Market Synopsis
According to Market Research Future (MRFR), the Air Cargo Industry is predicted to acquire a considerable market value while thriving at a CAGR of 4.9% during the evaluation period from 2020 to 2030.
The rapid development of cargo hubs is likely to be a substantial cause in augmenting the air cargo volume during the review tenure. The growing popularity of cross-border e-commerce is expected to lead to a faster delivery of goods that can drive the air cargo industry. The rise in demand for the service in the healthcare sector due to the growing requirement for emergency medicines is predicted to expedite air cargo management during the evaluation tenure. Furthermore, the need for global exports and imports due to its timely delivery is anticipated to strengthen the air cargo screening system that may facilitate air cargo management.
On the flip side, expenses associated with the air cargo and increasing price of crude oil are projected to hamper the market during the evaluation tenure. However, the growing gross domestic product per capita of developing countries is likely to counter hampering factors that can promote market growth.
Key Players
Eminent players of the global Air Cargo Industry are United Parcel Service of America, Inc. (US), FedEx (US), DHL International GmbH (Germany), China Eastern Airlines Corporation Limited (China), Cathay Pacific Airways Limited (Hong Kong), and Korean Air (South Korea).
Market Segmentation
The segmental analysis of the global Air Cargo Industry is done by destination, type, service, and end-user.
The destination-based segments of the Air Cargo Industry are domestic and international. Between the two segments, the international segment is expected to record a CAGR as compared to the other segment during the projection tenure.
The type-based segments of the global Air Cargo Industry are air freight and air mail. Between the two segments, the air freight segment is anticipated to dominate the global market and record a higher CAGR during the evaluation period from 2019-2027.
The service-based segments of the global Air Cargo Industry are express and regular. Between the two segments, the express service segment is expected to dominate the global market and witness a higher CAGR during the forecast period.
The end-user based segments of the global Air Cargo Industry are retail, food & beverages, pharmaceutical and healthcare, consumer electronics, automotive, and others. Among all segments, the pharmaceutical and healthcare segment is expected to witness the highest CAGR during the forecast period.
Regional Analysis
Based on the region, the global market for air cargo is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
As per the assessment, the APAC region is expected to dominate the global market during the forecast period owing to the rapid development going on in the developing countries. The growing awareness about the e-commerce is likely to play a salient role in developing the regional market in the coming period.
North America is anticipated to be the fastest-growing market during the review period owing to the presence of strong economies like the US and Canada. The rise in demand for perishable items across the countries is likely to develop the regional market in the coming period.
Europe is predicted to acquire significant market value during the forecast period owing to the growing popularity of E-commerce. The UK is expected to make a notable contribution during the review period.
RoW is anticipated to acquire a smaller market share in the coming period due to the presence of underdeveloped countries, which may hinder the market growth.
Brows Full Report @ https://www.marketresearchfuture.com/reports/air-cargo-market-8271
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