PORTLAND, Ore., March 29, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “Air Freight Market by Service (Freight, Express, Mail, and Other Services), Destination (Domestic and International), and End-Use (Private and Commercial): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global air freight industry generated $270.2 billion in 2019, and is estimated to garner $376.8 billion by 2027, registering a CAGR of 5.6% from 2020 to 2027.
Drivers, restraints, and opportunities
Rapid delivery of shipments in comparison to other logistics solutions and increase in popularity of consolidated air freight service drive the growth of the global air freight market. However, high costs associated with air freight solutions and stringent regulations hinder the market growth. On the other hand, significant growth of the e-commerce sector and technological advancements present new opportunities in the coming years.
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- The strict lockdown imposed by governments impacted the air freight delivery services as local and international airways were banned in many countries.
- There have been a significant decline in air freight capacity, so different air freight carriers have been striving to make the best of the situation by implementing several strategies including airplane…