THIS month's regional report shows Latin American cargo carriers are leading the way in the Americas, reports Mumbai's Stat Trade Times
THIS month's regional report shows Latin American cargo carriers are leading the way in the Americas, reports Mumbai's Stat Trade Times. 'Across the world, general air cargo market volumes fell eight per cent year-over-year in May, comparable to April, as the aviation industry's stuttering recovery was compounded again by macroeconomic events which show no sign of abating,' said The International Air Cargo Association's (TIACA).
Cargo volumes around the world were on the decline, decreasing freight rates which mirrored the downward trend.
In August 2021, Research and Markets published its forecast for North America called: 'North America Air Cargo Market to 2028 - Covid 19 Impact and Analysis and Forecast by Type, Services, and End-User.'
The report states that the North American air cargo market will hit US$51.29 billion by 2028.
It translates to the market climbing up $20 billion from 2021, where it stood at $31.20 billion.
The market is estimated to grow at a compound annual growth rate of 7.4 per cent from 2021 to 2028.
The report provides trends prevailing in the North American air cargo market along with the drivers and restraints pertaining to the market growth.
'The air freight segment dominated the market in the year 2020 and is also expected to be the fastest-growing during forecast period. Based on services, the market is segmented into express and regular. The regular segment dominated the market in year 2020 and express segment is expected to be the fastest-growing during the forecast period,' said the report.
'Based on end-user, the market is segmented into retail, pharmaceutical and healthcare, food and beverage, consumer electronics, automotive, and others. The others segment dominated the market in year 2020 and pharmaceutical and healthcare segment is expected to be the fastest-growing during the forecast period. Based on country, the market has been segmented into US, Canada and Mexico.'
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