The global air freight services market was valued at around USD 214 billion in 2016 and is expected to surpass USD 255 billion by 2021.
Procurement market intelligence analysts have announced its latest market study on air freight services for the period 2017-2021. This industry analysis reviews the primary drivers and key developing trends that will influence the growth of the global air freight services market during the forecast period. Some of the top vendors listed in this market research report include FedEx, Emirates, UPS Airlines, Cathay Pacific Airlines, and Korean Air.
In terms of geographical analysis, APAC is the largest shareholder in the global market, with a market share of around 39%. China, India, and Japan emerged as the key revenue generating countries in the APAC market during 2016.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The adoption of e-freight and single window facilities enable the business to reduce costs involved in document processing, improve productivity, and lower the number of customs-related penalties. E-freight ensures that the process is paperless by submitting necessary documents in electronic forms. A single window facility allows businesses to submit a standardized, single-entry set of documents for import, export, and transit of goods.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Internationalization of Production
The specializing in the production process of specific goods will create new trade opportunities across the globe and lower new trade opportunities costs of trade, helping the growth of the market. The globalization of manufacturing process will initiate advancements in communication technology and the introduction of innovative products in the market. The increasing participation of developed and developing countries is resulting in a more geographically diverse and global manufacturing base, which will increase the demand for air freight services across the world.
Cross-border growth in e-commerce
The rise in cross-border e-commerce activities offers new opportunities to air freight service providers to improve and provide flexible, quick, responsive, and transparent solutions to various business owners. Various e-commerce companies like Alibaba Group need seamless solutions with minimal bottlenecks and adoption of air freight services enables them to achieve that target. Air freight service providers are integrating their offerings with IT and logistics solutions to reduce the gap between service needs and delivery.
Air cargo alliances and partnerships
Various service providers are forming strategic alliances and joint ventures to improve the speed of delivery and lower costs across international air freight markets. These collaborations will encourage to improve quality and facilitate efficient services via e-freight and security measure, which, in turn, will propel the growth of the market. Suppliers are forming partnerships to adopt technological innovations for managing cargo capacity, supply chain integration, customer service, e-freight requirements, and informed decision-making.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Air Freight Services Market – Procurement Market Intelligence Report 2017-2021.’
