North America Air Cargo Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Air Mail and Air Freight), Service (Express and Regular), and End User (Retail, Pharmaceutical & Healthcare, Food & Beverage, Consumer Electronics, Automotive, and Others)

Air Freight Segment to Dominate North America Air Cargo Market during 2020-2028.

According to a new market research study on “North America Air Cargo Market to 2028 - COVID-19 Impact and Analysis and Forecast by: Type, Services, and End-user,” is expected to reach US$ 51.29 billion by 2028 from US$ 31.20 billion in 2021. The market is estimated to grow at a CAGR of 7.4% from 2021 to 2028. The report provides trends prevailing in the North America air cargo market along with the drivers and restraints pertaining to the market growth. Quick adoption of e-commerce platforms is the major factor driving the growth of the North America air cargo market. However, issues associated with the market uncertainty and complications of temperature-sensitive cargo hinder the growth of North America air cargo market.

The North America air cargo market is segmented into type, services, End-user, and country. Based on type, the market is segmented into air mail and air freight. The air freight segment dominated the market in the year 2020 and is also expected to be the fastest growing during forecast period. Based on services, the market is segmented into express and regular. The regular segment dominated the market in year 2020 and express segment is expected to be the fastest growing during the forecast period. Based on end- user, the market is segmented into retail, pharmaceutical and healthcare, food and beverage, consumer electronics, automotive, and others. The others segment dominated the market in year 2020 and pharmaceutical and healthcare segment is expected to be the fastest growing during the forecast period. Based on country, the market has been segmented into US, Canada, and Mexico.

North America is engaging in development and adoption of new technologies due to favorable government policies to boost innovation and strengthen the infrastructure capabilities. The Canadian government is anticipated to aid the sector, including financial support to airlines. In addition, the US Government has vastly supported its airlines during the crisis, and there are still hopes for a second support package. According to the statistics by the International Air Transport Association (IATA), the industry-wide cargo ton-kilometers (CTKs), the month-on-month CTKs showed the fastest growth since May, at 3.7% in 2020. The rebound of the industry rebound remains largely driven by North American airlines. North American airlines also performed strongly in September 2020. This can be attributed to the increasing Asia-North America trade lanes due to strong demand for goods manufactured in Asia and the robust demand from domestic markets in the US. Moreover, the domestic market in North America has been outperforming significantly the region’s international routes due to the rising popularity of e-commerce since Q2 of 2020 when the country went into strict lockdown. Furthermore, the market players in North America are also open to the supply chain and critical supply. Hence, the Air Cargo Market in the region has been positively influenced by the pandemic.

Cargolux; Cathay Pacific Airways Limited; DHL International GmbH (Deutsche Post DHL Group); Emirates SkyCargo; Etihad Cargo; FedEx Corporation; Lufthansa Cargo AG; and United Parcel Service of America, Inc. are among the leading companies in the North America air cargo market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Emirates SkyCargo has become the world's first airline cargo carrier to carry more than 50 billion doses of COVID-19 vaccination on its flights. In addition to vaccines, the carrier has transported more than 100 tonnes of syringes around the world

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