The air cargo services market comprises of the sales of air cargo transport services & related goods by entities (sole traders, organizations, and partnerships) that use aircraft, for instance airplanes/helicopters to give the air transportation of cargo & mail on a contract base over the fixed international routes. Air cargo is any product, which is to be carried in an aircraft. Few of the cargo airlines are subsidiaries and divisions of better passenger airlines. Air cargo is available in two types: airmail and air freight. Growth of transportation of cargo-hubs at global level will drive the market demand. Infrastructural development will further accounted for high convenience to their recipients.
Referring to study, “Air Cargo Services Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global air cargo services market include DHL Aviation, FedEx, The Emirates Group, Cathay Pacific Cargo, United Parcel Service. Key companies are gradually more using the block chain technology for improving the efficiency, minimize losses, and prevent the damage to cargo. This technology permits the air-cargo companies to digitally follow as well as record the change of custody for airline cargo containers, or Unit Load Devices (ULDs), because they journey between the destinations.
By type, air cargo services market is segmented as air freight and air mail. Air freight segment is further sub-segmented as regular service and express service. By destination, market is segmented as international destination and domestic destination. In addition, by end-user, market is segmented as retail, consumer electronics, food & beverages, third party logistics, pharmaceuticals & healthcare and others. Pharmaceuticals & healthcare segment is expected to witness higher growth rate due to rise in demand for time-sensitive materials belonging to the healthcare sector and growth in demand of immediate medical attention in different areas that are affected by natural calamities & war-torn areas during the forecast period.
The air cargo services market is driven by rise in the global e-commerce business and increase in need for instant shipment & delivery and strong demand for manufacturing exports. Retailers increasingly prefer the option of air-cargo shipment for fast deliveries and improved customer satisfaction. Furthermore, rise in demand from just-in-time manufacturers, who manufacture products just before the loading of cargo onto the trucks, is another foremost growth factor for the air cargo market. However, soaring cost of aviation fuel, fallen global trade volumes and strict government regulation acts as major restraint factors for market. Moreover, increase in penetration of advanced technologies is a key opportunity for market.
Based on geography, the Asia-pacific region holds major share in global air cargo services market owing to growth in demand for just-in-time production & sales through ecommerce channel in the region. The North-America and Europe regions are anticipated to witness higher growth rate due to huge growth in e-commerce sector during the forecast period. It is likely that global air cargo services market will be reached at rapid pace caused by rapid development of businesses delivery during the forecast period.
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Ankur Gupta, Head Marketing & Communications