Air Freight Market Size (2024 - 2029)

Air Freight Market Analysis

The Air Freight Market size is estimated at USD 151.22 billion in 2024, and is expected to reach USD 201.57 billion by 2029, at a CAGR of 5.92% during the forecast period (2024-2029).

The air cargo industry faced considerable challenges in 2022, mainly due to the ongoing dispute between Russia and Ukraine, significantly reducing the volume of dedicated air cargo originating in Russia.

According to the International Air Transport Association, in July 2023, the air cargo industry experienced a 20.7% increase from the previous month, maintaining steady growth since February 2023. However, compared to July 2022, the industry's cargo tonne kilometers (CTKs) decreased by 0.8%, placing it 0.3% below the July 2022 level and 3.7% lower than the pre-crisis level in 2019.

Airlines demonstrated remarkable innovation and agility throughout the historical shock of the pandemic, displaying resilience during this period. The financial profitability of airlines is within reach of the industry at large despite continued pressure on cost evolution from the macroeconomic environment. Unlike other sectors, the substantial gap between jet fuel and oil prices limits airlines' ability to benefit from potential oil price declines. There was a persistent problem until 2023 due to the limited capacity of refineries. Tight labor markets direct to higher wages and unsustainable pricing power within the downstream aviation value chain were likely to persist in 2023.

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Air Freight Industry Segmentation

Air freight transport refers to transporting goods by air from one place to another. These services are commonly used for shipments of goods that require quick and effective delivery, particularly over long distances or internationally. Compared to different modes of transport, such as sea or land, air freight has a reputation for speed and reliability.

A detailed analysis of the air cargo market, covering current trends, limitations, and technological advancements, along with comprehensive information on various segments and industry competition, is covered in the report. The impact of COVID-19 has also been incorporated and considered during the study.

The global air freight market is segmented by service (forwarding, airlines, and mail), destination (domestic and international), carrier type (belly cargo and freighter), and geography (Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America). The report offers market size and forecasts for all the above segments in value (USD).