Air Cargo Market Growth and Strategy to 2027 – Competitor DHL International, Lufthansa Cargo AG, FedEx, Emirates SkyCargo, Cargolux
The global air cargo market valued at US$ 102.00 Bn in 2018 and is expected to grow at a CAGR of 4.1% during the forecast period 2019 – 2027, to account to US$ 145.20 Bn by 2027.
In 2018, Asia-Pacific dominated the global air cargo market with more than one-third of the market share surpassing Europe, with China and Japan being the leading countries in this region. This growth in demand for air cargo in this region is attributed to robust economic growth along with growing retail enactment owing to the rising disposable income. Moreover, foreign manufacturers select Asian countries as their production locations due to the availability of cheap labor.
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The List of Companies
- DHL International GmbH
- Lufthansa Cargo AG
- Emirates SkyCargo
- Cathay Pacific Airways
- United Parcel Service of America, Inc.
- ANA Cargo
- Zela Aviation The Air Charter Company
Flourishing e-Commerce industry worldwide is expected to fuel the growth of air cargo market
The services provided by air cargo firms to e-commerce business are data management, real-time tracking, safe transportation, reduced time, and others. There are numerous benefits related to e-commerce and it can get fulfilled if the company deliver to its customer on time. The air cargo plays a key role in the e-commerce ecosystem. With the increasing number of online customers and increasing cross border sales, the demand for air cargo is expected to surge during the forecast period.
High air cargo growth opportunity in ASEAN market
Many air cargo carriers are capitalizing on the sturdy growth in Asia Pacific, particularly Southeast Asian countries including Vietnam, Cambodia, and Indonesia. These countries are witnessing high growth due to a considerable relocation of manufacturing from China to these countries. Moreover, governments of economies in the Asia Pacific region are investing in building logistics hub such as KLIA Aeropolis in Malaysia. Further, countries such as Vietnam is a major agro-forestry-fisher exporter. Emirates SkyCargo, a Dubai based carrier stated that the volume of fruit exports from Vietnam to Dubai has increased significantly during the past few years. With the increasing volume of exports, in 2018 the Emirates SkyCargo signed an MoU with the Investment and Tourism Promotion Centre of Ho Chi Minh City, Vietnam to cooperatively explore opportunities for promoting trade to and from Vietnam.
The global air cargo market by end-user was led by others sector. Other segment includes engineering & manufacturing technology equipment, chemical, and energy sector. The increasing industrialization and globalization have created a significant demand for industrial equipment across the globe. The government initiatives such as FDI, Export Oriented Unit (EOU) Scheme, NAFTA, and others are positively impacting the air cargo market, globally. The increasing demand for low-cost transportation, fast delivery, cross border business is significantly driving the global air cargo market.
The air cargo market is segmented based on regular and express services. The express service market is expected to witness a significant demand during the forecast period due to the increasing online buyers. Moreover, express service with extra value-added services acts as a competitive edge among air cargo vendors. The regular service is a traditional service with less cost compared to the express service. Regular services are generally used where time is not a constraint.
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