Air Transport Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

Air transport is the transportation of people and goods using any vehicle capable of sustained controlled aircrafts such as aeroplanes and helicopters that provide both scheduled and non-scheduled air carriers to provide fast delivery of goods, reduced travel time with enhanced security, and reduced the risk of lost goods.

Sizing and Forecast

The air transport market size has grown strongly in recent years. It will grow from $1016.38 billion in 2023 to $1085.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to economic growth, globalization, tourism and leisure travel, connectivity and accessibility.

The air transport market size is expected to see strong growth in the next few years. It will grow to $1394.51 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to emerging markets, global trade and e-commerce, urbanization, aircraft efficiency and sustainability, connectivity and network expansion. Major trends in the forecast period include sustainable aviation, digital transformation, air cargo and e-commerce, ultra-long-haul flights.

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Segmentation & Regional Insights

The air transport market covered in this report is segmented –

1) By Type: Passenger Air Transport, Chartered Air Transport, Air Cargo Services

2) By Distance: Long-Distance, Short-Distance

3) By End-Use: Private, Commercial

Subsegments Covered: Domestic Air Passengers, International Air Passengers, Passenger Chartered Air Transport, Freight Chartered Air Transport, Others – Chartered Air Transportation, Air Mail, Air Freight

Asia-Pacific was the largest region in the air transport market in 2023. North America was the second largest region in the air transport market. The regions covered in the air transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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Major Driver Impacting Market Growth

The rise of e-commerce and online shopping is expected to propel the growth of the air transport market going forward. E-commerce, also known as electronic commerce, refers to the buying and selling of goods and services over the Internet or other electronic communication platforms. Air transport enhances e-commerce by ensuring timely and efficient delivery of products, expanding market reach for online retailers, and reducing delivery times for customers, fostering convenience and satisfaction. For instance, in September 2022, according to the International Trade Administration, a US-based Department of Commerce, consumer eCommerce now made up 30% of the UK’s overall retail sector (up from 20% in 2020), with an annual e-commerce revenue of more than $120 billion. In 2021, 82% of people in the UK will have made at least one online purchase. Therefore, the rise of e-commerce and online shopping is driving the air transport market.

Key Industry Players

Major companies operating in the air transport market include The Emirates Group, China Airlines Ltd., American Airlines Group Inc., Delta Air Lines Inc., United Airlines Inc., China Southern Airlines, Qatar Airways Company Q.C.S.C, Air France–KLM SA, Deutsche Lufthansa AG, FedEx Corporation, United Parcel Service Inc., Cathay Pacific Airways Limited, Cargolux Airlines International SA, Japan Airlines Co. Ltd., ANA Holdings Inc., International Consolidated Airlines Group SA, Magma Aviation Limited, Deutsche Post AG, Kuehne Nagel International AG, AirBridgeCargo Airlines LLC, Cargojet Inc., Gol Linhas Aereas Inteligentes SA, Azul Linhas Aereas Brasileiras S/A, Latam Airlines, Compania Panamena de Aviacion SA, Lufthansa Cargo AG, Korean Air Lines Co. Ltd., Singapore Airlines Ltd., Air China Limited, Turkish Airlines Inc., Air Canada Inc., Ethiopian Airlines Group, British Airways plc, Air India Limited, Malaysia Airlines Berhad, Philippine Airlines Inc., Vietnam Airlines Corporation, Garuda Indonesia (Persero) Tbk PT, Royal Jordanian Airlines.

The air transport market report table of contents includes: