Air Freight Global Market Report 2024

Air freight is a mode of transporting goods, products, or cargo via aircraft. This method employs airplanes to transport cargo from one location to another, often covering long distances or involving international routes.

The primary services within air freight include freight, express, mail, and others. Freight pertains to the transportation of goods, cargo, or merchandise from one location to another, usually for commercial purposes. It encompasses diverse destinations, including both domestic and international locations, and finds applications in industries such as pharmaceuticals, personal care, chemicals, automobiles, fashion, and others.

The air freight market research report is one of a series of new reports from The Business Research Company that provides air freight market statistics, including air freight industry global market size, regional shares, competitors with an air freight market share, detailed air freight market segments, market trends and opportunities, and any further data you may need to thrive in the air freight industry. This air freight 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 freight market size has grown strongly in recent years. It will grow from $300.7 billion in 2023 to $320.8 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed during the historical period can be attributed to factors such as footwear personalization, biometric foot mapping, integration with health and wellness, the development of connected footwear ecosystems, and the fusion of fashion and technology.

The air freight market size is expected to see strong growth in the next few years. It will grow to $396.84 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The expansion anticipated in the forecast period can be attributed to factors such as adaptive learning algorithms, emphasis on environmental sustainability, health monitoring and feedback integration, incorporation of smart assistants, and the enhancement of augmented reality (AR) retail experiences. Major trends in the forecast period include innovations in materials, the advancement of smart insole technology, collaborations and limited editions, dynamic style customization, and the adoption of adaptive and responsive design.

The anticipated surge in demand for fast-delivery services is set to drive the growth of the air freight market in the foreseeable future. Fast-delivery services, specialized logistics and transportation solutions, aim to ensure swift and timely delivery of goods, packages, or shipments between locations. Air freight, known for its unmatched speed compared to sea or land transportation, facilitates rapid delivery, enabling companies to meet tight deadlines and reduce overall transit times for goods. This makes air freight the preferred mode of transportation for time-sensitive and high-value products such as perishables, pharmaceuticals, and electronics. As projected by ShippyPro, an Italy-based software company, the delivery landscape is expected to see a significant increase, with an estimated 1.2 billion packages delivered in France and the UK by 2023, rising to 1.9 billion parcels by 2027. The same-day delivery market is also poised for substantial growth, with an estimated 260 to 521 million items delivered on the same day by 2027, up from 70 million in 2022. Consequently, the escalating demand for fast-delivery services serves as a catalyst for the growth of the air freight market.

The increasing prominence of the e-commerce industry is anticipated to propel the growth of the air freight market in the coming years. E-commerce, involving online transactions between businesses and consumers, heavily relies on the swift and efficient transportation of goods. Air freight plays a crucial role in the e-commerce sector by facilitating rapid and effective transportation, ensuring timely deliveries, and enabling global reach for online businesses. As reported by the U.S. Census Bureau in November 2023, U.S. retail e-commerce sales reached an estimated $271.7 billion in the third quarter of 2023, marking a 0.9% (+-0.4%) increase from the preceding quarter. Compared to the same period in 2022, e-commerce sales saw a rise of 7.8% (+-1.2%), while total retail sales increased by 2.0% (+-0.4%). E-commerce sales constituted 14.9% of total sales in the third quarter of 2023. Therefore, the burgeoning e-commerce industry acts as a driving force for the growth of the air freight market.

A significant restraint on the growth of the air freight market during the forecast period is the risk of cyber-attacks. Air freight operations heavily depend on information technology systems and digital data to manage cargo, logistics, and operations efficiently. However, this dependence exposes the industry to the risk of cyber-attacks on sensitive data. As indicated by the Australian Cyber Security Centre in February 2023, the number of cybercrime reports received in 2022 was 76,000, reflecting a 13% increase from the previous year. Hence, the looming risk of cyberattacks poses a hindrance to the growth of the air freight market.

Major companies in the air freight market are actively focused on technological innovation, exemplified by the introduction of solutions such as ECU360, aimed at enhancing profitability. ECU360 is a groundbreaking digital air freight service designed to simplify shipping processes for companies of all sizes. Launched in April 2023 by ECU Worldwide, a Belgium-based logistics company, ECU360 allows clients to access integrated services, including instant estimates, online booking, and real-time shipment monitoring. The technology streamlines air freight and shipping procedures, making global exportation more straightforward for businesses. This introduction positions ECU Worldwide as a provider of a distinctive digital logistics platform, contributing to its growth and expansion in the logistics sector.

In August 2023, Mediterranean Shipping Company S.A., a Switzerland-based shipping company, acquired AlisCargo Airlines S.p.A. for an undisclosed amount. This strategic acquisition aligns with MSC's plan to enhance and broaden its branded air cargo service, MSC Air Cargo. By incorporating AlisCargo Airlines, an Italy-based cargo airline specializing in air freight services, MSC aims to offer a more extensive range of air freight services to clients, consolidating its position in the air cargo industry.

Major companies operating in the air freight market report are Deutsche Post AG, United Parcel Service Inc., FedEx Corporation, Deutsche Bahn AG, Delta Air Lines Inc., American Airlines Inc., Kuehne+Nagel International AG, DSV Panalpina A/S, Southwest Airlines Co., Expeditors International Inc., British Airways PLC, Singapore Airlines Limited, Korean Air Lines Co. Ltd., UPS Supply Chain Solutions Inc., Air China Limited, XPO Logistics Inc., TNT Express BV, Kintetsu World Express Inc., Bollore Logistics, Cathay Pacific Airways Limited, Hellmann Worldwide Logistics SE & Co. KG, Cargolux Airlines International S.A., Lufthansa Cargo AG, ANA Cargo Inc., Yusen Logistics Co. Ltd., Qatar Airways Company Q.C.S.C., Nippon Express Co. Ltd., Etihad Airways PJSC, Agility Logistics Pvt. Ltd., CEVA Logistics Ltd.

Asia-Pacific was the largest region in the air freight market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the air freight market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the air freight market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The air freight market includes revenues earned by entities by providing services such as aircraft-on-ground services, pharmaceutical cargo services, valuable cargo and secure transport, door-to-door services, and customs clearance and documentation. 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.

Air Freight 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 freight 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.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for air freight ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The air freight 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 market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

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.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Service: Freight; Express; Mail; Other Services
• 2) By Destination: Domestic; International
• 3) By End Use: Pharmaceutical; Personal Care; Chemicals; Automobile; Fashion; Other End Users
• Companies Mentioned: Deutsche Post AG; United Parcel Service Inc.; FedEx Corporation; Deutsche Bahn AG; Delta Air Lines Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.