Air Freight Services Category To Grow Substantially At A CAGR Of 6% Till 2030
Air Freight Services Procurement Intelligence The air freight services category is expected to grow at a CAGR of 6% from 2023 to 2030. In 2022, the Asia Pacific region accounted for 32.4% of the total category share. Robust demand for goods industry-wide due to a rise in e-commerce is driving the demand for cargo services. However, in March 2023, according to IATA, the demand for global air cargo dropped by 7.7% year-on-year at a slower pace than in January and February 2023. Due to increasing belly freight capacity in passenger aircraft, the air cargo capacity increased by 9.9% year-on-year. Compared to March 2019, industry-wide CTKs (International) decreased by 8.1% in March 2023. Over 85% of the industry's total cargo demand is derived from International Cargo Tonnes-Kilometers (CTKs), which influence cargo traffic trends worldwide. The current volatility in this category is due to many operational and economic issues that have hampered international trade. Even yet, mo...