Air freight may be the shipment and transfer of merchandise via an air carrier which may be commercial or charter. Such shipments can travel beyond commercial and passenger aviation gateways to anywhere the planes can fly and land. The global air freight market report is segmented by aircraft type and freight item. The aircraft type segment is further segmented into express, all cargo, ad hoc cargo & charter carrier, and combination. The freight item segment is further segmented into pharmaceutical, machinery & electrical equipment, aircraft spare part, yet others.
Market Dynamics
The increasing economic activity and world trade could be the one on the most important economic drivers to the global air freight market. Although the economic conditions happen to be moderate during the last few years, they have got recently started improve. Air freight has always been an indispensable tool for your transport of time-sensitive commodities, like perishables, high-value, low-weight goods, including electronic devices, high-fashion apparel, pharmaceuticals, industrial machinery, and high-value intermediate goods, for instance auto parts.
The global air freight market grew by 6.9% Year-on-Year in 2017, that’s more than its five-year average growth rate. The APAC region held the greatest market share with in excess of 40% on the total market in 2016 and yes it increased by 7.5% Y-o-Y, with China leading with 15% on the total business, and which, is anticipated to continue sometime soon. Mature markets, like North America and Europe, have began to recover from the world economic meltdown and are also showing promising signs and symptoms of growth. This is evident off their growth rates, that happen to be 8.7% and 8.5%, respectively.
The rising fuel prices employ a complex affect on this market and air transport happens to be more expensive. However, it’s also driving the requirement for more efficient planes, that’s created a sell for advanced cargo-only flights. Of the existing global cargo fleet, 61% are actually converted from old passenger flights. However, that is changing gradually and will possess a positive affect the market, since the performance, efficiency, and longevity of new, purpose-built freighters are anticipated to outweigh period of time purchase prices for converted large freighters eventually, specifically for intercontinental operations, where high cargo density, larger payloads, and extended range are important.
Segmentation
The report analysis looks into the present composition with the cargo fleets of varied major airlines all over the world, segregating them by size, like wide-body aircraft, large aircraft, and narrow-body aircraft, along the Americas, Europe, Asia-Pacific plus the Middle East. The market is segmented by aircraft and freight item.