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Future of Freight Chartered Air Transport Market: Size, Share & Forecasts to 2029
Freight Chartered Air Transport Market
What Is the Projected Market Size Valuation of the Freight Chartered Air Transport Market by 2025?
The size of the freight chartered air transport market has been expanding swiftly in the last few years. The market is projected to escalate from $28.32 billion in 2024 to $31.85 billion in 2025, with a compound annual growth rate (CAGR) of 12.5%. The significant growth seen in the past can be ascribed to the robust economic development in burgeoning markets, the surge of air cargo transport, and latency in ocean shipping.
What Is the Estimated Market Growth Value for the Freight Chartered Air Transport Industry in 2029?
The market size of freight chartered air transport is poised to experience swift expansion in the coming years. It is predicted to escalate to $50.79 billion by 2029, with a compound annual growth rate (CAGR) of 12.4%. The predicted surge during the forecast period can be ascribed to factors such as government backing, escalating urbanization and the advantages freight-chartered air transport holds over other freight transportation methods. Key trends during the forecast timeframe comprise focusing on business growth, pursuing partnerships and collaborations, undertaking mergers and acquisitions, and inaugurating new cargo centers.
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What Are the Growth Drivers and Opportunities in the Freight Chartered Air Transport Market?
The surge in demand for rapid delivery of perilous items and hazardous materials is anticipated to propel the freight chartered air transport market. This critical freight encompassing dangerous commodities comprises explosives, extremely inflammable gases, radioactive substances, and military equipment. Toxic and infectious substances need unique expertise and profound knowledge for their transportation. Such goods are carried via chartered cargo to evade detonations and contamination. For example, the Federal Aviation Administration (FAA) of the United States authorized chartered cargo services, including comprehensive employee training, as part of a par-135 certificate program for handling such commodities under an FAA-approved hazardous materials scheme. Consequently, the swift delivery of perilous items and hazardous substances is predicted to fuel the growth of the freight chartered air transport market.
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What Are the Primary Segments Covered in the Global Freight Chartered Air Transport Market Report?
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
Subsegments:
1) By Heavy And Outsize Cargo: Large Machinery And Equipment, Industrial Parts, Construction Materials, Oversized Vehicles
2) By Dangerous Cargo: Hazardous Materials, Radioactive Materials, Flammable Goods, Biological Substances
3) By Animal Transportation: Live Animals, Exotic Animals, Veterinary Cargo
4) By Other Cargo Types: Perishable Goods, General Freight, Artwork And Antiques, Humanitarian Cargo
What Are the Top Growth Trends in the Freight Chartered Air Transport Market?
Freight chartered air transport market operators are honing their focus on blockchain technology implementation to boost logistics across various sectors. Blockchain is a consistent, unchangeable record-keeping tool aiding transaction documentation and asset tracking in business operations. For instance, in September 2022, Air Charter Service, a UK-based aircraft charter firm, initiated a specialty urgent cargo product consolidation under the sub-brand ACS Time Critical. The round-the-clock service was developed to encompass a spectrum of urgent cargo solutions, including a thorough door-to-door delivery service for extremely time-sensitive consignments. The consolidation of these services under the ACS Time Critical sub-brand is intended to present a more defined and specialized array of solutions for the highest priority freight, aligning with the requirements of forwarder and manufacturer clientele. This plan mirrors ACS's dedication to supplying all-inclusive and expert services to answer the call of urgent cargo shipment needs.
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Which Companies Are Shaping the Future of the Freight Chartered Air Transport Market?
Major companies operating in the freight chartered air transport market include Atlas Air Worldwide Holdings, Cathay Pacific Airways Ltd, Air Transport Services Group Inc., Air Charter Service, Garuda Indonesia, ACC Aviation Ltd, Jet edge International, Air Partner, Thai Airways International Public Co., Ltd., Cargo Air Chartering, C R V Air Services, AFM Logistics Pvt Ltd, Shiprocket, Kerryindev Logistics Pvt Ltd, Schenker International (H.K) Limited, Japan Airlines Co Ltd, Nippon Express, JHJ International Transportation Co Ltd, SINO Shipping, PDS International Pvt Ltd, Air China Cargo Co Ltd, SNCF Voyageurs, Air France-KLM Group, DPDgroup, Air France, CEVA Logistics, Geodis Freight & Logistics Services, RATP Dev, Transdev Group, Haulystic Ltd, Expeditors, Alinnza Trading London Ltd, Barrington Freight Ltd, Kite Freight Services, RWorld Express, Cool Cargo UK, United Aircraft Corporation (UAC), FedEx Corporation, United Parcel Service, A.P. Moller - Mærsk A/S, Stratos Jet Charters Inc, Cainiao Smart Logistics Network Limited, Air Cargo Charter Company, Bu Shames FZE, Iraq Gate Company, MATEEN Express, Fridenson Logistic Services Ltd, Challenge Airlines (IL) Ltd, South African Airways Cargo, Ethiopian Airlines Cargo
Which Region Holds the Largest Market Share in the Freight Chartered Air Transport Industry?
North America was the largest region in the freight-chartered air transport market in 2024. Asia-Pacific was the second largest region in the global freight-chartered air transport services market. The regions covered in the freight chartered air transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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