Global Air Transport Market Growth Forecast 2024 - 2033
19 Apr, 2024
The air transport sector has experienced remarkable growth, witnessing a surge from $1016.38 billion in 2023 to $1085.37 billion in 2024, with a commendable 6.8% CAGR. This upward trajectory finds its roots in various historical factors including economic expansion, the tide of globalization, burgeoning tourism activities, and the ever-increasing interconnectivity between regions. Projections indicate sustained growth, with the market anticipated to reach $1394.51 billion by 2028, driven by a 6.5% CAGR. Emerging markets, the relentless march of global trade, rapid urbanization trends, initiatives towards aircraft sustainability, and expansive network coverage all contribute to this anticipated growth. Emerging trends within the sector encompass sustainable aviation practices, the ongoing digital transformation, the burgeoning air cargo segment driven by e-commerce activities, and the rise of ultra-long-haul flights catering to evolving consumer demands.
Major Driver In The Air Transport Market
The surge in e-commerce and online shopping serves as a catalyst for driving the growth of the air transport market, as e-commerce transactions involve buying and selling goods and services over the internet. Air transport plays a pivotal role in facilitating e-commerce by ensuring swift product delivery, expanding the market reach for online retailers, and reducing delivery times for customers. In September 2022, consumer e-commerce accounted for 30% of the UK's retail sector, generating an annual revenue exceeding $120 billion, as reported by the International Trade Administration. The rise of e-commerce continues to bolster the air transport market. The market size for air transport witnessed significant growth in 2023, continuing into 2024, with further expansion anticipated by 2028.
Request A Free Sample Of The Global Air Transport Market ReportAir Transport Market Competitive Landscape
The Emirates Group, China Airlines Ltd., American Airlines Group Inc., Delta Air Lines Inc., United Airlines Inc., China Southern Airlines, Qatar Airways Company Q.C.S.C, Air France–KLM SA, Deutsche Lufthansa AG, FedEx Corporation, United Parcel Service Inc., Cathay Pacific Airways Limited, Cargolux Airlines International SA, Japan Airlines Co. Ltd., ANA Holdings Inc., International Consolidated Airlines Group SA, Magma Aviation Limited, Deutsche Post AG, Kuehne Nagel International AG, AirBridgeCargo Airlines LLC, Cargojet Inc., Gol Linhas Aereas Inteligentes SA, Azul Linhas Aereas Brasileiras S/A, Latam Airlines, Compania Panamena de Aviacion SA, Lufthansa Cargo AG, Korean Air Lines Co. Ltd., Singapore Airlines Ltd., Air China Limited, Turkish Airlines Inc., Air Canada Inc., Ethiopian Airlines Group, British Airways plc, Air India Limited, Malaysia Airlines Berhad, Philippine Airlines Inc., Vietnam Airlines Corporation, Garuda Indonesia (Persero) Tbk PT, Royal Jordanian Airlines
Key Air Transport Market Trend
Air transport companies prioritize platforms like EPIC for enhanced partner identification and connectivity, aiming to improve operational efficiency and passenger experience. Developed by the International Air Transport Association, EPIC streamlines digital links across the air cargo value chain, facilitating rapid data sharing for worldwide air freight supply chains.
Get The Full Global Air Transport Market ReportAir Transport Market Segmentation
The air transport market covered in this report is segmented –
1) By Type: Passenger Air Transport, Chartered Air Transport, Air Cargo Services
2) By Distance: Long-Distance, Short-Distance
3) By End-Use: Private, Commercial
By Geography: The regions covered in the air transport market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
Asia-Pacific was the largest region in the air transport market in 2023. North America was the second largest region in the air transport market. The regions covered in the air transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Air Transport Global Market Report 2024 furnishes information about the global air transportmarket, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.