LONDON--(BUSINESS WIRE)--The new air cargo market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the increased e-commerce sales,” says a senior analyst for the industrials industry at Technavio. The vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the air cargo market size to grow by 16.75 million tons during the period 2020-2024.
Air Cargo Market Segment Highlights for 2020
- The air cargo market is expected to post a year-over-year growth rate of 4.70%.
- Based on the end-user, the manufacturing segment led the market in 2019. The market growth is driven by the increase in e-commerce sales.
- The market growth in the segment will be significant over the forecast period.
Regional Analysis
- 58% of the growth will originate from the APAC region.
- The availability of raw materials at a lower cost than other regions and increasing pharmaceutical drug and medicine production will increase the market growth in the APAC.
- China and Japan are the key markets for air cargo in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The air cargo market size is expected to accelerate at a CAGR of almost 5% during the forecast period.
- The air cargo market is segmented by end-user (manufacturing, FMCG and retail, pharmaceuticals & chemicals, and other industries) and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Air France-KLM SA, Cathay Pacific Airways Ltd., China Airlines Ltd., Delta Air Lines Inc., Deutsche Lufthansa AG, Deutsche Post DHL Group, FedEx Corp., International Consolidated Airlines Group SA, The Emirates Group, and United Parcel Service Inc.
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