Air Freight Market to reach over USD 483.28 billion by the year 2031 – Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Air Freight Market Size, Share & Trends Analysis Report By Service (Freight, Express, Mail, and Other Services), Destination (Domestic and International), and End-Use (Private and Commercial)- Market Outlook And Industry Analysis 2031″

The global Air Freight market is estimated to reach over USD 483.28 billion by 2031, exhibiting a CAGR of 6.17% during the forecast period. 

Get a free sample copy of the report: www.insightaceanalytic.com/request-sample/1632

 

AI Revolutionizes Air Freight Management

Air freight solutions play a vital role in the global logistics industry, ensuring secure and efficient movement of goods between locations. As global trade expands and manufacturing becomes more geographically diverse, the demand for innovative air freight solutions is growing.

Here’s how AI is transforming air freight management:

• Enhanced Visibility and Tracking: AI-powered solutions provide real-time tracking of shipments, allowing businesses to monitor location, status, and potential delays. This improves transparency and reduces uncertainty for both shippers and customers.
• Optimized Routing and Scheduling: AI algorithms can analyze vast amounts of data to identify the most efficient routes and schedules for air cargo, considering factors like weather, traffic patterns, and fuel consumption. This leads to faster deliveries and reduced transportation costs.
• Predictive Maintenance and Safety: AI can analyze sensor data from aircraft and predict potential equipment failures. This allows for proactive maintenance, minimizing downtime and ensuring the safe and reliable operation of air freight networks.

Factors Driving Growth in AI-powered Air Freight Solutions:

• Growing Demand for Efficiency: Businesses require faster and more streamlined transportation solutions to meet customer expectations and stay competitive. AI helps optimize processes and deliver faster air freight services.
• Increased Air Cargo Volume: The global air cargo market is experiencing significant growth, driven by factors like e-commerce and globalization. AI is crucial for managing this growing volume efficiently.
• Security and Safety Concerns: Air freight solutions must prioritize the security and safety of cargo. AI can be used to analyze data and identify potential risks, helping to prevent incidents and ensure the integrity of shipments.

By leveraging AI, air freight management is becoming more efficient, secure, and cost-effective. As AI technology continues to evolve, we can expect even more innovative solutions that transform the air freight industry.

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List of Prominent Players in the Air Freight Market:

• Bolloré Logistics
• DB SCHENKER (Deutsche Bahn Group (DB GROUP))
• Deutsche Post AG (DHL GROUP)
• DSV Panalpina
• Expeditors International of Washington, Inc.
• FedEx
• Hellmann Worldwide Logistics
• Kuehne+Nagel International AG
• Nippon Express
• United Parcel Service, Inc. (UPS)

Market Dynamics:

Drivers-

The primary component fueling the expansion of the global Air Freight market is the rise in e-commerce sales to support the air cargo business. The growth of e-commerce sales due to an increase in online buyers and sellers is one of the key drivers fueling the expansion of the global Air Freight business.

The growth of e-commerce is pushing the Air Freight market since online vendors need these services to deliver their goods to clients on schedule. For instance, even though e-commerce was growing even before the COVID-19 pandemic, the epidemic made consumers more dependent on online sales and doorstep deliveries.

 

Challenges:

The anticipated increase in jet fuel prices is a significant barrier to expanding the global Air Freight market. As fuel costs rise, which is one of the significant and significant operating costs for vendors in the global Air Freight market, businesses operating in that market are sensitive.

Due to increased production by nations like Russia and Canada as well as the lifting of sanctions on Iran, the oversupply of crude oil was blamed for the price decrease. Additionally, the US produced more oil thanks to the adoption of fracking technologies.

This surplus, meanwhile, is anticipated to slow down soon. Additionally, it is predicted that the price of crude oil would rise during the projected period.

Regional Trends:

The North American air freight industry is predicted to soon account for a sizeable portion of global revenues and expand at a rapid CAGR. Regional users’ broad usage of products and services for Air Freight makes this possible.

High levels of technological adoption and the presence of significant solution providers will influence the North American Air Freight system market’s future growth. Air freight management software is widely utilized in the US and Canada, two North American countries.

Besides, the European region had a substantial share in the market. This is a result of the local logistics industry handling an increase in cargo freight.

Furthermore, it is projected that the sector’s industry will expand due to the leading market participants’ increasing investments in creating better Air Freight software. The expansion can also be attributed to the fact that this region is home to a large number of significant players.

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Recent Development:

• In 2022, Turkish Cargo anounced that it has been investing in technology and infrastructure in order to offer privileged shipment solutions that are flexible, cost-effective, and convenient through the use of three new air cargo service models, namely TK SMART, TK PREMIUM, and TK URGENT.
• In 2022, as part of a range of priority options for its clients, Cathay Pacific Airways Limited developed specific booking tiers for cargo shipments. Due to shipping priority, which includes quicker shipping, increased capacity, and shipment assurance, customers will have more options and more clearly defined service options.

 

Segmentation of Air Freight Market-

By Service

• Freight
• Express
• Mail
• Other Services

By Destination

• Domestic
• International

By End-Use

• Private
• Commercial

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

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