(USGovernment-News.Com, April 17, 2019 ) Latest market study on "Air Cargo Market to 2027 by Type (Air Mail and Air Freight); Service (Express and Regular); and End User (Retail, Pharmaceutical & Healthcare, Food & Beverages, Consumer Electronics, and Automotive) - Global Analysis and Forecast", the air cargo market is estimated to reach US$ 145.20 Bn by 2027 from US$ 102.00 Bn in 2018. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Asia Pacific dominates the global air cargo market, followed by Europe. The growth in Asia Pacific region is highly influenced by the burgeoning e-commerce market in the developing economies of the region, as well as, the presence of strong manufacturing sector. The strong e-commerce sector of the region has resulted in increased cross-border e-commerce sales. For instance, air cargo hubs are becoming gradually important for the e-commerce growth, as e-commerce giants, integrators as well as carriers are strengthening their package sorting and automation competences, coupled with expanding networks with an aim to acquire a larger portion of the growing demand.
Although global economic growth is estimated to surge in aggregate during the forecast period, this covers a broad range in regional as well as country-level performance. Economic activity in the developed economies is anticipated to grow at a similar pace as they were during the past five years, with moderate slowdowns in the US and Japan, being compensated by sturdier growth in the Eurozone. The latter is expected to support incoming demand for air cargo into Europe on the major trade lanes between North America and Asia.
Top Leading Key Players are:-
DHL International GmbH Lufthansa Cargo AG FedEx Emirates SkyCargo Cargolux Cathay Pacific Airways United Parcel Service of America, Inc. ANA Cargo EtihadCargo Zela Aviation The Air Charter Company
The market players present in air cargo market are mainly focusing towards strategic partnerships with airport authorities, joint ventures, offering additional services and inaugurating new hubs across the world to compete efficiently. Most of the market initiative were observed in Europe and Asia Pacific region owing to the increasing air cargo traffic. Few of the recent developments are listed below:
2019: Fedex entered into a deal with Bahrain airport to expand freight complex at the airport along with the operation as a Gulf Cooperation Council (GCC) logistics hub.
2019: Cargolux announced the enhancement of the capacity with the addition of two B747Fs and thus increase the fleet size.
2018: Lufthansa Cargo and China Post Group Corp signed a strategic cooperation that has the cargo capacity scope of a weekly Boeing 777 freighter on the Shanghai (PVG) – Frankfurt (FRA) route. The companies’ further aims to jointly build a more stabilized as well as comprehensive channel of air cargo transportation connecting Europe and China.
Moreover, airports is the ASEAN countries are amongst the fastest growing globally, with shifting of manufacturing facilities into the region. This shift is attributed to increasing manufacturing costs in China, and concerns related to unstable trade relations between the US and China. ASEAN economic ministers have also signed an agreement for supporting the acceleration of cross-border e-commerce among ASEAN members. With the expected growth in ASEAN air cargo market, Turkish Cargo announced addition of freighter routes to Vietnam from Europe to its flight network.
With the constant increase in the demand for air cargo, several players operating in the supply chain are significantly investing to efficiently compete in the market. Moreover, with the growing demand for air cargo from the pharmaceutical industry, the market players are making necessary strides in technology to cope up the fast-growing pharmaceuticals market demand.
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