TWENTY per cent of manufactured goods traded internationally today use air cargo transport and this is expected to reach 77 per cent by the year 2020, according to a released put out by San Jose-based Global Industry Analysts Inc (GIA).
A major driver of the demand is attributed to developed nations such as Western Europe and North America's need for advanced electronic goods, said the market research company's statement.
The global market for air cargo is forecast to reach 212.9 billion freight ton kilometres by the year 2015 with growth and propagation of domestic air cargo markets in emerging regions such as China, India, Africa and the Middle East expected to propel growth, said the group.
Some 38 per cent of the goods traded at international level are shipped by air, said GIA. The freight demand continues to grow in the future and is likely to exceed passenger demand in the long run. "Just-in-time delivery remains the key factor for the success of global air cargo industry.
Reforms in government regulations, air cargo processing operations and supply chain distribution would further propel the growth of air cargo industry, encouraging it to enhance product mix further," said the statement.
The downturn year of 2009 recorded the most significant influence on demand, as average load factors fell to nearly 49.4 per cent from previous high of over 65 per cent. Slowdown in the air freight market also led to parking of 24 per cent of the global freighter fleet and inactivity of large freighters such as MD-11s and Boeing 747s.
Some of the most pressing issues faced by the air cargo industry include the adverse effect of the worldwide crisis, volatile fuel prices, and changing shift towards cargo transport from air to sea. The air cargo market still faces issues related to overcapacity, which in turn has a devastating effect on annual yields.
However on the whole, global demand for air cargo is expected to witness a slow recovery, primarily due to the sluggish economic recoveries in the United States and Europe and Asia-Pacific, said GIA.
The California company said the US continues to rule the world market as the domestic US airfreight cargo route is the largest and most matured, with majority of air cargo movement to and from the US to other parts of the world. China-North America and Asia-North America constitute the other major air cargo traffic routes.
Domestic China is the fastest growing airfreight market, projected to grow at the overall highest compounded annual rate through 2015. The International air cargo traffic is slated to grow at a faster rate over the domestic air traffic as well as the maritime traffic, said the release.
Source : HKSG, 30.09.10.
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