AI-Enabled Solutions Are Fueling the Growth of the Global Air Cargo And Freight Logistics Market

 

Air Cargo And Freight Logistics Market

Market Overview:

The global Air Cargo And Freight Logistics Market is estimated to be valued at US$ 142.77 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Air cargo and freight logistics involves the transportation of goods through airways. It provides time efficient delivery of goods globally. Industries rely on air cargo and freight logistics for time-sensitive deliveries of industrial parts, medical equipment, fresh produce and other goods.

 

Market key trends:

One of the major trends in the market is growing adoption of AI-enabled solutions. Companies are increasingly utilizing AI and machine learning technologies to optimize operations. AI helps in route optimization, demand forecasting, predictive maintenance, and real-time tracking of shipments. It provides valuable insights that help logistics companies enhance efficiency, reduce costs and improve customer experience. For example, Anthropic has developed an AI assistant called Claude that uses natural language processing to answer questions from freight forwarders and brokers about shipments. This allows companies to be more responsive to customers.

Segment Analysis

The global air cargo and freight logistics market is segmented by source into domestic cargo and international cargo. The international cargo segment currently dominates the market and is expected to witness higher growth during the forecast period. International cargo transportation involves long distances and complex routings which elevates the dependence on cargo airlines for transportation of goods between countries. This along with rising global trade has driven the growth of the international cargo segment across the world.

 

Key Takeaways

The Global Air Cargo and Freight Logistics Market Size is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period, due to increasing global trade and manufacturing activities. Air cargo serves as an integral link in the supply chain for time-critical shipments such as perishable goods and healthcare products.

 

Regional analysis

Asia Pacific region dominates the global market with a share of over 30% in 2023. Strong growth in international trade, outsourcing of manufacturing by western companies, and rising export-oriented economies such as China and India are driving the demand for air cargo transportation in the region. North America and Europe also hold significant shares with presence of major logistics companies and time-critical shipments.

 

Key players

Key players operating in the air cargo and freight logistics market are FedEx (Federal Express) Corporation, United Parcel Service Inc., The Emirates Group, Japan Airlines Co. Ltd and All Nippon Airways Co. Ltd (ANA). FedEx and UPS are the largest providers of air freight forwarding in the world. Emirates operates the largest fleet of belly freight aircraft. Japan Airlines and ANA also have extensive flight networks contributing to international cargo shipping.

Get More insights Here

https://www.newsstatix.com/air-cargo-and-freight-logistics-market-share-size-forecast-outlook-2023-2030/

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