271.54 MMT by 2032.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124