Air Cargo Market to account to US$ 145.20 Bn by 2027 Leading Players Lufthansa Cargo AG, FedEx, Emirates SkyCargo, Cargolux, Cathay Pacific Airways
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 key players influencing the market are:
- 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
Although global economic growth is estimated to surge in aggregate during the forecast period, this covers a broad range in regional as well as country-level performance. Economic activity in the developed economies is anticipated to grow at a similar pace as they were during the past five years, with moderate slowdowns in the US and Japan, being compensated by sturdier growth in the Eurozone. The latter is expected to support incoming demand for air cargo into Europe on the major trade lanes between North America and Asia.
Asia Pacific dominates the global air cargo market, followed by Europe. The growth in Asia Pacific region is highly influenced by the burgeoning e-commerce market in the developing economies of the region, as well as, the presence of strong manufacturing sector. The strong e-commerce sector of the region has resulted in increased cross-border e-commerce sales. For instance, air cargo hubs are becoming gradually important for the e-commerce growth, as e-commerce giants, integrators as well as carriers are strengthening their package sorting and automation competences, coupled with expanding networks with an aim to acquire a larger portion of the growing demand.
Moreover, airports is the ASEAN countries are amongst the fastest growing globally, with shifting of manufacturing facilities into the region. This shift is attributed to increasing manufacturing costs in China, and concerns related to unstable trade relations between the US and China. ASEAN economic ministers have also signed an agreement for supporting the acceleration of cross-border e-commerce among ASEAN members. With the expected growth in ASEAN air cargo market, Turkish Cargo announced addition of freighter routes to Vietnam from Europe to its flight network. For this, the company acquired three of the freighters since 2017. Southeast Asia is a promising region for the air cargo market however, there are concerns among the air cargo operators related to the bandwidth the region can deliver for freighter operations if the economies do not adequately develop their infrastructure and policies.
With the constant increase in the demand for air cargo, several players operating in the supply chain are significantly investing to efficiently compete in the market. Moreover, with the growing demand for air cargo from the pharmaceutical industry, the market players are making necessary strides in technology to cope up the fast-growing pharmaceuticals market demand.
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