PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1368765
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1368765
According to SPER Market Research, 'Air Cargo Market Size- By Carrier Type, By Service Type, By Shipment Type, By End Use- Regional Outlook, Competitive Strategies and Segment Forecast to 2033' state that the Air Cargo Market is predicted to reach USD 257.20 billion by 2033 with a CAGR of 6.21%.
The consumer market has shifted in favour of online platforms due to the rapid expansion of e-commerce. Consumers increasingly anticipate smoother deliveries and quicker turnaround times. E-commerce businesses depend on cross-border air travel's speed and efficiency to meet these demands. Additionally, to cut costs and boost efficiency, e-commerce businesses use inventory management techniques including just-in-time inventory and drop shipping models. By assuring the timely movement of goods and enabling firms to maintain low inventories while promptly satisfying orders, air freight plays a crucial part in assisting these initiatives.
Furthermore, the COVID-19 had a big impact on the air cargo market. Due to limits on travel and decreased demand, passenger planes were either grounded or operated at reduced capacity, which led to a shortage of cargo space and fierce rivalry between carriers. There was also a substantial shift in the kinds of cargo being transported as a result of the significant rise in demand for e-commerce and basic necessities.