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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 Trends
Air freight providers are diversifying their service offerings to meet the diverse needs of customers across various industries. For instance, DHL offers specialised logistics solutions for the pharmaceutical sector, ensuring the safe and timely delivery of temperature-sensitive medical products. The growth of air freight market is also being shaped due to supply chain diversification by various companies to mitigate risks and the emergence of countries like Mexico and India as manufacturing hubs, which, in turn, is boosting air traffic and shaping air cargo as a significant mode of transport. The need for air freight is increasing due to India's expanding manufacturing base in industries like technology, textiles, and pharmaceuticals, where businesses depend on quick international shipping to fulfill their export requirements, aiding the air freight industry in India. Air freight is quickly emerging as a vital means of transportation for businesses that must guarantee the prompt delivery of high-value items as supply chain risks increase. Part of the reason for the recovery of global air cargo demand to approximate pre-pandemic levels is the increased air traffic between these new manufacturing hubs and large markets, with capacity growing by 11.2% in mid-2023.
Moreover, as airlines are increasingly extending their services to end-to-end services, various companies are utilising air freight as an omnichannel, which is likely to increase the air freight market value. In 2023, the International Air Transport Association (IATA) reported that the capacity of air freight increased by 11.2% year over year, in part because of the diversified logistics services provided by airlines. Notable airlines such as FedEx, DHL, and UPS have extended the scope of their logistics offerings beyond air freight, incorporating warehousing, customs clearance, and last-mile delivery into their offerings. As an example, FedEx recently introduced the FDX platform, an AI-driven system that connects the entire customer journey, from booking and shipping to last-mile delivery. The platform's goal is to optimize supply chains for businesses by providing a seamless end-to-end service.
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