General description

Air freight is the shipment and transfer of merchandise through an air carrier that can be commercial or charter. Such shipments can travel from the gateways of commercial and passenger aviation to anywhere planes can fly and land. The global air cargo market report is segmented by aircraft type and cargo item. The Aircraft Type segment is further segmented into Express, All Cargo, Ad Hoc Cargo and Charter Carrier, and Combination. The cargo items segment is further segmented into pharmaceuticals, electrical machinery and equipment, aircraft parts, and others.

Market dynamics

Growing economic activity and global trade is one of the most important economic drivers for the global air cargo market. Although economic conditions have been moderate in recent years, they have recently begun to improve. Airfreight has remained an indispensable tool for the transportation of time-sensitive products such as perishable, high-value, and low-weight goods, including consumer electronics, haute couture clothing, pharmaceuticals, industrial machinery, and intermediate goods. High value, as it has auto parts.

The global air cargo market grew 6.9% year-on-year in 2017, which is more than its five-year average growth rate. The APAC region had the largest market share with over 40% of the total market in 2016 and increased 7.5% YoY, with China leading the way with 15% of the total market share, and is expected to continue into the future. Mature markets such as North America and Europe have begun to recover from the global economic collapse and are showing promising signs of growth. This is evidenced in their growth rates, which are 8.7% and 8.5%, respectively.

Rising fuel prices have a complex effect on this market and air travel has become more expensive. However, it is also driving the need for more efficient aircraft, which has created a market for advanced cargo-only flights. Of the current global cargo fleet, 61% have been converted from former passenger flights. However, this is gradually changing and will have a positive impact on the market as the performance, efficiency and reliability of new purpose-built freighters are expected to offset the low purchase prices of converted large freighters in the long run. especially for intercontinental operations, where high payload density, largest payloads and extended range are crucial.

Segmentation

The report’s analysis looks at the current composition of the cargo fleets of several of the world’s leading airlines, segregating them by size, such as wide-body, ultra-large and narrow-body aircraft, in the Americas, Europe, Asia-Pacific and the Middle East. The market has been segmented on the basis of aircraft and cargo items.