Global Cargo Airlines - Market Research Report (2014-2029)
New York, United States
Last Updated: March 2024
H4832-GLRevenue
$111.4bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
213k
Businesses
2,208
Wages
$XX.Xbn
Global Cargo Airlines industry analysis
Revenue for the Global Cargo Airlines industry has been highly volatile in recent years; COVID-19's effect on the global economy delayed shipments and disrupted supply chain disruptions, particularly for perishable goods. The war in Ukraine has also hurt cargo capacity serving the European market. Still, increased demand for personal protective equipment and reduced shipping capacity have skyrocketed the freight price index following COVID-19, subduing the overall decrease in demand. Global Cargo Airlines industry revenue has contracted at a CAGR of 1.6% over the past five years and is expected to total $111.4 billion in 2024, when revenue will fall by an estimated 19.0%. Profit has declined over the past five years because of reduced shipping capacity and rising wage costs.
Trends and Insights
- The industry endured unstable economic conditions, leading to increased revenue volatility. Supply chain disruptions, inflationary pressures and the war in Ukraine have hurt global cargo airlines.
- The revenue distribution among countries has shifted. Middle- and low-income countries have encountered an increased market share, while high-income countries have commanded less of the market.
- Cargo airlines choose countries and regions based on market demand for air transportation services. They assess the volume of goods being traded, the types of goods being traded and the market’s growth potential to determine where to operate.
- The industry is characterized by intense competition. Larger companies with a large fleet and brand recognition dominate a significant market share.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 1.6 % over the past five years, to reach an estimated $111.4bn in 2024.
Trends and Insights
Economic conditions have been unstable, resulting in heightened revenue volatility
- Global air cargo revenue has been affected by inflationary pressures following COVID-19. Households' spending capacity has declined as inflation remains high in the United States and G7 countries.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Air cargo traffic will grow, offsetting declining transportation prices
- The volume of cargo transported yearly is determined by economic factors, including global GDP and consumer spending and noneconomic factors, including globalization, modal competition, market liberalization and new eligible commodities.
Biggest companies in the Global Cargo Airlines
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
FedEx Corporation | 14,058.7 | 1,196.1 | 8.5 | |
UPS Airlines | 6,125.4 | N/A | N/A | |
Korean Air Cargo | 5,378.4 | N/A | N/A |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Scheduled freight, non-perishable goods, Scheduled freight, perishable goods and Charter freight. Scheduled freight, non-perishable goods is the largest segment of the Global Cargo Airlines.
Trends and Insights
E-commerce has boosted demand for scheduled shipping of nonperishable goods
- This segment provides air transportation of nonperishable goods on freight and passenger aircraft on regular routes and schedules. Increased online shopping and subscription services have driven demand for scheduled shipping services in recent years.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Global Deep-Sea, Coastal & Inland Water Transportation
- Global Courier & Delivery Services
Complementors
- Global Commercial Aircraft Manufacturing
- Global Airlines
International industries
- International Airlines in the US
- Domestic Airlines in the US
- Charter Flights in the US
- Freight Air Transport in the UK
- Air Transportation of Freight in China
Table of Contents
About this industry
Industry definition
The Global Cargo Airlines industry includes businesses that provide air transportation for commercial and private cargo on either scheduled or nonscheduled routes. The industry also includes express services and air transportation that is part of a national postal system, while courier services are excluded from this industry's operations.
What's included in this industry?
Scheduled freight, non-perishable goodsScheduled freight, perishable goodsCharter freightMailCompanies
FedEx CorporationUPS AirlinesKorean Air CargoPurchase this report to view all 5 major companies in this industry.
Related Terms
FREIGHTREVENUE TON MILES (RTM)OECD COUNTRIESBRIC NATIONSPerformance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The industry endured unstable economic conditions, leading to increased revenue volatility. Supply chain disruptions, inflationary pressures and the war in Ukraine have hurt ...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
The revenue distribution among countries has shifted. Middle- and low-income countries have encountered an increased market share, while high-income countries have commanded ...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Cargo airlines choose countries and regions based on market demand for air transportation services. They assess the volume of goods being traded, the types of goods being tra...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Business Locations Charts
- Share of global output by region in 2024
- Share of population compared to output in each region in 2024
- Data tables
- Share of global output by region in 2024
- Detailed analysis
- Geographic spread of the industry across Global, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
The industry is characterized by intense competition. Larger companies with a large fleet and brand recognition dominate a significant market share.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
The number of cargo airlines in a market is determined by market size. Markets with higher populations and gross domestic products often have more cargo airlines.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of FedEx Corporation's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of UPS Airlines's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Korean Air Cargo's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 2 additional companies
Detailed analysis
- Description and key data for FedEx Corporation, and factors influencing its performance in the industry
- Description and key data for UPS Airlines, and factors influencing its performance in the industry
- Description and key data for Korean Air Cargo, and factors influencing its performance in the industry
- Description, key data and performance trends for 2 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Regulations ensure compliance with international standards and agreements. Organizations such as the International Civil Aviation Organization and the World Trade Organizatio...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Fuel costs play a significant role when it comes to profit. Greater fuel prices can increase operating costs and potentially reduce demand for air cargo services.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources globally include:
- United Nations Comtrade
- Organization for Economic Cooperation & Development
- World Bank
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Global Cargo Airlines industry in Global in 2024?
The market size of the Global Cargo Airlines industry in Global is $111.4bn in 2024.
How many businesses are there in the Global Cargo Airlines industry in 2024?
There are 2,208 businesses in the Global Cargo Airlines industry in Global, which has grown at a CAGR of 0.3 % between 2019 and 2024.
Has the Global Cargo Airlines industry in Global grown or declined over the past 5 years?
The market size of the Global Cargo Airlines industry in Global has been declining at a CAGR of 1.6 % between 2019 and 2024.
What is the forecast growth of the Global Cargo Airlines industry in Global over the next 5 years?
Over the next five years, the Global Cargo Airlines industry in Global is expected to grow.
What are the biggest companies in the Global Cargo Airlines market in Global?
The biggest companies operating in the Global Cargo Airlines market in Global are FedEx Corporation, UPS Airlines and Korean Air Cargo
What does the Global Cargo Airlines in Global include?
Scheduled freight, non-perishable goods and Scheduled freight, perishable goods are part of the Global Cargo Airlines industry.
Which companies have the highest market share in the Global Cargo Airlines in Global?
The company holding the most market share in Global is FedEx Corporation.
How competitive is the Global Cargo Airlines industry in Global?
The level of competition is high and increasing in the Global Cargo Airlines industry in Global.
