Air Cargo and Freight Logistics Market Share 2023- Global Industry Trends, Revenue, Growth strategy Business Challenges and Future Outlook till 2033: SPER Market Research
When compared to other modes of transportation including rail, road, and sea transit, air travel is the fastest. A variety of aircraft types, including passenger, cargo, and hybrid aircraft, are capable of carrying cargo and freight. Various institutions, including cosigner/shipper, airport ground crew, aircraft carrier, and consignee, handle air cargo and freight. Customers of logistic providers are currently given an AWB (air waybill) number so they may track their goods while it is in transit.
According to SPER market research, Air Cargo and Freight Logistics Market Size- By Destination Type, By Service Type, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Air Cargo and Freight Logistics Market is predicted to reach USD 413.32 Billion by 2033 with a CAGR of 6.8%.
The increase of global trade propels growth in the air cargo and freight logistics industry. The need for efficient and dependable goods transportation services is rising due to factors including globalisation, complex supply chains, and time-sensitive sectors like e-commerce. The demand for air freight has increased dramatically as a result of e-commerce’s rapid development. Online retailers rely heavily on air freight’s efficiency and speed to match consumer expectations for quick, worldwide product delivery. Increased demand for integrated transportation services, changing consumer purchasing behaviours, and the growth of e-commerce are driving the global market for air cargo and freight logistics.
The market is confronted with obstacles, nonetheless, including a lack of understanding and the increasing use of technology for air and sea facilitation. Air freight is a cost-effective means of transportation for large products, particularly industrial parts and machinery, even with possible obstacles. Road transport is chosen for the domestic leg because air freight prices are higher per kilometre for shorter distances. In the midst of changing retail responsibilities, air cargo and freight logistics are essential in bridging supply chain gaps and facilitating smooth product transfer from factories to end-users.
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Impact of COVID-19 on Air Freight and Logistics Market
COVID-19 Impact: Lowered-than-expected demand globally relative to pre-pandemic levels was the outcome of the unusual and significant impact that the global COVID-19 pandemic had on the market. As the market recovers and moves back towards its pre-pandemic level, the unexpected spike in the Compound Annual Growth Rate (CAGR) occurs. Many airlines reduced or stopped operating passenger flights during the epidemic, which made their lower decks less suitable for carrying cargo. Higher airfreight rates resulted from increased competition for space on cargo-only aircraft. The supply chain was further affected, leading to delays and uncertainties, by labour shortages, travel restrictions, and lockdowns. The first impact of COVID-19 was primarily negative, leading to a drop in demand and revenue, even if a gradual recovery is anticipated for the market.
Air Cargo and Freight Logistics Market key players
With the bulk of market shares and a robust and prosperous economy, North America dominates the air freight logistics business. Due to the region’s strong economy, there is a greater need for a variety of industrial items, which calls for prompt and effective transportation. North America’s well-established road and airport networks, along with its sophisticated logistics systems, guarantee quick product distribution and help firms quickly satisfy customer expectations.
Additionally, some of the market key players are Air China Ltd, Bollore Logistics, Canada Air Cargo & Freight Logistics Inc, Horizon International Cargo, Rosan Sea Air Services, Singapore Airlines, Others.
Air Freight and Logistics Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
Destination Type: Based on the Destination Type, Global Air Cargo and Freight Logistics Market is segmented as; Domestic, International.
By Service Type: Based on the Service Type, Global Air Cargo and Freight Logistics Market is segmented as; Express, Regular.
By Application: Based on the Application, Global Air Cargo and Freight Logistics Market is segmented as; Equipment, Food, Industry Materials, Pharmaceuticals and Healthcare, Other.
By Region: This research also includes data for Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Air Cargo and Freight Logistics Market Demand
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