(MENAFN- GlobeNewsWire - Nasdaq) Newark, March 27, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 390.5 million air freight unit load device market will reach USD 692.7 million by 2032. A Unit Load Device is a cargo container or pallets expressly intended to load luggage, mail, and freight onto aircraft. The gadgets allow enormous cargo to be securely fastened onto a single mobile unit for secure and safe transportation. Increasing demand for industrial exports and greater penetration of innovative technologies in the value chain boost the market share of air freight unit load devices. The increasing demand for transporting goods from one place to another in a short period increases the need for air freight unit load devices. Most online shopping platforms offer single-day delivery of products, which is only possible with the help of air freight unit load devices, adding impetus to the market's growth.
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North America to account for the largest market size during the forecast period.
North America is expected to have the most significant air freight unit load device market share. Growth in E-commerce logistics and the increasing urbanisation trends are expected to drive the market's growth in the region. Furthermore, the technological advancement in aircraft and the replacement of aged aircraft with modern, lightweight, fuel-efficient ones that comply with environmental standards help propel the market's growth in the region.
Containers dominated the market with the most significant market revenue of USD 233 million.
Containers dominated the market with the most significant revenue of USD 233 million. Containers are classified according to their use, such as refrigerated, lateral opening, ventilated, and airtight. This makes it possible to safely carry and transport any product from one place to another. The wide range of containers for the transportation of goods safely will boost the segment's growth during the forecast period.
Composites accounted for the largest share of the market, with market revenue of USD 154.6 million.
Composites accounted for the largest share of the market, with market revenue of USD 154.6 million. A composite is a compound of two or more different substances that are more powerful when combined than when used separately. Composites are being used in various industries, including aerospace & defence, as they increase the longevity and durability of products.
Advancement in Market
● In August 2022, Jettainer was awarded a contract to supply ULD management services by Norse Atlantic Airlines, a new Norwegian airline. Since its inaugural flight in June 2022, Jettainer has given the airline a tailored and specialised fleet of pallets and containers.
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Market Dynamics
Drivers: Widespread Reach
The largest benefit of air freight is its extensive global reach. Every nation has an airport, allowing people to ship goods and packages anywhere in the globe. As opposed to other cargo routes like roads and ships, which have their own restrictions on the route, air freight has no such roadblocks because the transit path is clear.
Restraint: Changing weather Conditions
Weather conditions significantly impact air travel, making it risky and unpredictable. Flights are frequently cancelled due to fog, heavy rain, and snow. Most often, the air freight cargo gets withdrawn during the rainy and winter seasons to avoid any accidents and mishappenings, thus restraining the market's growth during that particular season.
Opportunity: Rising Demand from Healthcare Industry
As the healthcare sector is on rise the air transportation is rising due to the excessive use of drugs for the treatment. Several drugs need to be transported in a particular period of time so the cargo transport is best for this task. Also, in heart transplant surgeries the heart needs to be transported in 3-4 hours and for this air cargo is utilised, all these providing growth opportunities for the market during the forecast period.
Challenge: Presence of Alternative
Due to the high cost of cargo other transportation are widely accepted. Furthermore, due to faster urbanisation and rising disposable income is expected to challenge the market's growth during the forecast period.
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Some of the major players operating in the air freight unit load device market are:
● Safran Cabin (Zodiac AirCargo Equipment)
● DokaSch GmbH
● VRR Aviation
● Nordisk Aviation Products
● Satco Inc.
● Brambles group
● Cargo Composite
● Dokasch GmbH
● Envirotainer AB
● Palnet GmbH Air Cargo products
Report Metric Details
The global air freight unit load device market is analyzed based on value (USD million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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