Air Freight Market to reach US$ 481.2 Billion by 2032 According to the latest research report, the global air freight market size reached US$ 303.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 481.2 Billion by 2032, exhibiting a growth rate (CAGR) of 5.1% during 2024-2032.
Global Air Freight Market Trends/Drivers:
Air freight continues to be a preferred mode of transportation due to its time-saving capabilities, enhanced security measures, and reduced packaging requirements compared to other transportation methods. In contrast, other transportation modes, such as marine, rail, and road transport, typically take days or even weeks to deliver goods. This has led to an escalating demand for fast delivery services, particularly for perishable items, and serves as one of the primary drivers of market growth. Additionally, the growing popularity of consolidated air freight services and the increasing volume of import and export activities across various countries are further contributing to market growth.
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Numerous airlines are actively implementing fuel-efficient solutions and adopting innovative technologies to provide cost-effective services in response to the surging demand for air freight. The rapid growth of the e-commerce industry has also propelled market growth. Leading players in the air freight industry are heavily investing in digitalization to enhance user experience and streamline the booking process for cargo shipments. Moreover, recent technological advancements, such as the large-scale integration of the Internet of Things (IoT), artificial intelligence (AI), big data, robotics, and automated systems into the air cargo supply chain, have catalyzed market growth.
Other factors, including the expanding aviation industry, the rising sales of high-value goods, the increasing need for pharmaceutical drugs and medical equipment, and a shifting focus towards supply chain optimization, are also providing a positive impetus to market growth.