Europe Air Cargo Market Growth and Analysis by 2028
Europe Air Cargo Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Air Mail and Air Freight), Service (Express and Regular), and End User (Retail, Pharmaceutical and Healthcare, Food and Beverage, Consumer Electronics, Automotive, and Others)
Historic Data: 2020-2021 | Base Year: 2022 | Forecast Period: 2023-2028- Report Date : Dec 2022
- Report Code : TIPRE00005040
- Category : Automotive and Transportation
- Status : Published
- Available Report Formats :
- No. of Pages : 154
The Europe air cargo market is expected to grow from US$ 30.27 billion in 2022 to US$ 43.29 billion by 2028; it is estimated to grow at a CAGR of 6.1% from 2022 to 2028.
The growing demand for air cargo across European countries owing to demand for different products from the e-commerce platforms is catalyzing the growth of Europe air cargo market across the region. Moreover, the airlines operating across the Europe air cargo market are also focusing on introducing new air cargo solutions for their respective customers to cater to the customers’ demands to remain competitive in the market. Also, the Europe air cargo market players have been pushing their existing capacities to expand their air cargo volumes to cater to the increasing cargo volume traffic worldwide. This is also leading to the procurement of new aircraft models by air freight companies for expanding their respective cargo fleet. For instance, in November 2021, CMA CGM AIR CARGO placed an order for 4 new Airbus A350F aircraft that will be used for expanding its air cargo operations across its services.
Further, the growing air cargo traffic (CTK) across Europe is another major factor likely to generate new market opportunities for Europe air cargo market players during the forecast period. In addition, according to the Boeing's 2022 World Air Cargo Forecast (WACF), Europe accounted for 20% of the global air cargo volume reaching a value of around 57 billion RTK (Revenue Tonne Kilometer) in 2021. This is driven by the growth in the air cargo volume from cross country cargo operations. For instance, according to the WACF, East Asia-Europe cargo volumes are expected to witness a growth of 4.5% during 2022-2041. Similarly, according to the same source, Middle East-Europe cargo volumes are expected to witness a growth of 2.3% during 2022-2041. Such instances are likely to generate new market opportunities for Europe air cargo players during the forecast period.
Further, regulatory enforcement, including customs departments, represents a major challenge such as potentially slowing a shipment delivery or requiring shipping containers to be opened for inspection. Moreover, the temporary ban on social gatherings and shutdown of stores, restaurants, grocery shops, gardening centers, theatres, and concerts have led consumers to shop online. The consumers' behavior has changed toward online retail. For instance, according to the International Trade Association e-commerce registered 18% of the total retail sales volume in 2020 and continues to increase worldwide. All these factors have catalyzed the Europe air cargo market growth in 2020.
Air Cargo Market -
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Europe Air Cargo Market: Strategic Insights
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Market Size 2022
US$ 30.27 Billion -
Market Size 2028
US$ 43.29 Billion
Market Dynamics
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Regional Overview
- Europe
Market Segmentation
Type
- Air Mail and Air Freight
Service
- Express and Regular
End User
- Retail
- Pharmaceutical and Healthcare
- Food and Beverage
- Consumer Electronics
- Automotive
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Impact of COVID-19 Pandemic on Air Cargo Market
Europe is characterized by a large number of developing countries, a high industrial presence, and a positive economic outlook. Air cargo demand has witnessed growth in the region since the onset of the COVID-19 crisis, as France and other countries have been a major contributor to the Europe air cargo market growth. The recovery of Europe international cargo tonne-kilometers (CTKs) slightly accelerated as airlines added more capacity to the routes. In addition, according to IATA, international air cargo grew by 10.5% in February 2021 compared to the same month in 2019. Furthermore, the region’s airlines reported the highest international load factor at 74.0% in 2021. Hence, the COVID-19 pandemic is positively impacting the air cargo market in Europe.
Lucrative Regions for Air Cargo Market
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Europe has one of the world’s leading aviation sectors, which signifies the rise in the demand for air cargo across the region. The presence of several air cargo companies such as Cargolux, DHL, FedEx Express, Lufthansa Cargo, and Air France KLM is one of the major factors contributing to the growth of the Europe air cargo market. Moreover, the demand for air cargo across the region is also driven by the increasing cross-border air cargo operations and connectivity of European countries to Asian and North American countries.
End User-Based Insights
Based on end user, the air cargo market is further segmented into retail, pharmaceutical and healthcare, food and beverage, consumer electronics, automotive, and others. Pharmaceutical and healthcare segment is expected to dominate the Europe air cargo market in 2022 and it is expected to witness highest CAGR to drive the Europe air cargo market growth during the forecast period.
The Europe air cargo market size is segmented on the basis of type, service, end user, and country. In terms of type, the Europe air cargo market is bifurcated into air mail and air freight. Based on service, the Europe air cargo market size is bifurcated into express and regular. Based on end user, the Europe air cargo market is segmented into retail, pharmaceutical and healthcare, food and beverage, consumer electronics, automotive, and others. By country, the Europe air cargo market is primarily segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe.
Some of the key Europe air cargo market players include Turkish Cargo, DHL International, Air France KLM Martinair Cargo, United Parcel Services Inc, and FedEx Corporation.
The Europe air cargo market players are mainly focused on providing reliable and efficient air cargo services to their respective customers across the region. For instance:
- In October 2022, Cargolux placed an order for 10 Boeing B777-8F freighters and six options as it looks to replace its older quadjet aircraft fleet.
- In 2021,KLM introduced an innovative Cargo Seat Bag (CSB). It is a user-friendly, easy-to-install, and removable cargo seat bag. It was designed in collaboration with the product developer and supplier Trip & Co. It protects the interior, seats, and entertainment systems; doubles the seats' loading capacity; decreases physical strain during handling; and prevents plastic waste.
Europe Air Cargo Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 30.27 Billion |
| Market Size by 2028 | US$ 43.29 Billion |
| CAGR (2022 - 2028) | 6.1% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
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