Soaring from a $204.5 billion market to a projected $377 billion giant, the global air cargo industry is being reshaped by surging e-commerce and strategic regional growth.
Key Takeaways
- Global air cargo market revenue was $204.5 billion in 2022
- Air cargo industry generated $250 billion in revenue in 2023
- North American air cargo revenue hit $45 billion in 2022
- Global air cargo revenue tonne-kilometers (RTKs) increased 4.8% in 2023
- World air cargo traffic reached 66.6 million tonnes in 2023
- Asia-Pacific accounted for 52% of global air cargo volume in 2022
- Global freighter fleet carried 62% of air cargo volume in 2023
- Dedicated freighter fleet numbered 1,400 aircraft in 2023
- Average freighter fleet age was 12.5 years globally in 2022
- Asia-Pacific region held 60% of global air cargo volume in 2023
- North America air cargo RTKs grew 6.5% in 2022
- Europe air cargo tonnage fell 8% in 2022 due to Ukraine conflict
- Global air cargo market projected to reach $377 billion by 2030
- Air cargo RTKs expected to grow 4.5% annually to 2032
- E-commerce to drive 50% of air cargo growth by 2027
Global air cargo industry revenue grows steadily, fueled by e-commerce and Asia-Pacific markets.
Fleet and Capacity
- Global freighter fleet carried 62% of air cargo volume in 2023
- Dedicated freighter fleet numbered 1,400 aircraft in 2023
- Average freighter fleet age was 12.5 years globally in 2022
- Boeing 777F made up 15% of global freighter capacity in 2023
- World freighter capacity grew 2.1% to 12.5 million tonnes in 2023
- Belly cargo capacity utilization was 55% in 2022 post-COVID recovery
- Asia-Pacific freighter fleet totaled 650 aircraft in 2023
- Number of widebody freighters increased by 50 units in 2022
- Global air cargo capacity (ACTKs) rose 7% in 2023
- Number of freighters over 100 tonnes capacity: 1,200 in 2023
- Converted freighters comprised 45% of fleet in 2022
- Average daily freighter utilization 11.2 hours in 2023
- Airbus A330-200F deliveries totaled 25 units by 2023
- World freighter orders backlog 450 aircraft in 2023
- Cargo load factor reached 59% globally in 2022
- Middle East freighter fleet grew 8% to 150 aircraft in 2023
- US freighter operators hold 350 dedicated aircraft in 2022
- New freighter deliveries 85 units in 2023
Fleet and Capacity Interpretation
Despite the rise of tech and belly space, the old workhorses of the sky—a seasoned fleet where nearly half are hand-me-downs—still stubbornly haul over sixty cents of every global air cargo dollar, proving that sometimes the best engine for growth is a reliable, if slightly older, horse.
Freight Volume and Tonnage
- Global air cargo revenue tonne-kilometers (RTKs) increased 4.8% in 2023
- World air cargo traffic reached 66.6 million tonnes in 2023
- Asia-Pacific accounted for 52% of global air cargo volume in 2022
- US domestic air cargo tonnage was 18.2 million tons in 2022
- International air cargo volume grew 5.2% to 61 million tonnes in 2023
- China handled 24.5 million tonnes of air cargo in 2022
- Hong Kong International Airport cargo throughput was 4.2 million tonnes in 2023
- Memphis airport cargo volume reached 4.3 million tons in 2022
- Frankfurt Airport processed 2.1 million tonnes of cargo in 2023
- Dubai International cargo tonnage was 1.8 million tonnes in 2022
- Air cargo FTKs increased 1.9% year-on-year in December 2023
- Total world air cargo traffic was 62.3 million metric tons in 2022
- Europe air cargo volume dropped 11% in 2022
- Shanghai Pudong cargo throughput 3.9 million tonnes in 2023
- Incheon Airport cargo volume 5.2 million tonnes in 2022
- Anchorage Airport handled 2.4 million tonnes in 2023
- Paris CDG cargo 2.3 million tonnes in 2022
- Singapore Changi cargo throughput 2.0 million tonnes in 2023
- Los Angeles International cargo 2.1 million tons in 2022
- Tokyo Narita cargo volume 1.7 million tonnes in 2023
Freight Volume and Tonnage Interpretation
While the world's air cargo industry is clearly flying high, with Asia firmly in the pilot's seat and key hubs like Memphis and Shanghai bustling, Europe's notable descent serves as a serious reminder that not all routes experience clear skies.
Future Projections and Trends
- Global air cargo market projected to reach $377 billion by 2030
- Air cargo RTKs expected to grow 4.5% annually to 2032
- E-commerce to drive 50% of air cargo growth by 2027
- Sustainable aviation fuel (SAF) adoption in cargo to reach 10% by 2030
- Freighter fleet to expand by 1,000 aircraft by 2042
- Digitalization to cut air cargo costs by 15% by 2025
- Pharma air cargo volume to double to 1.5 million tonnes by 2028
- Asia-Pacific cargo market CAGR of 6.2% forecasted to 2030
- Global air cargo demand to hit 150 million tonnes by 2040
- Air cargo market to grow at 5.2% CAGR to $377B by 2030
- Pharma and healthcare cargo to grow 8% annually to 2030
- Electric freighters to enter service by 2027, 50 units projected
- Air cargo digital platforms adoption 70% by 2028
- Global RTKs to reach 140 billion by 2040
- Sustainability regulations to impact 20% of cargo costs by 2035
- Perishables air cargo to increase 6% yearly to 2029
- Autonomous cargo drones market $15B by 2030
- Air cargo e-commerce share to 40% by 2027
Future Projections and Trends Interpretation
The air cargo industry is frantically building a bigger, smarter, and slightly greener sky highway, fueled by our collective love for next-day gadgets and fresh avocados, while desperately trying to digitize and decarbonize before the bill for both comes due.
Market Size and Revenue
- Global air cargo market revenue was $204.5 billion in 2022
- Air cargo industry generated $250 billion in revenue in 2023
- North American air cargo revenue hit $45 billion in 2022
- Asia-Pacific air cargo market size reached $85 billion in 2023
- European air cargo revenues grew 12% to €35 billion in 2022
- Middle East air cargo revenue was $22 billion in 2023
- Latin America air cargo market valued at $8.5 billion in 2022
- Africa air cargo revenues totaled $4.2 billion in 2023
- E-commerce drove 65% of air cargo revenue growth in 2022
- Air cargo TTI (Time to Industry) revenue per kg rose 15% to $4.50 in 2023
- Air cargo market revenue was $204.5 billion in 2022 with 5% growth
- Projected air cargo industry revenue to $300 billion by 2028
- US air cargo revenue topped $50 billion in 2023
- FedEx air cargo revenue segment was $22 billion in FY2023
- DHL Express cargo revenue grew 18% to €28 billion in 2022
- UPS air cargo operations revenue reached $15 billion in 2023
- Qatar Airways Cargo revenue hit $3.5 billion in 2022/23
- Korean Air Cargo revenue was $4.2 billion in 2023
- Cathay Pacific Cargo revenue surged 30% to HK$20 billion
- Global air cargo yield averaged $0.45 per RKT in 2023
Market Size and Revenue Interpretation
While one might think the $250 billion air cargo industry merely stitches the continents together, this network of flying warehouses is actually being turbocharged by our collective online shopping addiction, transforming global impatience into a remarkably serious and profitable business.
Regional Breakdown
- Asia-Pacific region held 60% of global air cargo volume in 2023
- North America air cargo RTKs grew 6.5% in 2022
- Europe air cargo tonnage fell 8% in 2022 due to Ukraine conflict
- Middle East cargo volume up 10% to 5.5 million tonnes in 2023
- Latin America air cargo grew 4% in RTKs in 2022
- Africa intra-regional cargo volume was 1.2 million tonnes in 2023
- China-US air cargo lane carried 2.1 million tonnes in 2022
- Intra-Asia cargo traffic dominated with 28 million tonnes in 2023
- EU-US transatlantic cargo volume recovered to 4.8 million tonnes in 2023
- Europe cargo RTKs down 7.4% in 2023
- Middle East intra-regional cargo up 12% in 2022
- Africa air cargo volume grew 3.5% to 2.1 million tonnes
- Latin America cargo RTKs increased 5.1% in 2023
- North Asia-Pacific cargo dominated 35% of world total in 2022
- Europe-Asia lane cargo volume 8.2 million tonnes in 2023
- US-Asia Pacific air cargo 3.5 million tonnes in 2022
- Middle East-Europe lane grew 15% in volume 2023
Regional Breakdown Interpretation
While Asia-Pacific firmly holds the global cargo crown, the rest of the world's lanes are a turbulent tale of resilient growth in the Americas and Middle East, stubborn declines in war-touched Europe, and a quiet but determined pulse from Africa and Latin America.
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