The market of air cargo transportation services comprises of sales of air cargo transportation services by the entities that utilize the aircraft which involves, the airplanes and helicopters to deliver the air transportation of cargo and mail on a contract basis over the fixed international routes. Moreover, air cargo is well-defined in two major segments such as air freight and airmail. The segment of air freight of the air cargo market around the globe is anticipated to hold the foremost market share during the review period and is predicted to bring in revenues of a handsome amount. Owing to the factors such as speedy enhancement of the businesses, the building of cargo hubs and significant growth of the e-commerce business model is predicted to foster the prospects for the growth in this market sector.
As the market of cargo is augmenting, there are several new policies and strategies allowing for the growth in the market. However, the ‘Open Skies’ is an international policy that pleas for the liberalization of the rules and regulations in the aviation industry particularly the air cargo industry has a superior impact of this policy.
According to the report analysis, ‘Air Cargo Services Global Market Report 2019’ states that there are several key players which are recently functioning in this sector more actively for leading the fastest market growth and dominating the handsome value of market share across the globe in the coming years while studying the rules and regulations actively which further benefitted for leading the business at a large scale and attaining the high value of revenue during the short span of time includes Cathay Pacific Cargo, FedEx, The Emirates Group, United Parcel Service, DHL Aviation and several others.
Additionally, the digitization of systems has attained its admiration in the cargo transportation markets by simplification the documentation procedure and delivers integration and transparency. According to The International Air Cargo Association, the Air Waybill (AWB), a 20-step, 21-documents, is changed to an e-AWB to decrease the information re-entry to decrease the wastage of time and deliver proficiency. Moreover, the e-AWB desktop tool was established to support the small and medium air freight forwarders to build, send, and maintain thee-AWBs effortlessly and professionally.
The Asia Pacific region was the foremost region in the global air cargo services market, accounting for 39% of the market in 2018. North America economy was the second largest region accounting for 29% of the global air cargo services market. Meanwhile, Africa was the smallest region in the global air cargo services market.
Nonetheless, the admiration of autonomous vehicles has also tattered into the logistics segment. For example, the self-driving vehicles have made inroads in logistics, accomplishment a level of development for commercial usage in the warehouse operations. In August 2016, it was witnessed that the production of the vision-guided autonomous forklifts augmented the Giant Eagle’s warehouse efficiency by more than 10%. Therefore, in the coming years, it is expected that the market for air cargo services will increase across the globe more positively over the coming years.
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Ankur Gupta, Head Marketing & Communications