Air Freight Services Procurement Intelligence expected to grow at a CAGR of 6% from 2023 to 2030
Air Freight Services Procurement Intelligence The air freight services category is expected to grow at a CAGR of 6% from 2023 to 2030. In 2022, the Asia Pacific region accounted for 32.4% of the total category share. Robust demand for goods industry-wide due to a rise in e-commerce is driving the demand for cargo services. However, in March 2023, according to IATA, the demand for global air cargo dropped by 7.7% year-on-year at a slower pace than in January and February 2023. Due to increasing belly freight capacity in passenger aircraft, the air cargo capacity increased by 9.9% year-on-year. Compared to March 2019, industry-wide CTKs (International) decreased by 8.1% in March 2023. Over 85% of the industry's total cargo demand is derived from International Cargo Tonnes-Kilometers (CTKs), which influence cargo traffic trends worldwide. The current volatility in this category is due to many operational and economic issues that have hampered international trade. Even yet, most carr...