Air cargo transport market Air cargo transport market Total R
DUBLIN, March 21, 2024 (GLOBE NEWSWIRE) — The “Air Freight Transportation – Market Share Analysis, Industry Trends & Statistics, Growth Forecast 2020-2029” report has been added. ResearchAndMarkets.com Recruitment.
Air Cargo Transport market size is estimated to be USD 110.91 billion in 2024 and is projected to reach USD 147.35 billion by 2029, registering a CAGR of 4% during the forecast period (2024-2029). grow in
Global air cargo demand, measured in cargo tonne kilometers (CTK), reached 21.1 billion in October, an increase of 3.5% month-on-month. However, industry CTK decreased by 13.6% year-on-year compared to the same month in 2022 and was 6.2% lower than the pre-pandemic level in 2019. Seasonally adjusted (SA) air cargo demand in October 2022 slowed slightly to 2.3% month-on-month. Decreased compared to September. Similar to CTK, SA CTK contracted by 13.1% year-on-year and decreased by 6.1% compared to October 2019.
The situation in the air cargo industry continued in October 2022 due to high inflation rates in developed countries, weak global flows of goods and services, the ongoing war in Ukraine, and an abnormally strong US dollar. All these factors are putting downward pressure on air cargo growth. New export orders have historically been a leading indicator for air cargo transportation, but they remain weak. Global PMIs remain below the critical 50 line, suggesting continued contraction on average globally. China and South Korea recorded new export orders in October 2022, slightly higher than in September 2022, but still below 50. Other major countries maintained a downward trend. Germany in particular has remained flat at below 50 since March, indicating the continuing economic impact of the war in Eastern Europe.
Industry-wide air cargo capacity, measured in effective cargo tonne kilometers (ACTK), increased by 2% compared to September. The industry freight load factor (CLF) was -7.4% in October, down from -7.0% in September. The industry's SA ACTK remained at roughly the same level compared to October 2021. Latin America achieved SA ACTK's highest year-on-year growth of 20.3%. This is followed by North America at 3% year-on-year and the Middle East at 1.1% on a like-for-like basis. In contrast, the regions where SA ACTK experienced negative year-on-year growth in October this year were Africa (-7.5%), Europe (-5%) and Asia-Pacific (-2.1%).
The air cargo transportation market is moderately concentrated with the presence of prominent international players. Most service providers offer bundled solutions such as packaging, labeling, documentation, charter services, and freight forwarding. Existing major players in the market include DHL Supply Chain & Global Forwarding, Kuehne + Nagel, DB Schenker Logistics, DSV Panalpina, UPS Supply Chain Solutions, Expeditors International, Nippon Express, Bollore Logistics, Hellmann Worldwide Logistics, and Kinetsu World. Masu. Express.
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