Global Air Cargo Market: Snapshot
The concept of Air cargo is any goods or commodities carried in an aircraft. Air cargo are defined in two segments such as air freight and airmail. The air freight segment of the global air cargo market is expected to hold the major market share during the forecast period and is estimated to bring in revenues of nearly US$98.81 bn by the end of 2020. Factors such as rapid development of businesses, building of cargo hubs, and rapid growth of the e-commerce business model is expected to drive the prospects for growth in this market segment. The global air cargo market is expected to reach a valuation of US$130.12 bn by the end of 2025. During the forecast period of 2017 and 2025, the global market is expected to surge at a CAGR of 4.9%.
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As the air cargo market is growing, there are new policies and strategies ensuring for the growth in the market ‘Open skies’ is an international policy that calls for the liberalization of the rules and regulations in the aviation industry especially air cargo industry has greater impact of this policy.
There are different types of aircrafts such as cargo, passenger, and combi aircraft. Cargo aircraft are dedicated mainly for carrying parcels, they carry freight by nose-loading or side loading. Main deck and belly are meant for carrying goods in cargo aircraft. Passenger aircraft is different from cargo aircraft. In passenger aircraft, the space not occupied by passenger luggage is used for cargo. The spare volume is used by side-loading in the airplane. Combi aircraft carry goods or commodities by nose-loading and side-loading on the main deck and in the belly with passenger’s luggage.
Pharmaceuticals and Healthcare Segment to be Lead as Demand for Time-sensitive Goods Surges
The global air cargo market has been segmented on the basis of type, service, end-user, destination, and geography. On the basis of type, the market is segmented into air freight and air mail. Out of these, the air freight segment is likely the lead the global market in the coming years. The market is further segmented on the basis of service, the service includes express and regular. On the basis of end-user the market segments include consumer electronics, retail, third party logistics, food and beverages, pharmaceuticals and healthcare, and others. The report suggests that the pharmaceuticals and healthcare industry is likely to offer the global market a plethora of opportunities. The need for immediate medical attention in several areas that are affected by natural calamities and war-torn areas are likely to augment this segment. The demand for time-sensitive materials belonging to the healthcare sector are also expected to boost the segment. The air cargo market is also segmented by destination which includes domestic and international.
Furthermore, according to geography, the market is segmented into five regions namely North America, Europe, Asia Pacific, Middle East and Africa and South America. In terms of geography, the APAC region currently controls the global air cargo market and is expected to grow progressively to gain more market share throughout the forecast period. Factors such as the growing demand for online retail stores, especially fashion stores and growing demand for the just-in-time production of goods are expected to lead to the strong growth of this market in the APAC region.
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Major air cargo market players profiled in the report include Cathay Pacific Cargo, FedEx Express, UPS Airlines, DHL Aviation, Korean Air Caro, Lufthansa Cargo, China Airlines Cargo, Singapore Airlines Cargo, Emirates SkyCargo, and Cargolux