ALBANY, New York, April 29, 2019 /PRNewswire/ -- The global air cargo market features a fragmented competitive landscape, Transparency Market Research (TMR) estimated during a detailed study. Some of the prominent players including Cathay Pacific Cargo, UPS Airlines, FedEx Express, DHL Aviation, and Korean Air Caro are dominating the global air cargo market.
These players are operating in a wide range of services such as chartered services, all-cargo airlines, and combination airline services. In addition, the topnotch companies are likely to explore untapped areas, which are helping them account for a leading share in the global air cargo market. Additionally, these players are strategizing and planning to expand their businesses.
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According to TMR, the global air cargo market is assessed to expand at an impressive CAGR of 4.9% over the forecast period from 2017 to 2025. With this vigorous CAGR, the market is expected to attain a value of US$130.12 bn by 2025-end. Based on the type, the air freight segment dominated the global air cargo market and is expected to retain its dominance over the forecast period. The market is estimated to account for major market by end of the forecast period and is estimated to collect revenue of nearly US$98.81 bn by 2020-end. Based on the end-user, the pharmaceuticals and healthcare segment accounted for a leading share and is expected to remain the dominant segment in the air cargo market by the end of the forecast period. Regionally, Asia Pacific dominated the market and the region is expected to expand with the most lucrative growth rate over the forecast period.
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Growing Adoption of the Faster Shipping Methods to Boost Market
Transportation of goods from one destination to another through air is a basic idea of air cargo. Growing demand for the transportation of goods is driving the growth of the global air cargo market. Further, implementation of favorable policies and strategies such as 'Open Skies' is encouraging growth of the market too. Open skies are international policies, which liberalize the rules present in the aviation industry and impact favorably on growth of the air cargo market. Moreover, growing support from the government in the form of these policies is resulting in creation of numerous opportunities for growth of the air cargo market in the coming future.
Additionally, air transport has been considered effective for shipping perishable, pharmaceutical products, and important chemicals. It offers the benefits such as timely delivery and temperature-controlled transportation for most goods. In addition, a growing reliance and capability of investing more for adopting air cargo services is occurring all over the globe, which is propelling growth of the air cargo market.
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The Trend of JIT to Remain Same and Create Opportunities for Growth
Despite these factors, rising prices of aviation fuel coupled with political instability in numerous countries are restraining growth of the market to some extent. Nonetheless, growing demand for quick and prominent shipping methods across the globe due to expanding the e-commerce sector is offering numerous growth opportunities. Further, the emergence of just-in-time (JIT) manufacturers is encouraging the manufacture of goods just before shipping it, thus facilitating timely delivery. This system reduces the cost of the inventory and improves operation efficacy. This current trend in the market is boosting the air cargo market and is expected to remain the same in the forthcoming years. Additionally, it is expected to create lucrative opportunities for the growth of the global air cargo market in the years to come.
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This information is encompassed in the report by TMR, titled, "Air Cargo Market (Type - Air Freight and Air Mail; Service - Express, Regular), End User - Consumer Electronics, Retail, Third Party Logistics, Food and Beverages, Pharmaceuticals and Healthcare; Destination - Domestic and International) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
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For the study, the Air Cargo Market has been segmented as follows:
- Air Freight
- Air Mail
- Consumer Electronics
- Third Party Logistics
- Food and beverages
- Pharmaceuticals and healthcare
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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