PUBLISHER: The Business Research Company | PRODUCT CODE: 1387531
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387531
“Air Transport Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on air transport market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for air transport? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The air transport market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Air transport involves the movement of individuals and cargo using aircraft, including airplanes and helicopters, which offer both scheduled and unscheduled air services. This mode of transportation facilitates rapid delivery of goods, decreased travel time, heightened security, and minimizes the risk of goods getting lost during transit.
The primary categories of air transport include passenger air transport, chartered air transport, and air cargo services. Chartered air transport services encompass both public and private charter services, offering air transportation to passengers. The market is further categorized based on distance, distinguishing between long-distance and short-distance travel, and by end-use, differentiating between private and commercial aviation.
The air transport market research report is one of a series of new reports from The Business Research Company that provides air transport market statistics, including air transport industry global market size, regional shares, competitors with an air transport services market share, detailed air transport market segments, market trends and opportunities, and any further data you may need to thrive in the air transport services industry. This air transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The air transport market size has grown strongly in recent years. It will grow from $1,016.38 billion in 2023 to $1,085.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed in the historical period can be ascribed to factors such as economic expansion, globalization, increased tourism and leisure travel, and improved connectivity and accessibility.
The air transport market size is expected to see strong growth in the next few years. It will grow to $1,394.51 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the forecast period can be attributed to the emergence of new markets, the expansion of global trade and e-commerce, urbanization trends, advancements in aircraft efficiency and sustainability, and the continual expansion of connectivity and networks. Notable trends expected in the forecast period encompass the promotion of sustainable aviation practices, the ongoing digital transformation of the industry, the growing importance of air cargo and e-commerce, and the rise of ultra-long-haul flights.
The growth of the air transport market is anticipated to be significantly propelled by the increasing prominence of e-commerce and online shopping. E-commerce, or electronic commerce, involves the buying and selling of goods and services through online platforms and electronic communication channels. Air transport plays a pivotal role in enhancing e-commerce by ensuring the swift and efficient delivery of products, expanding the market reach for online retailers, and reducing delivery times for customers, thereby promoting convenience and customer satisfaction. For example, as reported by the International Trade Administration, a US-based Department of Commerce, in September 2022, consumer eCommerce accounted for 30% of the UK's overall retail sector, up from 20% in 2020, with annual e-commerce revenue surpassing $120 billion. In 2021, 82% of people in the UK had made at least one online purchase. Consequently, the surge in e-commerce and online shopping is a driving force behind the growth of the air transport market.
The aviation industry is experiencing a rapid growth in the use of analytics to extract valuable insights from both customer and operational data. This trend enables airlines to provide personalized services to their customers, utilizing data analytics tools at various touchpoints. The increased adoption of analytics in aviation is primarily a response to intensifying competition among airlines. Consequently, commercial airlines are actively seeking to improve customer satisfaction levels by scrutinizing factors like ticket sales, passenger demographics, and purchase history. For example, Chicago-based United Airlines employs the analysis of 150 variables in customer profiles to offer more personalized offerings. Notably, major companies such as Southwest Airlines, Delta Airlines, and United Airlines are at the forefront of utilizing analytics within the aviation industry.
Prominent air transport companies are placing a strong emphasis on adopting innovative platforms, such as the Enhanced Partner Identification and Connectivity (EPIC), to enhance operational efficiency and improve the passenger experience, thereby gaining a competitive edge. The EPIC platform is designed to facilitate the digital transformation of the global air freight supply chain by simplifying the complex process of establishing digital connections across the entire cargo value chain. For instance, in March 2021, the International Air Transport Association, a Canada-based trade association, introduced the EPIC platform, which enables the rapid exchange of critical data, including messaging capabilities and identity information, streamlining the digital integration of the air cargo industry.
Major companies operating in the air transport market include The Emirates Group, China Airlines Ltd., American Airlines Group Inc., Delta Air Lines Inc., United Airlines Inc., China Southern Airlines, Qatar Airways Company Q.C.S.C, Air France-KLM SA, Deutsche Lufthansa AG, FedEx Corporation, United Parcel Service Inc., Cathay Pacific Airways Limited, Cargolux Airlines International SA, Japan Airlines Co. Ltd., ANA Holdings Inc., International Consolidated Airlines Group SA, Magma Aviation Limited, Deutsche Post AG, Kuehne Nagel International AG, AirBridgeCargo Airlines LLC, Cargojet Inc., Gol Linhas Aereas Inteligentes SA, Azul Linhas Aereas Brasileiras S/A, Latam Airlines, Compania Panamena de Aviacion SA, Lufthansa Cargo AG, Korean Air Lines Co. Ltd., Singapore Airlines Ltd., Air China Limited, Turkish Airlines Inc., Air Canada Inc., Ethiopian Airlines Group, British Airways PLC, Air India Limited, Malaysia Airlines Berhad, Philippine Airlines Inc., Vietnam Airlines Corporation, Garuda Indonesia (Persero) Tbk PT, Royal Jordanian Airlines.
Asia-Pacific was the largest region in the air transport market in 2023. North America was the second largest region in the air transport market. The regions covered in the air transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the air transport services market are: Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The air transport market includes revenues earned by entities by providing transportation services for fast delivery of goods and services in business operations and emergencies. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.