Report : Europe Air Cargo Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Air Mail and Air Freight), Service (Express and Regular), and End User (Retail, Pharmaceutical & Healthcare, Food & Beverage, Consumer Electronics, Automotive, and Others)
At 6.1% CAGR, the Europe Air Cargo Market is speculated to be worth US$ 43.26 billion by 2028, says The Business Market Insights
According to the Business Market Insights’ research, the Europe air cargo market was valued at US$ 30.25 billion in 2022 and is expected to reach US$ 43.26 billion by 2028, registering a CAGR of 6.1% from 2022 to 2028. Rapid adoption of E-Commerce platforms and constant need to transport temperature-sensitive products are the critical factors attributed to the Europe air cargo market expansion.
The transportation of temperature-sensitive products including drugs, chemicals, and medicines is creating a huge opportunity for the air cargo market. For instance, almost 68% of all biotech products are temperature sensitive. In addition, Marken announced clinical home healthcare services that include clinical drug storage, direct-to-patient delivery, biologic sample collection, central pharmacy, and home care/nursing services. Thus, the pharmaceutical companies are highly dependent on-air transportation due to factors such as time-sensitivity and temperature-controlled transportation. The rapid growth of the pharmaceutical industry resulted in augmenting the demand for transportation services for temperature-sensitive cargo. The demand is anticipated to increase with new pharmaceutical and biotechnology products entering the market every day. Therefore, airlines using advanced cool chain solutions will be well-placed to take full advantage of this sector as it grows. Therefore, airlines can expect increasing demand for shipping services that cater to their specific needs with the pharmaceutical industry is anticipated to increase further in the next several years. The International Air Transport Association (IATA) adopted an initiative to support air cargo sector to comply with the pharmaceutical manufacturers’ requirements. Along with air cargo stakeholders and regulators, the IATA formed the Center of Excellence for independent validators in pharmaceutical logistics. The IATA is highly focused on the compliance, safety, security, and efficiency of pharma transportation by forming recognized pharmaceutical product handling certification. Air cargo service providers are making necessary strides in cold-chain technology to fulfill the demand for a fast-growing pharmaceutical market.
On the contrary, market uncertainty hurdles the growth of Europe air cargo market.
Based on type, the Europe air cargo market is segmented into air mail and air freight. The air freight segment held 83.3% share of Europe air cargo market in 2022, amassing US$ 25.20 billion. It is projected to garner US$ 36.48 billion by 2028 to expand at 6.4% CAGR during 2022–2028.
Based on service, the Europe air cargo market is segmented into express and regular. The regular segment held 53.9% share of Europe air cargo market in 2022, amassing US$ 16.29 billion. It is projected to garner US$ 22.70 billion by 2028 to expand at 5.7% CAGR during 2022–2028.
Based on end user, the Europe air cargo market is segmented into retail, pharmaceutical & healthcare, food & beverage, consumer electronics, automotive, and others. The others segment held 23.8% share of Europe air cargo market in 2022, amassing US$ 7.19 billion. It is projected to garner US$ 9.26 billion by 2028 to expand at 4.3% CAGR during 2022–2028.
Based on country, the Europe air cargo market has been categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that France captured 30.8% share of Europe air cargo market in 2022. It was assessed at US$ 9.32 billion in 2022 and is likely to hit US$ 12.55 billion by 2028, exhibiting a CAGR of 5.1% during the forecast period.
Key players dominating the Europe air cargo market are ANA Cargo; Cargolux; Cathay Pacific Airways Limited; DHL International GmbH (Deutsche Post DHL Group); Emirates SkyCargo; Etihad Cargo; FedEx Corporation; Lufthansa Cargo AG; United Parcel Service of America, Inc.; and Zela Aviation The Air Charter Company among others.
- In 2021, Lufthansa Cargo is expanding its extremely efficient freighter fleet with the addition of another brand-new Boeing 777F aircraft. The plane is expected to arrive before the end of the year. Customers of Lufthansa Cargo will then have access to a total of fifteen full-freighters.
- In 2022, DHL Express continues to strengthen its global aviation network with the purchase of eight additional Boeing 777 Freighters.
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