Global Air Freight Forwarding Market Size By Service Type, By End-Use Industry, By Distribution Channel, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Air Freight Forwarding Market Size By Service Type, By End-Use Industry, By Distribution Channel, By Geographic Scope And Forecast
Air Freight Forwarding Market Size And Forecast
The Global Air Freight Forwarding Market size was valued at USD 140.12 Billion in 2023 and is projected to reach USD 251.74 Billion by 2030, growing at a CAGR of 7.7%during the forecast period 2024-2030.
Global Air Freight Forwarding Market Drivers
Numerous elements impact the air freight forwarding market, propelling its expansion and advancement. The following are some major factors influencing the air freight forwarding market
Globalization of commerceOne of the main factors driving air freight forwarding is the growing globalization of commerce and business. Air freight offers businesses a prompt and dependable alternative to move goods across borders and continents in an effective and timely manner.
Growth of Online Retail and E-CommerceAs online retail and e-commerce have expanded, so has the need for prompt and effective products transportation. The e-commerce industry’s need for quick delivery is met by air freight forwarding, which increases demand for air cargo services.
Time-Sensitive Shipments Time-sensitive shipments are necessary for a number of industries, including electronics, pharmaceuticals, and perishable goods. Because air freight forwarding has quick transit times, it is the best option for businesses where delivery on time is essential.
Low-Volume and High-Value itemsAir freight is frequently less expensive than other forms of transportation when shipping high-value or items with a high value-to-weight ratio. This is a big motivator for businesses that sell luxury or high-end goods.
Just-in-Time ManufacturingSupply chain solutions that are timely and effective are essential for industries that use just-in-time manufacturing. Businesses may have reduced inventory levels and react swiftly to demand changes thanks to air freight forwarding.
Creation of New Trade RoutesThe expansion of air routes and trade routes improves accessibility and connection. The market for air freight forwarding expands as a result of more areas becoming reachable by air.
Developments in TechnologyThe effectiveness and transparency of air freight forwarding operations are improved by technological developments in tracking, communication, and logistics management systems. These technologies help to increase shipments’ visibility and control.
Global Supply Chain ComplexityWith several suppliers and markets involved, global supply chains are more complicated, which raises the need for advanced logistics solutions. Air freight forwarding businesses are essential to the efficient management of these intricate supply chains.
Industry-Specific rulesSpecialized transportation services are frequently needed in order to comply with industry-specific rules, such as those pertaining to chemicals, pharmaceuticals, and hazardous products. Companies that can fulfill these regulatory standards for air freight forwarding are in great demand.
Natural catastrophes and the Resilience of Supply ChainsConventional supply chain routes may be disrupted by natural catastrophes and geopolitical concerns. In the event of unanticipated circumstances, air freight forwarding offers firms a more robust choice by enabling them to promptly modify and reroute goods.
Global Air Freight Forwarding Market Restraints
Numerous obstacles and limitations affect the air freight forwarding industry and may have an effect on its expansion and operations. The following are some typical market limitations that affect the air freight forwarding sector
High Cost of Air FreightCompared to other forms of transportation like road or sea freight, air freight is typically more expensive. Businesses may find themselves severely hampered by the high expense, particularly those who deal with low-margin or bulk commodities.
Capacity Restrictions and Airport CongestionIt may be difficult to find room for shipments due to restricted cargo capacity on aircraft and airport congestion. Air freight forwarding companies may face higher expenses and possible delays due to this capacity limitation.
Fuel Price VolatilityChanges in fuel prices have an immediate effect on airline operational expenses, which in turn affects air freight forwarding businesses. Unexpected increases in fuel prices can result in higher transportation expenses and lower profit margins.
Security and Safety RequirementsTight security and safety requirements placed on air cargo may increase air freight forwarders’ compliance expenses. Investing in security measures and employee training is necessary to comply with these rules.
Environmental IssuesBecause air freight adds to carbon emissions, there is growing pressure on the sector to solve environmental issues. This could have an effect on the operations and expenses of air freight forwarding by resulting in more stringent laws or requests for environmentally friendly practices.
Global Economic UncertaintiesUncertainties in the economy, including recessions or geopolitical unrest, can affect consumer demand and trade volumes internationally. The demand for air freight services can be directly impacted by reductions in commercial operations.
Competitive Pricing PressureThe air freight forwarding business may experience pricing pressure as a result of fierce rivalry. Consumers frequently look for low-cost options, which puts pressure on air freight forwarders’ profit margins.
Restricted Connectivity to distant locationsIt may be difficult to provide door-to-door services in distant or underserved locations where airports are not well-connected. This restriction might compel businesses to employ several transit options, which would raise expenses and complexity.
Customs and Regulatory DifficultiesDiffering regulatory frameworks and processes in different nations might cause delays and extra paperwork. Air freight forwarding companies may have constraints when navigating intricate customs procedures.
Dependency on Commercial aircraftThe transportation of cargo by commercial aircraft is essential to the air freight business. The dependability and accessibility of air cargo services can be impacted by events like airline strikes, disruptions, or modifications to airline regulations.
Adoption of New TechnologiesWhile technological improvements present potential, traditional air freight forwarding companies may have difficulties in adopting new technologies, such as automation and digital platforms, as they must modify their operations and procedures.
Global Air Freight Forwarding Market Segmentation Analysis
The Global Air Freight Forwarding Market is Segmented on the basis of Service Type, End-Use Industry, Distribution Channel, and Geography.
Air Freight Forwarding Market, By Service Type
Freight Transportation Basic air freight services for transporting goods from one location to another.
Value-Added Services Additional services such as customs clearance, packaging, and door-to-door delivery.
Air Freight Forwarding Market, By End-Use Industry
Manufacturing and Automotive Air freight services for transporting raw materials, components, and finished goods in the manufacturing and automotive industries.
Retail and Consumer Goods Shipment of consumer products, electronics, and retail goods through air freight.
Pharmaceutical and Healthcare Specialized air freight services for transporting pharmaceuticals and healthcare products with specific temperature and handling requirements.
Aerospace and Defense Transportation of aerospace components, equipment, and defense-related goods.
Air Freight Forwarding Market, By Distribution Channel
Forwarders and BrokersFreight forwarding companies and brokers that facilitate the movement of goods.
E-commerce PlatformsOnline platforms that offer air freight services for e-commerce businesses.
Air Freight Forwarding Market, By Geography
North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
EuropeAnalysis of the Air Freight Forwarding Market in European countries.
Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
Middle East and AfricaExamining market dynamics in the Middle East and African regions.
Latin AmericaCovering market trends and developments in countries across Latin America.
Key Players
The major players in the Air Freight Forwarding Market are
DHL Global Forwarding, Kuehne + Nagel, DB Schenker, DSV Panalpina, UPS Supply Chain Solutions, and Nippon Express.
Segments Covered
By Service Type, By End-Use Industry, By Distribution Channel, and By Geography.
Customization scope
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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support
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