Air Cargo Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Air Cargo Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • February 2021 •
  • 300 pages •
  • Report ID: 6025326 •
  • Format: PDF
Major companies in the air cargo transport services market include Cathay Pacific Cargo; FedEx; The Emirates Group; United Parcel Service and DHL Aviation.

The global air cargo services market is expected to grow from $56.48 billion in 2020 to $64.98 billion in 2021 at a compound annual growth rate (CAGR) of 15%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $99.67 billion in 2025 at a CAGR of 11%.

The air cargo transport services market consists of sales of air cargo transport services and related goods by entities (organizations, sole traders and partnerships) that use aircraft, such as airplanes and helicopters to provide air transportation of cargo and mail on a contract basis over fixed international routes. The air cargo services market is segmented into air mail and air freight.

Asia Pacific was the largest region in the global air cargo services market, accounting for 40% of the market in 2020. North America was the second largest region accounting for 26% of the global air cargo services market. Eastern Europe was the smallest region in the global air cargo services market.

Air cargo companies are increasingly using block chain technology to improve efficiency, minimize losses, and prevent damage to cargo. Block chain technology allows air cargo companies to digitally track and record the change of custody for airline cargo containers, or Unit Load Devices (ULDs), as they journey between destinations. For instance, block chain in Transport Alliance (BiTA) is pushing for a standardized implementation in the logistics industry. Large industry players such as UPS, FedEx, DHL, and Union Pacific have signed on with BiTA. Sita, an air transport communications and information technology company estimate the possibility of using block chain technology to save $400M a year for the air cargo industry.