The global airfreight market size is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing global trade, rising urbanization, growing need for air freight delivery system, and increasing freight visibility technologies & solutions.
Freight transport is a process of transporting merchandise goods, cargo, and commodities through various modes of transport. Freight transport management means developing various strategies for increasing the efficiency of commercial and freight transport. Freight transportation helps shippers to reduce the cost and to use right mode of transportation. Efficient freight transportation is very important for the economic growth and development of any country.
Air freight helps to deliver the shipments very fast for longer distance. Different strategies are needed for improving freight and commercial transport such as, fuel management, freight optimization, route planning, and order management. Freight transport helps the companies to deliver the goods quickly in less time and at a low cost. It helps to contribute in the economic development of the country.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for greater visibility and shorter transit time is projected to spur the market growth during the forecast period.
- Rapid growth of e-commerce sector is major factor propelling the market expansion.
- Difficulty in shipping and delivering goods and problem in controlling cost act as a factors that can restrict the market growth.
- Risk related to cross border transportation and congestion in trade routes are estimated to impede the market expansion.
- Rising demand of consumers for digitization offer significant opportunities for the market players.
Scope of Airfreight Market Report
The report on the global airfreight market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Global Airfreight Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Services (Airlines, Forwarding, Mail, and Others), Destinations (International and Domestic), Carrier Types (Freighter and Belly Cargo)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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DB SCHENKER; DSV Panalpina; FedEx Corporation; Nippon Express; Bollore Logistics; Deutsche Post AG; Hellman Worldwide Logistics; United Parcel Service, Inc; and The Emirates Group
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Airfreight Market Segment Insights
Airlines segment is projected to account for a large market share
Based on services, the global airfreight market is divided into airlines, forwarding, mail, and others. The airlines segment is expected to constitute a key share of the market during the forecast period owing to increasing demand for air transportation services and technological innovations in airlines industries. The developing aircrafts with the fuel efficiency and providing cost efficiency services in the industry. However, the mail segment is anticipated to expand at a rapid pace during the forecast period due to lower costs, faster delivery times, and providing better customer experience.
International segment is projected to hold a key market share
On the basis of destinations, the market is segmented into international and domestic. The international segment is expected to represent a key share of the market in the coming years due to fast services, high standard of security, and high speed for travelling long distance. On the other hand, the domestic segment is anticipated to expand at a rapid pace during the forecast period owing to fewer requirements of warehouses, track able cargo status, and rising demand for fast shipping methods.
Freighter segment is projected to constitute a major market share
In terms of carrier types, the global airfreight market is segregated into freighter and belly cargo. The freighter segment is expected to account for a key share of the market during the forecast period owing to increasing demand for safety, increased consistency, and improving customer satisfaction. However, the belly cargo segment is anticipated to expand at a rapid pace during the forecast period due to rising industry awareness regarding importance of safety, reliable to do business, and properly trained staff.
North America is expected to dominate the market
On the basis of regions, the freight transport management market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to increasing digitization and rising adoption of internet of things by various industries. Many firms are going online which is increasing the retail sector in the region. US will dominate the market owing to its well-established and sustainable economy and industrial sector. However, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years due to its increasing population it is rising the demand for freight transport.
Segments
The global airfreight market has been segmented on the basis of
Services
- Airlines
- Forwarding
- Mail
- Others
Destinations
Carrier Types
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global airfreight market include DB SCHENKER; DSV Panalpina; FedEx Corporation; Nippon Express; Bollore Logistics; Deutsche Post AG; Hellman Worldwide Logistics; United Parcel Service, Inc; and The Emirates Group. Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
