Air Freight Market is Poised to Achieve Worth of USD 162.39 Billion by 2031 | SkyQuest Technology
Westford USA, Nov. 26, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Air Freight Market size will attain a value of USD 162.39 Billion by 2031, with a CAGR of 10.3% over the forecast period (2024-2031). A combination of factors has driven rapid expansion in the air freight market in recent times. With the growth of the e-commerce industry, rapid and cross-border shipments have been emerging as a high-demand area. Air freight has become a source of critical supply chain destination due to the rapidly rising expectations of customers who seek expedited deliveries. Moreover, technological development has swept through changes in the air freight market. It interlinks blockchain, AI, and IoT to achieve better security, operation optimization, and visibility of the supply chain. All these technologies enable speedy customs processing procedures, predictive maintenance of planes, and tracking of shipment in real time among others. Meanwhile, with growing environmental concerns, industry adoption of sustainable practices is on the rise. Furthermore, freight carriers and airlines on their part try to reduce their environmental footprint by investing in more fuel-efficient aircraft, researching alternative fuels, and adopting carbon-reduction plans.
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Browse in-depth TOC on the “Air Freight Market”
Pages- 202
Tables- 60
Figures- 75
Air Freight Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 74.12 Billion |
| Estimated Value by 2031 | USD 162.39 Billion |
| Growth Rate | Poised to Grow at a CAGR of 10.3% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End User |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Need of Air Freight in the Logistics Industry |
| Key Market Opportunities | Digital Transformation |
| Key Market Drivers | E-Commerce Boom |
Rise of International Air Freight: Meeting Demands of Global Trade
The international air freight segment dominated the market. It was driven by international supply chains and rising global trade. International air freight services are increasingly required as companies look for faster and more reliable ways to move their products across borders. Improved international trade agreements and enhancements in the global logistics infrastructure have allowed for smoother cross-border operations. As the globally expanding world of e-commerce is creating an ever-growing demand for effective international shipping solutions, this turns out to be a very fast-growing segment.
Streamlined Solutions: Growth of Door-to-Door Services in Air Freight Market
The increased demand for fast and efficient methods of delivery directly to the customer creates the highest growth rate in the door-to-door service segment. Within the sector of electronic commerce, this business stands at the top of the popularity scale due to customer interest in high-speed delivery of goods right to the household. Besides this, the ease of using door-to-door delivery even in the business-to-business market makes it an equally attractive way to free resources from logistics and thereby increase efficiency in business operations. The growth of the door-to-door service market segment is foreseen to result from enterprise efforts aimed at meeting customers' growing demand, which changes rapidly and clamors for time and reliability in delivery, fostered by wider growth factors in consumer and commercial industries.
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How Trade Agreements and Infrastructure Boost North American Air Freight
The North American air freight market is expected to witness steady growth from 2024 to 2031, driven by a strong economy, the latest logistics infrastructure, and an e-commerce industry that is growing at a very fast rate. The US and Canada are crucial due to their large networks of airports and supply chain management systems with the latest technology. Strong economic activity and high levels of customers in the region have created a prevalent demand for timely product delivery, hence fueling the demand for efficient air freight services. The main factors that have contributed to the significant increase in the market include the increasing prominence of just-in-time delivery models and the growth of e-commerce platforms such as Amazon. Critical trade relationships and agreements, such as the USMCA, give North America an advantage in the smooth running of seamless cross-border air freight operations.
Air Freight Market Insights
Drivers
- E-Commerce Boom
- Technological Advancements
- Just-in-Time Inventory
Restraints
- High Costs
- Regulatory Challenges
- Economic Fluctuations
Key Players Operating within the Air Freight Market
- UPS
- DHL
- Panalpina
- Sinotrans
- Agility Logistics
- Geodis
- Dimerco
- XPO Logistics
- Yusen Logistics
- Nippon Express
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Key Question Covered in the Global Air Freight Market Report
- What are the major factors driving the growth of the air freight market?
- What is the expected worth of the market to be achieved by 2031?
- What are the segments covered in this report?
This report provides the following insights:
- Analysis of key drivers (e-commerce boom and technological advancements), restraints (high initial costs and regulatory complexities) opportunities (digital transformation and partnerships & alliances), and challenges (security risks and competitive pressure) influencing the growth of the air freight market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the air freight market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the air freight market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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