Asia Pacific Air Cargo Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Air Mail and Air Freight), Service (Express and Regular), and End User (Retail, Pharmaceutical & Healthcare, Food & Beverage, Consumer Electronics, Automotive, and Others)
The air cargo market in APAC is expected to reach US$ 85.39 billion by 2028 from US$ 46.21 billion in 2021. The market is estimated to grow at a CAGR of 9.2% from 2021 to 2028.
Air cargo stakeholders have a huge opportunity in Southeast Asian countries such as Singapore, Thailand, and Indonesia. Airports in Southeast Asian countries are the fastest-growing airports in the world. The Turkish Cargo is increasing its presence with the launch of new freighter services. The airports of Singapore, Incheon, Hong Kong, and Taiwan are supporting national carriers to expand air freights and also encouraging operators to increase services. These initiatives are expected to reduce the trade with China and increase some transfer cargo traffic in Taiwan from ASEAN. Companies such as APEX Logistics and SEKO Logistics have strategically expanded their operations in Southeast Asian countries. According to Boeing’s Commercial Market Outlook, the intra-Southeast Asian market by 20139 will be the fifth-largest in the world, and the vast domestic and regional air network across the region positions it well for a post-pandemic recovery. With the developing policies and infrastructure, it is expected that Southeast Asian countries will exhibit a huge opportunity for air cargo vendors during the forecast period. Southeast Asia’s fundamental growth drivers remain robust.
Based on end user, the others segment led the APAC air cargo market in 2020. The others segment includes engineering and manufacturing technology equipment, chemicals, and energy industries. The increasing industrialization and globalization have created a significant demand for industrial equipment across the world. Government initiatives such as FDI encouragement, export-oriented unit (EOU) Scheme, and NAFTA creating demand for demand for low-cost transportation, fast delivery, and cross-border business are positively impacting the air cargo market.
According to IATA figures, Asia-Pacific generates about a third of global air cargo deliveries. Asia Pacific is characterized by a large number of developing countries, a high industrial presence, and a positive economic outlook. Air cargo demand has witnessed growth in the region since the commencement of the COVID-19 crisis surfaced last year with the Pacific Rim driving most of the growth. The region has benefited from the pickup in economic activity. The rebound in Asia Pacific international CTKs slightly accelerated as airlines added more capacity on the routes. For instance, two leading industry associations estimated positive forecasts for 2021 i.e., with Boeing telling shippers it will produce more aircraft. In addition, according to IATA, international air cargo grew by 10.5% in February 2021 compared to the same month in 2019. Furthermore, the region’s airlines reported the highest international load factor at 74.0%. Hence, the pandemic is positively impacting the air cargo market in the Asia Pacific region.
The overall APAC air cargo market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the APAC air cargo market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the APAC air cargo market. Cargolux; Cathay Pacific Airways Limited; DHL International GmbH (Deutsche Post DHL Group); Emirates SkyCargo; Etihad Cargo; FedEx Corporation; Lufthansa Cargo AG; and United Parcel Service of America, Inc. are among the key players operating in the market.
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