Air Freight Services Market is Anticipated to Witness High Growth Owing to Increasing Cross Border E-Commerce Sales

 
Air Freight Services Market Demand

Air freight services refers to the carriage of goods by air transportation. Air freight transportation offers high speed, reliability, and flexibility for time-critical cargo shipments of commodities such as perishable food items, pharmaceuticals, spare parts, and electronics components. Air freight services play a vital role in transportation of goods by air for both domestic as well as international trade.

The Global air freight services market is estimated to be valued at US$ 223.43 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the air freight services are Air France KLM Martinair Cargo, Cathay Pacific Airways, FedEx, Emirates SkyCargo, and United Parcel Service. Air freight services players are focusing on expanding their global freight network and adding more freighter aircraft to cater to the growing demand from e-commerce and pharmaceutical industries. The growth of e-commerce sector and rising cross border sales is creating new opportunities for air freight service providers. Major players are expanding their presence in emerging markets of Asia and Latin America to tap the opportunities arising from increasing international trade.

Market Drivers

Rising cross border e-commerce sales: Cross border e-commerce has been witnessing strong growth over the past few years. Air Freight Services Market Demand services are extensively used for transportation of smaller and high value consumer goods ordered online from international markets. This is a major growth driver for air freight services market.

Growth of temperature sensitive pharmaceutical logistics: Air freight services are the preferred mode for transportation of pharmaceutical products owing to advantages of speed, reliability and temperature control. Rising global trade of pharmaceuticals and biological products is propelling the demand for air freight transportation.

Market Restrain

Volatility in fuel costs: Jet fuel is a major component of operating costs for air freight carriers. Fluctuations in crude oil prices lead to volatility in air freight rates, impacting its demand. This is a major challenge restraining the growth of air freight services market.

Segment Analysis

Air freight services market is dominated by the international segment. International segment holds the largest share in air freight services market owing to increase in global trading activities between countries. Air cargo had become an integral part for international trade as it helps in quicker delivery of goods across borders. Freight is another dominating sub segment within the services segment. Freight services cater to bulkier and heavier shipments and has higher demand across industries for transportation of goods in large volumes.

Global Analysis

Asia Pacific region dominates the global Air Freight Services Market Regional Analysis and is expected to continue its dominance during the forecast period. Countries like China, Japan, India are major contributors to the growth of air freight services market in Asia Pacific region due to strong presence of manufacturing industries. North America region stands as second largest market for air freight services owing to significant demand from industries such as aerospace, automotive and food & beverages in countries like US and Canada. Europe is also considered as an important region for air freight services market supported by international trade activities between European countries.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)


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