Volumes in the East Asia-North America route, the largest air cargo market in the world, are projected to more than double by 2043, with supply chain diversification, rising economies in Southeast Asia and growth of e-commerce on both sides of the Pacific expected to drive air trade growth, according to Boeing’s World Air Cargo Forecast.
Air trade on this flow is heavily concentrated. The United States accounts for nearly 90 per cent of North American trade with East Asia, while China is the largest East Asian air trade partner of North America with a 55 per cent share of North American air imports and 37 per cent share of exports.
As a result, the overall trans-Pacific market tends to be highly dependent on relations between the two large economies, the report noted.
Boeing’s forecast anticipates accelerated growth of air trade between Latin America and North America over the next 20 years. Policies like the United States-Mexico-Canada Agreement will lower trade barriers and foster increased volumes. Air trade will be further stimulated by expanding consumer economies, rising e-commerce and US efforts to nearshore manufacturing to Latin American countries.
Expanding consumer markets in Latin America will drive future air cargo demand between Latin America and Europe. Strategic partnerships, technological advancements and evolving trade policies like the European Union-Mercosur trade agreement will further foster air trade growth, the report noted.
The Africa-East Asia air cargo market will also continue to grow rapidly over the next two decades. It will triple in volume and surpass Europe as Africa’s largest air cargo market.
Africa’s population is expected to double to 2.5 billion people by 2050, by which time one-quarter of the world’s population will live on the continent. A significant increase in the working age population, coupled with industrialisation and economic development, will raise incomes and boost consumption. Industrialisation in Africa will also generate demand for machinery and manufacturing inputs from East Asia, the Boeing report observed.
Future growth in Africa-Europe air cargo will be driven by continued demand for perishables in Europe and Africa’s economic development. However, improving the sustainability of air cargo, via methods like sustainable aviation fuel (SAF) and next-generation freighters will be critical for meeting European initiatives to decarbonise fresh produce supply chains.
Growing express shipments, normalising inflation and expanding consumer and e-commerce markets in Eastern and Southern Europe will support intra-European air cargo growth at an average of 2.3 per cent per year over the next 20 years, the report added.
Source: https://www.fibre2fashion.com/news/textile-news/e-asia-n-america-air-cargo-volumes-to-more-than-double-by-2043-boeing-299955-newsdetails.htm
2024 was a year of strategic adjustments and investments with an eye toward the future.
Ecommerce will remain the key driver of air cargo growth this year, as it was in 2024, according to a senior industry executive.
With tight capacity, expert perception is that any unforeseen event could cause turbulence
Let's see the most notable logistics events of Vietnam in 2024
Outbound London Heathrow surged +5.9% WoW, with gains on most major lanes pushing it up to a gain of +31.6% YoY.
Enjoying fresh produce at affordable prices from tens of thousands of kilometers away is becoming commonplace for Chinese consumers.
The role of freight forwarders in air cargo is becoming more complex as ongoing capacity constraints and high demand challenges their ability to access space out of Asia,...
Prologis Research has released a special report, Seven Bold Predictions for 2025: Supply Chain Trends to Watch, which identifies the major areas to keep an eye on during the...
The board of FedEx has agreed to separate FedEx and FedEx Freight into two public companies with the reasoning that “separation unlocks significant value”.
ALS