Freight Chartered Air Transport Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Freight Chartered Air Transport by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Freight Chartered Air Transport, The freight chartered air transport market size has grown rapidly in recent years. It will grow from $27.07 billion in 2023 to $30.19 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth of air cargo transportation and ocean shipping delays.

The freight chartered air transport market size is expected to see rapid growth in the next few years. It will grow to $46.35 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to government support, rising urbanization and benefits of freight chartered air transport over other modes of freight transportation. Major trends in the forecast period include focus on business expansion, partnerships and collaborations, mergers and acquisitions and launch of new cargo centers.

The growing need for urgent shipment of dangerous goods and hazardous materials is expected to drive the freight chartered air transport market. Sensitive freight with dangerous goods includes explosives, highly flammable gases, radioactive materials, and military items. Toxic and infectious substances require a special skill set and expert knowledge for shipping the goods. These goods are transported through chartered cargo to avoid explosions and contamination. For instance, the Federal Aviation Administration (FAA) of the USA granted the authority for chartered cargo services along with training for all employees, in the form of a part-135 certificate, to operate on demand under an FAA-approved hazardous materials program. Urgent shipment of dangerous goods and hazardous materials is therefore expected to drive freight chartered air transport market growth.

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The freight chartered air transport market covered in this report is segmented –

1) By Cargo Type: Heavy And Outsize Cargo, Dangerous Cargo, Animal Transportation, Other Cargo Types

2) By Application: Private Use, Commercial Use

3) By End Use: Individuals, Sports Teams, Large Corporations

The companies in the freight chartered air transport market are focusing on the use of blockchain technology to improve logistics in multiple sectors. Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. For example, in September 2020, AirAsia, a Malaysia based multinational airline, launched its blockchain-based air cargo network, Freightchain, to help uncover all available cargo network connections operated by airlines and then facilitate bookings in real-time via bids that are verified instantly on the blockchain.

The freight chartered air transport market report table of contents includes: