*Taxes/Fees, if applicable will be added during checkout. However, costs have risen sharply since February 2020 as a result of severe . The MarketWatch News Department was not involved in the creation of this content. 4.To analyze the Air Freight Forwarding with respect to individual growth trends, future prospects, and their contribution to the total market. Besides the increasing domestic volumes shipped by small and large e-retailers, the swiftly-growing cross-border e-commerce remains a key growth driver for the overall increase in e-commerce sales. Air freight, also known as air cargo, is a transportation mode that delivers fast-speed shipments through aircraft [] The Freight Airport Transport industry in the UK is flourishing, with a market size measured by revenue of 1bn in 2022, and growth of around 3.4% per year on average between 2017 and 2022. 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On the basis of forecast analysis, Asia-Pacific is expected to maintain its lead during the forecast period, owing to the presence of big global production hubs such as China and India. Attributed to fast delivery speeds and temperature-sensitive space in aircraft, vaccines are usually sent via aircraft to help reach their required destination in time to be effective. In 2020, the global air freight market attained a volume of nearly 69.7 million metric tons. 2022 IMARC Services Private Limited. What has been the impact of COVID-19 on the global air freight market? Air freight service providers offer four options for making the delivery. Pandemic disrupted the entire world and affected many industries. For the period 2017-2028, the growth among segments provide accurate calculations and forecasts for revenue by Type and by Application. What are the major industry drivers? In APAC, the growth rates of other notable markets (Japan and South Korea) are projected to be at % and % respectively for the next 5-year period. The global Freight Forwarding market is expected to reach US$ 205.3 billion by 2022. Major Factors Driving The Growth Of The Air Cargo . 2021 IMARC Services Private Limited. Air freight is the fastest way to deliver shipments particularly if it requires long-distance travel. In addition, as the shipment duration is quite short, the insurance premiums on air freight are usually low. Stay abreast of your interest areas. Stay on top of supply and demand dynamics across all modes of transportation with SONAR's best-in-class data and analytics. To gain insightful analyses of the market and have comprehensive understanding of the global Air Freight Forwarding market and its commercial landscape. Air Cargo & Freight Logistics market is divided by type and application. Moreover, nationwide lockdowns disrupted the supply-chain as several manufacturing facilities across the globe had to partially or fully shut down their operations. Contact the source provider Comtex at editorial@comtex.com. Looking forward, IMARC Group expects the market to reach a value of US$ 390.7 Billion by 2027, exhibiting a growth rate (CAGR) of 5.80% during 2022-2027. It is the most reliable and a secure means of transportation that incurs lowest insurance premiums due to shorter transportation times for air cargo. To get more information about this market, Request Sample. FedEx is one notable operator to recently apply such surcharges to most of their shipments. Currently, the commercial sector accounts for the majority of the total market share. In addition, for door-to-door delivery, the amount comprises air cargo services, including pickup & delivery, cargo insurance, customs brokerage, and accessorial charges. Commercial air transport of cargo in the Latin American region has undergone enormous changes in the recent decade, owing to the exponential consolidation of the low-cost airline model and ever more demanding safety and environmental requirements. Besides the standard structure reports, we also provide custom research according to specific requirements, Purchase this Report (Price 3660 USD for a Single-User License) https://proficientmarketinsights.com/purchase/20325338. International Air Transport Association (IATA) estimated that e-commerce held a market share of about 15% of air cargo volumes in 2019. In Colorado, oil firms fix leaky wells ahead of new rules, Elon Musk trial opens to decide fate of his $56 bln Tesla pay, Electric vehicle makers burning cash, slammed by sky-high costs, 'Cockeyed optimist' Biden pushes unity with Republicans after Democrats retain Senate. The global air freight market reached a value of US$ 270.3 billion in 2021. The market is anticipated to have a sustainable growth from 2017 to 2025. SONAR aggregates market information from numerous freight data . Get detailed COVID-19 impact analysis on the Air Freight Market. Copyright 2022 MarketWatch, Inc. All rights reserved. Asia Pacific, Europe, North America, Latin America, Middle East and Africa, United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico. The global freight forwarding market was valued at US$ 204.6 Bn in 2019 and is expected to reach US$ 277.5 Bn by 2028 at a CAGR of 5.0% between 2021 and 2028. Air Freight Forwarding Market Report Contains: - ( India: +91 120 433 0800 ). In 2020, the global Air Freight Pallet market size was US$ XX million and it is expected to reach US$ XX million by the end of 2027, with a CAGR of XX% during 2021-2027. ), South America (Brazil, Argentina, Colombia, etc. The global air freight market size was worth USD 295 billion in 2021 and is projected to reach USD 490 billion by 2030, registering a CAGR of 6% during the forecast period (2022-2030). This data has been validated by the business investigators, giving huge bits of knowledge to the scientists, data analysts, directors, and other industry experts. 13.1 Company 1. Proficient market insights is an upscale platform to help key personnel in the business world in strategizing and taking visionary decisions based on facts and figures derived from in-depth market research. It is published in Valuates Reports under the Transportation & Logistics Category. According to our researcher latest study, the global Air Freight Forwarding market size is USD million in 2022 from USD million in 2021, with a change of % between 2021 and 2022. Although air freight accounts approximately 1% of the total freight activities by weight, and it is quite expensive to ship products via aircraft, it is quite valuable mode to transport jewelry, perishable items, pharmaceuticals, costly electronic items, and others. Air cargo is a concept when transportation of any good or commodity is to be carried out in an aircraft. Moreover, the rising usage of cool-chain tech, robotics, automated systems, artificial intelligence (AI), Big Data, deep learning, IoT, and augmented & virtual reality across several operations is anticipated to boost the growth of the global air freight market over the forecast period. Increased use of Artificial Intelligence and Machine Learning tools to improve the logistics and supply-chain operations. These factors make air freight a superior and essential mode of goods transportation. The Air Freight Service market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.According to our latest study, due to COVID-19 pandemic, the global Air Freight Service market size is estimated to be worth USD million in 2021 and is forecast to a readjusted size of USD million by 2028 with a CAGR of % during review period. The study deeply helps in understanding the market patterns, applications, determinations and industry obstacles. Air freight is particularly favorable for shipment of high-value goods such as electronics, jewelry, pharmaceuticals, perishables, and other items. Moreover, the fluctuating prices of aviation fuel also impact air freight operations. Based on the air freight market analysis, Asia Pacific region accounted for the highest revenue contributor in 2019 and is expected to see lucrative business opportunities during the forecast period, A. According to the latest report by IMARC Group, titled " Global Air Freight Market Market Analysis, Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027 ", the global air freight market reached a value of US$ 270.3 Billion in 2021. All Rights Reserved, Global Opportunity Analysis and Industry Forecast, 20202027. Air freight is quite suitable for offering swift deliveries. 7. Increased demand for air freight services. We expect the global air freight market to exhibit a CAGR of 5.80% during 2022-2027. . The size of this market is expected to increase to USD xx.x million by the year 2028, while growing at a Compounded Annual Growth Rate (CAGR) of x.x%. 92 th tons during 2022-2026, accelerating at a CAGR of 4.New York, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Airfreight Forwarding Market 2022-2026 . 0% from 2021 to 2028. Based on the destination, the global air freight market has been segmented into domestic and international, where international destination represents the largest market share. What is the breakup of the global air freight market based on the destination? In 2022, the air freight market is expected to exceed 87 million. - The French air freight sector had total revenues of $2.1 billion in 2021, representing a compound annual growth rate (CAGR) of -4.5% between 2016 and 2021. The trends show that the market is expected to grow at a CAGR of 9.83%. Air freight is a transportation mode of delivering fast-speed shipments via aircraft mostly for longer distances. According to the World Health Organization, vaccinations programs help prevent around 3 million child deaths annually. Segmentation by application: breakdown data from 2017 to 2022, in Section 2.4; and forecast to 2028 in section 10.8. Beyond this, the air freight price also probably includes several costs such as fuel surcharges, terminal handling charges, security surcharges, and airport transfers. The average transaction volume using e-commerce increased by almost 70% in 2020 compared to 2019. Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. However, air freight is a flexible transportation mode that can be custom-made to fit the client's needs. To understand the future outlook and prospects for the Air Freight Forwarding market. The global freight forwarding market was valued at $192.50 billion in 2021, and is projected to reach $285.15 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031. The market segmentation is based on service, destination, end-use, and region. ), Key Players in the Air Freight Forwarding Market: -. The U.S. Market is Estimated at $ Million in 2021, While China is Forecast to Reach $ Million by 2028. Rising export of pharmaceutical products across the world is expected to increase industry demand. 6. In 2021, the Global Air Freight Market's size was valued at USD 272.2 billion and is estimated to reach USD 377.8 billion by 2028 and is expected to be growing at a CAGR of 5.8 % throughout the forecast period. What are the key regions in the global air freight market? The leading companies in this field include. 9. Who are the key players/companies in the global air freight market? 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