The Air Cargo And Freight Logistics Market Is Estimated To Witness High Growth Owing To Rising International Trade
Air cargo and freight logistics involves transportation of goods through air. This includes transportation of goods by dedicated cargo aircraft, lower deck containers of passenger aircraft and integrated multimodal solutions. It provides quick delivery of goods across borders. Some key products include pharmaceuticals, machinery equipment, fresh foods and perishable items etc.
The global Air Cargo And Freight Logistics Market is estimated to be valued at US$ 164.48 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the air cargo and freight logistics market is the rising international trade. According to World Trade Organization (WTO), the global merchandise trade volume increased by 13.9% in 2021 over 2020 levels. As international trade grows, transportation of goods across borders increases significantly. Air cargo remains an integral part of the global supply chain, enabling timely delivery of goods. It accounts for about 35% of the total value of internationally traded goods. With growing trade volumes, the demand for air cargo and freight logistics is expected to rise considerably over the forecast period. Further, the market is also benefitting from advances in logistics infrastructure and supply chain optimization solutions that improve efficiency of goods transportation through air. However, volatility in fuel prices and disruptions due to natural or geo-political factors pose challenges to market growth.
SWOT Analysis
Strength: The Air Cargo and Freight Logistics Market enables reliable and speedy transportation of goods globally. It offers door-to-door delivery services for bulk shipments through wide network connectivity across diverse regions. Furthermore, air cargo provides transportation of temperature-sensitive and perishable items safely over long distances.
Weakness: Volatility in fuel prices and fluctuations in foreign currency exchange rates pose major challenges for players in this market. In addition, risks of delays in transportation and damage during cargo handling can negatively impact customer satisfaction.
Opportunity: Rapid growth of e-commerce industry worldwide is expanding the scope for air freight logistics. There is also opportunity to leverage emerging technologies like IoT and blockchain for efficient cargo monitoring and tracking. Further, expanding trade relations among developing nations will augment demand.
Threats: Presence of other modes of transportation poses competition to air cargo. Transportation through sea and road carriers is economical compared to air freight. Moreover, economic slowdowns and global trade tensions create uncertainties.
Key Takeaways
The global Air Cargo And Freight Logistics Market Share is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is estimated at US$ 164.48 Mn and projected to grow at a CAGR of 5.4% through 2031.
Regional analysis: North America currently dominates the market supported by well-established logistics infrastructure and robust air cargo operations. Asia Pacific is anticipated to showcase fastest growth on account of increasing industrial and manufacturing activities in countries like China and India. Further, expanding exports from the region will propel air freight demand.
Key players: Key players operating in the Air Cargo and Freight Logistics Market are AGRANA Beteiligungs-AG, Baor Products, CitroGlobe S.r.l., DÖhler GmbH, FIL Industries Private Limited, Fructrum GmbH, FruitSmart, H&H Products Company, Hermann Pfanner Getränke GmbH, Himalyan Food Park, Ingredion, Lizaz Food Processing, Old Orchard Brands, LLC. These companies are focusing on leveraging new technologies to enhance supply chain visibility and logistics efficiency. Partnerships with airlines help expand global reach.
Explore more related article on this topic: https://www.newswirestats.com/the-global-air-cargo-and-freight-logistics-market-growth/
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