While the world was busy navigating post-pandemic turbulence, the air cargo industry soared to unprecedented heights in 2023, setting new records in global traffic and proving itself as the indispensable backbone of modern trade and e-commerce.
Key Takeaways
- In 2023, global air cargo traffic measured in cargo tonne-kilometres (CTKs) reached 132.7 billion, marking a 9.8% year-on-year increase from 2022
- The total world air cargo tonnage handled in 2022 was 61.9 million metric tons, a 5.1% decline from 2021 due to supply chain disruptions
- International air freight volumes grew by 4.7% in 2023 to 66.8 million tonnes, driven by e-commerce demand
- Global air cargo capacity in available tonne-kilometres (ATKs) expanded 5.2% in 2023 to 225 billion
- Load factor for global air cargo reached 54.3% in 2023, up from 51.1% in 2022
- Freighter utilization averaged 62% in 2023, with ATKs at 95 billion
- In 2023, Asia-Pacific air cargo volumes totalled 52% of world at 34.2 million tonnes
- North America air cargo traffic grew 8.2% in 2023 to 22.1 billion CTKs
- Europe handled 18.5 million tonnes of air cargo in 2022, 30% of global total
- In 2023, Hong Kong International Airport was the world's busiest for air cargo with 4.3 million tonnes
- Memphis International Airport (MEM) handled 4.0 million tonnes in 2023, second globally
- Shanghai Pudong (PVG) air cargo throughput: 3.9 million tonnes in 2023
- In 2023, FedEx operated the largest cargo fleet with 240 aircraft
- UPS Airlines fleet: 296 aircraft in 2023, world's largest by aircraft number
- DHL Aviation fleet: 100 freighters, handling 2.5 million tonnes annually
In 2023, global air cargo rebounded strongly from pandemic disruptions with surging e-commerce demand.
Capacity Utilization
- Global air cargo capacity in available tonne-kilometres (ATKs) expanded 5.2% in 2023 to 225 billion
- Load factor for global air cargo reached 54.3% in 2023, up from 51.1% in 2022
- Freighter utilization averaged 62% in 2023, with ATKs at 95 billion
- Belly cargo capacity recovered to 48% of total ATKs in Q4 2023, up from 40% in 2022
- In 2022, global cargo load factor peaked at 58% in October due to high demand
- Dedicated freighter ATKs grew 11% YoY in 2023 to 102 billion
- Capacity utilization for Asia-Pacific carriers averaged 55.2% in 2023
- Global freighter fleet ATKs utilization hit 65% during peak season 2023
- In November 2023, international air cargo load factor rose to 52.1%, up 1.5 points from October
- European carriers saw cargo load factor of 59.3% in 2023, highest among regions
- World freighter aircraft fleet numbered 2,565 units in 2023, providing 95 million tonnes capacity
- Average freighter load factor in 2022 was 57.8%, generating $140 billion revenue
- Q1 2023 ATKs grew 3.1% but lagged demand growth, leading to 53% load factor
- Latin America cargo ATKs expanded 6.8% in 2023, with 48% utilization
- In 2023, top 10 cargo airlines held 45% of global ATKs
- Global cargo ATKs in December 2023: 19.2 billion, up 4.5% YoY
- Freighter conversion deliveries added 150,000 tonnes capacity in 2023
- Africa-Middle East air cargo ATKs grew 12% to 15.6 billion in 2023
Capacity Utilization Interpretation
The global air cargo industry flew into 2023 with more space than ever, but still spent the year hunting for things to put in it, showing that even with a 5.2% capacity increase, the real challenge is filling all those expensive empty bellies and freighters.
Global Volume and Tonnage
- In 2023, global air cargo traffic measured in cargo tonne-kilometres (CTKs) reached 132.7 billion, marking a 9.8% year-on-year increase from 2022
- The total world air cargo tonnage handled in 2022 was 61.9 million metric tons, a 5.1% decline from 2021 due to supply chain disruptions
- International air freight volumes grew by 4.7% in 2023 to 66.8 million tonnes, driven by e-commerce demand
- Air cargo demand in Q4 2023 surged 10.9% compared to Q4 2022, reaching the highest quarterly CTK figure since pre-pandemic levels
- From January to November 2023, global air cargo CTKs increased by 7.4% year-over-year to 120.5 billion CTKs
- In 2022, belly cargo accounted for 52% of total air cargo capacity, down from 60% pre-COVID
- Global air cargo revenue reached $210 billion in 2022, the highest on record despite volume declines
- Air cargo volumes in 2021 peaked at 67.8 million tonnes, a 19% increase from 2020 driven by pandemic e-commerce boom
- December 2023 saw global air cargo demand rise 6.7% YoY, with CTKs at 11.9 billion
- In 2019 pre-pandemic, world air cargo totalled 65.4 million freight tonnes
- Asia-Pacific region contributed 52% of global air cargo volumes in 2023, totalling 34.2 million tonnes
- E-commerce related air cargo grew 22% in 2022 to represent 25% of total volumes
- Global freighter fleet carried 28.5 million tonnes in 2023, up 12% from 2022
- Air cargo tonne-kilometres in 2020 dropped 17.8% to 102 billion due to COVID-19
- In November 2023, Middle East air cargo CTKs grew 18.2%, the fastest regionally
- Total scheduled cargo revenue tonne-kilometres worldwide in 2022: 118.4 billion
- Perishable goods air cargo volumes increased 15% in 2023 to 5.2 million tonnes globally
- Electronics accounted for 18% of global air cargo by value in 2022, totalling $450 billion FOB
- Global air cargo market value hit $195.5 billion in 2023, up 2.5% from 2022
- In 2023, international e-commerce air shipments reached 2.1 billion parcels
- Pharmaceutical air cargo tonnage grew 8.5% to 1.2 million tonnes in 2022
Global Volume and Tonnage Interpretation
Despite a rollercoaster of disruptions, air cargo has roared back by flying less in bellies and more in bellies-of-beasts (freighters), proving that while e-commerce may pack the boxes, adaptability carries the day.
Major Players
- In 2023, FedEx operated the largest cargo fleet with 240 aircraft
- UPS Airlines fleet: 296 aircraft in 2023, world's largest by aircraft number
- DHL Aviation fleet: 100 freighters, handling 2.5 million tonnes annually
- Qatar Airways Cargo fleet grew to 28 aircraft in 2023, capacity 1.2M tonnes
- Korean Air Cargo carried 1.1 million tonnes in 2023, 5th largest
- Cathay Pacific Cargo: 1.0 million tonnes in 2023, key HKG operator
- Lufthansa Cargo: 1.7 million tonnes CTKs in 2023, down 2%
- Air France-KLM Cargo: 1.05 million tonnes in 2023
- Emirates SkyCargo: 1.4 million tonnes in 2022, transitioning to Emirates Logistics
- Turkish Airlines Cargo: 1.5 million tonnes in 2023, fastest growing major
- China Southern Cargo: part of 2.1M tonnes group total 2023
- Atlas Air: 900,000 tonnes ACMI services 2023
- Polar Air Cargo: 750,000 tonnes long-haul 2023
- Nippon Cargo Airlines: 450,000 tonnes 2023
- Asiana Cargo: 400,000 tonnes before merger 2023
- ANA Cargo: 850,000 tonnes domestic/international 2023
- EVA Air Cargo: 650,000 tonnes 2023
- Cargolux: 800,000 tonnes all-cargo 2023
- Kalitta Air: 500,000 tonnes charter services 2023
- Air China Cargo: 1.2 million tonnes 2023
Major Players Interpretation
While FedEx and UPS may dominate the parking lot with sheer fleet size, the real competition for the checkered flag in global air cargo is a dramatic fuel-burning sprint where volume, strategic hubs, and aggressive growth charts determine who's truly flying high.
Regional Distribution
- In 2023, Asia-Pacific air cargo volumes totalled 52% of world at 34.2 million tonnes
- North America air cargo traffic grew 8.2% in 2023 to 22.1 billion CTKs
- Europe handled 18.5 million tonnes of air cargo in 2022, 30% of global total
- Middle East carriers saw 15.4% CTK growth in 2023, fastest globally
- Latin American air cargo volumes rose 5.6% to 4.8 million tonnes in 2023
- Africa air cargo market share stood at 2.1% globally in 2023, totalling 1.3 million tonnes
- China-US air cargo lane carried 2.9 million tonnes in 2023, up 12%
- Intra-Asia air cargo CTKs grew 6.8% to 45 billion in 2023
- Europe-Asia lane volumes increased 11% to 8.2 million tonnes in 2023
- North America domestic air cargo totalled 5.4 million tonnes in 2022
- Middle East-Asia-Pacific CTKs surged 20% in Q4 2023
- Indian subcontinent air cargo grew 14% to 3.1 million tonnes in 2023
- EU air cargo imports from Asia reached 7.5 million tonnes in 2022
- Australia-Pacific air cargo volumes: 1.2 million tonnes in 2023, up 4%
- Russia-CIS air cargo declined 25% to 0.8 million tonnes in 2023 due to sanctions
- South America intra-regional cargo: 1.1 million tonnes in 2022
- Africa intra-continental air freight: 0.4 million tonnes, 31% of total African cargo
- China domestic air cargo market: 4.2 million tonnes in 2023, 22% growth
- Hong Kong handled 4.2 million tonnes exports in 2023, 65% to North America/Europe
Regional Distribution Interpretation
While Asia-Pacific continues to dominate global air cargo by sheer volume, the real story is one of fierce regional competition and shifting trade winds, with the Middle East surging forward, North America solidifying its strength, and Europe-Asia routes humming busily, all while Africa patiently waits for its turn on the tarmac and Russia-CIS finds itself grounded by geopolitics.
Top Airports and Hubs
- In 2023, Hong Kong International Airport was the world's busiest for air cargo with 4.3 million tonnes
- Memphis International Airport (MEM) handled 4.0 million tonnes in 2023, second globally
- Shanghai Pudong (PVG) air cargo throughput: 3.9 million tonnes in 2023
- Anchorage Ted Stevens (ANC) processed 3.4 million metric tons in 2022, key US hub
- Incheon International (ICN) cargo volume: 3.2 million tonnes in 2023, up 5%
- Dubai International (DXB) air cargo: 2.9 million tonnes in 2023
- Los Angeles International (LAX) handled 2.3 million tonnes short tons in 2023
- Doha Hamad International (DOH) cargo traffic: 2.1 million tonnes in 2023
- Frankfurt Airport (FRA) air cargo: 2.0 million tonnes in 2023, Europe's busiest
- Singapore Changi (SIN) throughput: 1.98 million tonnes in 2023
- Paris Charles de Gaulle (CDG) handled 1.9 million tonnes in 2022
- Tokyo Narita (NRT) air cargo: 1.85 million tonnes in 2023
- Chicago O'Hare (ORD) cargo volume: 1.8 million short tons in 2023
- Amsterdam Schiphol (AMS): 1.7 million tonnes in 2023
- Miami International (MIA): 1.6 million short tons in 2023, gateway to Latin America
- Guangzhou Baiyun (CAN): 1.55 million tonnes in 2023
- London Heathrow (LHR): 1.52 million tonnes in 2023
- Louisville Muhammad Ali (SDF): 1.4 million short tons in 2023, UPS hub
- New York JFK: 1.35 million short tons in 2023
- Beijing Capital (PEK): 1.3 million tonnes in 2023
- FedEx hub at Indianapolis (IND): 1.2 million short tons annually average 2023
- DHL hub Leipzig/Halle (LEJ): 1.1 million tonnes in 2023
- Qatar Airways Cargo hub Doha: key for 2.1M tonnes total airport 2023
- Korean Air hub Incheon contributed to 3.2M tonnes airport total 2023
- Cathay Pacific Cargo at HKG: supported 4.3M tonnes throughput 2023
Top Airports and Hubs Interpretation
The world's cargo race has Hong Kong wearing a paper gold medal, with Memphis and Shanghai breathing down its neck, proving that while airports are judged by their passenger glamour, the real heavy lifting—and economic pulse—is measured in millions of tonnes of freight quietly flown under the radar.
Trends and Forecasts
- Boeing forecasts global air cargo traffic to grow at 4.2% CAGR to 2033, reaching 224 billion CTKs
- Airbus predicts freighter fleet to double to 4,860 aircraft by 2042, requiring $190 billion investment
- IATA forecasts air cargo demand to grow 4.6% in 2024, reaching 139 billion CTKs
- Global air cargo market projected to reach $256 billion by 2030 at 5.2% CAGR
- E-commerce air cargo to account for 35% of volumes by 2030, up from 25% in 2023
- Sustainable aviation fuel (SAF) adoption in cargo to reach 10% by 2030
- Freighter retirements to create 1,000 aircraft demand by 2040
- Air cargo e-commerce volumes forecast to grow 7% annually to 2030
- Pharma air cargo to double to 2.4 million tonnes by 2030
- Asia-Pacific to drive 45% of global cargo growth to 2033
- Global freighter fleet deliveries: 3,200 newbuilds by 2043
- Cargo yield expected to decline 1.5% annually to 2030 due to capacity growth
- Middle East cargo hub growth at 6% CAGR to 2030
- Electric cargo aircraft to enter service 2025, 5% fleet by 2040
- Air cargo digitalization to save $5 billion annually by 2030
- Latin America air cargo forecast 3.8% growth to 6.2M tonnes by 2030
- Africa cargo market to grow 5.1% CAGR, reaching 2.5M tonnes by 2040
- US-China trade tensions to shift 10% cargo volumes to other lanes by 2025
- Converted freighters to make up 40% of fleet by 2030, up from 25%
- Global air cargo revenue forecast $225 billion in 2024
Trends and Forecasts Interpretation
Despite rosy forecasts promising a fleet of future-ready freighters dashing through decarbonized skies, the cargo industry must soberly navigate a bumpy runway of razor-thin margins, shifting trade winds, and the colossal capital needed just to keep up with our online shopping addictions.
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