The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, April 4, 2023 /PRNewswire/ — As per The Business Research Company’s Freight Chartered Air Transport Global Market Report 2023, the global freight chartered air transport market size will grow from $23.8 billion in 2022 to $26.5 billion in 2023 at a compound annual growth rate (CAGR) of more than 11%. The global freight chartered air transport market size is expected to grow to $40.2 billion in 2027 at a CAGR of more than 10%.
Rising urbanization is expected to drive the freight chartered air transport market during the forecast period. For example, according to the United Nations Department of Economic and Social Affairs data, a US-based intergovernmental organization, in 2018, 55% of the world’s population resided in urban regions, and it is projected to rise to 68% by 2050. Therefore, the increasing urbanization will drive freight chartered air transport market growth.
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The freight chartered air transport market is fragmented, with a large number of small players. The top ten competitors in the market made up to 5.6% of the total market in 2021. Atlas Air Worldwide Holdings was the largest competitor with 3.4% freight chartered air transport market share, followed by Cathay Pacific Airways Ltd., Air Transport Services Group Inc., Air Charter Service, Garuda Indonesia, ACC Aviation Ltd., Jet edge International, Air Partner, Thai Airways International Public Co., Ltd., and Cargo Air Chartering.
Air freight charter companies are focusing on the eVTOL (electric vertical take-off and landing) aircraft for large cargo deliveries to parcel deliveries as they are highly fuel-efficient and faster than ground vehicles. eVTOL aircrafts use distributed electric propulsion systems for take-off and landing and are a safe, quiet, reliable, comfortable, less expensive, and low emission form of transportation, which doesn’t require any kind of infrastructure for take-off and landing. In addition, they cut down logistics costs while reducing delivery lead times, all resulting in a better customer experience. The eVTOL aircraft can also be used to transport essentials such as vaccines, masks and other medical equipment during emergencies. The use of eVTOL technology is expected to help deliver to remote locations in much less time than ground transport in the future.
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According to the freight chartered air transport market analysis, North America was the largest region in the freight chartered air transport market, accounting for 42.8% of the total in 2022. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the freight chartered air transport market will be North America and Western Europe.
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