Industry analyst Technavio has forecast in its Air Cargo Market Analysis 2023-27 that the air cargo market will grow by 19.5m tons between 2022 and 2027.
This works out at a compound annual growth rate of 5.3% during the forecast period.
Key drivers of growth will include increasing e-commerce sales, growing demand in the Asia Pacific region (which is predicted to contribute 30% of market growth by 2027), rising demand from just-in-time manufacturers and rising demand for temperature-sensitive products, especially pharmaceutical goods.
External influences that will likely have an impact on the airfreight sector will include expected increases in jet fuel prices, significant fluctuations in import and export volumes and a growth in ocean-going trade partly replacing air cargo volumes.
Within the airfreight sector itself, the report points to greater prioritisation of – and implementation of – air cargo digitisation and an increased focus on autonomous vehicles in logistics sector as further influences.
Ongoing change
The first quarter of 2023 saw significant developments in the airfreight sector, the report advises, pointing to cargo carriers such as FedEx, UPS, Emirates and Cathay Pacific all ramping up their cargo tonne-km traffic to close to pre-crisis levels.
Looking to the future, “Opportunities abound for logistics companies and airlines to capitalise on the value of the air cargo market, leveraging advancements in technology and strategic partnerships to drive growth and enhance efficiency in the transportation of goods on a global scale,” Technavio insists.
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