Air Cargo Services Global Market Report 2023

Air cargo services are a mode of transportation that uses aircraft, such as planes and helicopters, to provide contract air transportation of cargo and mail over fixed international routes due to their ability to supply consumers all over the world with high-quality goods at reasonable prices.

The main types in the air cargo services market are air mail and air freight. Airfreight involves the transportation of cargo and mail through an air carrier. The market is also segmented by destination into domestic and international and by service into express and regular. It is also segmented by end-user into consumer electronics, retail, third-party logistics, food and beverages, pharmaceuticals and healthcare, and others.

The global air cargo services market grew from $61.73 billion in 2022 to $65.5 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The air cargo services market is expected to grow to $81.29 billion in 2027 at a CAGR of 5.5%.

The air cargo services market research report is one of a series of new reports that provides air cargo services market statistics, including air cargo transport services industry global market size, regional shares, competitors with an air cargo transport services market share, detailed air cargo transport services market segments, market trends and opportunities, and any further data you may need to thrive in the air cargo transport services industry. This air cargo transport services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

Asia-Pacific was the largest region in the air cargo services market in 2022. North America was the second largest region in the air cargo services market. The regions covered in the air cargo services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the air cargo services market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.

Air cargo companies are increasingly using block chain technology to improve efficiency, minimise losses, and prevent damage to cargo. Block chain technology allows air cargo companies to digitally track and record the change of custody for airline cargo containers, or Unit Load Devices (ULDs), as they journey between destinations. For instance, the block chain in Transport Alliance (BiTA) is pushing for a standardised implementation in the logistics industry. Large industry players such as UPS, FedEx, DHL, and Union Pacific have signed on with BiTA. Sita, an air transport communications and information technology company, estimates the possibility of using block chain technology to save $400 million a year for the air cargo industry.

The air cargo services market includes revenues earned by entities by transporting goods and couriers at high speeds to enhance less time-consuming delivery without the need for warehouse and storage facilities. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Major companies in the air cargo services market include Cathay Pacific Cargo, FedEx, The Emirates Group, United Parcel Service, and DHL Aviation.



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