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