The Europe air cargo market accounted for US$ 24.68 Bn in 2018 and is expected to grow at a CAGR of 4.4% over the forecast period 2019-2027, to account for US$ 36.15 Bn in 2027. The growth of e-commerce sector in Europe and increased focus on adoption of temperature-sensitive product are the key driver that is propelling the growth of the air cargo market. Moreover, the rapid growth of consumer electronics industry and deployment of software solutions are expected to boost the air cargo market growth in the forecast period. Air cargo enjoyed a strong peak season in 2018 and this growth is anticipated to continue in the forecast period owing to the shipment of high-value consumer electronics and their component parts. But, the trend in world trade is still stagnant. So it remains critically vital for the air cargo industry to continue to improve its value offering by implementing modern customer-centric processes. Demand for electronics is increasing as advances in technologies, such as machine learning, artificial intelligence, and sensors, spark innovation. To keep up with this trend and demand, electronics retailers, distributors, and importers are moving products at a rapid pace. Moreover, the importers continue to spend huge amount on electronics to keep up with demand by global consumers and businesses. Pertaining to this, the consumer electronics manufacturers and distributors are adopting air freight services that ensure them to deliver their products to their consumers in timely manner. Thus, the growing demand for consumer electronics is anticipated to create significant opportunities for the air cargo market to grow in the forecast period. The air cargo market players are focusing on various initiatives to enhance its reach to rural areas and boost its position in the market.
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The air cargo market is fragmented with the presence of several industries and the competitive dynamics in the market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the air cargo market further. For instance, with the increase in industrialization and growth in customer demand, air cargo services are significantly gaining momentum. In 2016, European Union has implemented the General Data Protection Regulation (GDPR), which is applicable from the 25th May 2018 and this regulation may act as a challenge for the logistics industry in order to manage the data. GDPR is European Union’s act for data protection for the companies which are based in Europe as well as for the companies that are based outside Europe & doing business in collaboration with European based companies. These initiative provide various benefits to the air cargo based companies located in the region thus, increasing the growth of the air cargo market.
On the basis of end-user, the others segment is leading the air cargo market and is expected to continue its dominance during the forecast period. Other segment includes engineering & manufacturing technology equipment, chemical, and energy sector. The increasing industrialization and globalization have created a significant demand for industrial equipment across the globe. The government initiatives such as FDI, Export Oriented Unit (EOU) Scheme, NAFTA, and others are positively impacting the air cargo market, globally. The increasing demand for low-cost transportation, fast delivery, cross border business is significantly driving the Europe air cargo market. With the increasing import and export activities in chemical, engineering, and industrial equipment, the air cargo market is witnessing a significant growth during the forecast period.
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The overall air cargo market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the air cargo market. It also provides an overview and forecast for the air cargo market based on all the segmentation provided with respect to the Europe region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the air cargo industry. Some of the players present in air cargo market are ANA Cargo Inc. (ANA Group), Lufthansa Cargo AG, United Parcel Service of America, Inc., Etihad Cargo, FeDex Corportion, Cargolux Airlines International S.A., DHL International GmbH, Emirates SkyCargo, Cathay Pacific Cargo, and Zela Aviation The Air Charter Company among others.
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This post was originally published on Trading Herald