The global air cargo market is expected to grow from $ 92,812.56 million in 2018 to $ 183,804.57 million by 2025, at a Compounded Annual Growth Rate (CAGR) of 10.25%.The recent strong upturn in the air cargo market is driven by three key elements: synchronized global economic expansion, increased industrial output, and world trade growth, said a report.
The global air cargo market is highly competitive and is marked by the presence of a large number of international and regional players. The market has witnessed increased competition between vendors based on the pricing model, differentiation of technology, brand name, service quality, product differentiation, and technical expertise catalunyafarm.com southafrica-ed.com.
Rising e-commerce has put sales channels under pressure for faster delivery and an efficient supply chain. This scenario provides opportunities for the distribution and warehousing facilities of third parties to integrate with the air e-commerce system. Owing to the continued growth in online shopping, many third-party logistics (3PLs) service providers are offering more multimodal services, which include air cargo service as a critical mode of transportation. In addition, growth in overall cross-border e-commerce is expected to fuel demand for the air cargo market.
In general, products transported by air, such as time-sensitive perishables and high-value materials, including computers, consumer electronics and pharmaceuticals, are among the fastest-growing trade flows in the world. The increase in demand for these products has, in-turn, increased air cargo market growth click this.
In developed countries, dedicated air cargo terminals are being designed in tandem with the increased air cargo volume to speed up the air cargo screening process and efficiently managing security threats cheska-lekarna.com. On the other hand, with the aid of advanced air cargo screening systems, new freight terminals are increasingly being used, thereby triggering the expansion of the air cargo market, the report added.
Source : Various Agencies