Report : Asia Pacific Air Cargo Market Forecast to 2028 - COVID-19 Impact and Global 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 7.5% CAGR, the Asia Pacific Air Cargo Market is speculated to be worth US$ 59.30 billion by 2028, says The Business Market Insights
According to the Business Market Insights’ research, the Asia Pacific air cargo market was valued at US$ 38.36 billion in 2022 and is expected to reach US$ 59.30 billion by 2028, registering a CAGR of 7.5% from 2022 to 2028. Expanding airport infrastructure and new policies and intelligent cold chain solutions are the critical factors attributed to the Asia Pacific air cargo market expansion.
Intelligent cold chain solutions are anticipated to provide the airlines with ability to manage sensitive cargo throughout the entire course of the supply chain. New developments in climate control, as well as heating and cooling, will enable modern cool chain services to protect their clients’ cargo. A good end-to-end intelligent cool chain solution will provide the IT tools required to make sure that temperature-sensitive cargo is handled appropriately and arrives at its destination on time. It should also mark a product as temperature controlled and allow staff to configure specific requirements the shipment may be subject to. In addition, next-generation platforms can also indicate what sustainable thermal packaging may be available for the product or commodity being shipped. It should also auto-stamp any temperature-sensitive cargo with the appropriate special handling code (SHC) to make sure that ground and ramp handling personnel are aware of the shipment’s handling requirements. Based on an item’s SHC and special handling instructions, ground personnel can quickly identify sensitive cargo for special treatment. Several companies are engaged in developing cool chain solutions that will provide growth opportunity for Asia Pacific air cargo market soon.
On the contrary, market uncertainty hurdles the growth of Asia Pacific air cargo market.
Based on type, the Asia Pacific air cargo market is segmented into air mail and air freight. The air freight segment held 81.0% share of Asia Pacific air cargo market in 2022, amassing US$ 31.08 billion. It is projected to garner US$ 48.71 billion by 2028 to expand at 7.8% CAGR during 2022–2028.
Based on service, the Asia Pacific air cargo market is segmented into express and regular. The regular segment held 56.6% share of Asia Pacific air cargo market in 2022, amassing US$ 21.70 billion. It is projected to garner US$ 32.86 billion by 2028 to expand at 7.2% CAGR during 2022–2028.
Based on end user, the Asia Pacific air cargo market is segmented into retail, pharmaceutical & healthcare, food & beverage, consumer electronics, automotive, and others. The others segment held 23.4% share of Asia Pacific air cargo market in 2022, amassing US$ 8.96 billion. It is projected to garner US$ 12.19 billion by 2028 to expand at 5.3% CAGR during 2022–2028.
Based on country, the Asia Pacific air cargo market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 37.2% share of Asia Pacific air cargo market in 2022. It was assessed at US$ 14.27 billion in 2022 and is likely to hit US$ 20.93 billion by 2028, exhibiting a CAGR of 6.6% during the forecast period.
Key players dominating the Asia Pacific 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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