Global Airfreight Market - Growth, Trends And Forecasts (2018-2023)
The increasing Economic Activity and World Trade are the most important economic drivers for the Global Airfreight industry. Although the economic conditions have been very unfavourable in the past few years, Air freight has remained an indispensible tool for the transport of time sensitive commodities like perishables; high-value, low-weight goods including consumer electronics; high-fashion apparel; pharmaceuticals; industrial machinery; and high-value intermediate goods such as auto parts.
The APAC region holds the highest market share with more than 40% of the total market; China leads the way with 15% of the total market share and is expected to be top for years to come. The more mature markets like North America and Europe have started to recover after the global economic meltdown and are showing promising signs of growth.
The rising fuel prices has a complex effect on this market, air transport has become more expensive with the rising fuel prices however it is also driving a need for more efficient planes which has created a market for advanced cargo only flights. Of the current global cargo fleet 61% has been converted from old passenger flights. However this is changing gradually and will have an impact on the market as The performance, efficiency, and reliability of new, purpose-built freighters outweigh the lower purchase prices for converted large freighters, especially for intercontinental operations, where high cargo density, larger payloads, and extended range are crucial.
The report looks into the current composition of the Cargo Fleets of various major airlines around the world segregating them on the basis of size; Wide Body Aircrafts, Very Large Aircrafts and Narrow Body Aircrafts across the Americas, Europe, Asia Pacific and the very high growth Middle East region. Recent developments like the e-Freight program for paperless shipments have been analysed and their impact on the market is presented. The key players in the industry have been analysed and the company profiles along with the competitive landscape have been given.