The air cargo business is an important backbone of Europe’s prosperity as it enables global trade and is an economic driver of the continent. A nonprofit body ‘The Airlines For Europe’ which represents over 70 percent of European air traffic puts Europe at the intersection of global trade, with European air cargo accounting for nearly 30% of exports and 21% of imports in value.
According to a new market research study on “Europe Air Cargo Market to 2028 — Covid-19 Impact and Analysis and Forecast’ done by Research and Markets, the sector is expected to reach $49.23 billion by 2028 from $28.60 billion in 2021. The market is estimated to grow at a CAGR of 8.1% from 2021 to 2028.
Being the second-largest regional market for air cargo, with a heavy presence in manufacturing — Germany, Italy, France, and the UK form some of the key contributors to this market. Automotive, manufacturing, electronics, pharmaceuticals, consumer electricals, e-commerce, temperature-sensitive products, and food, and beverages are some of the key contributors to its trade lanes. Germany in particular has trade ties owing to its automobile manufacturing sector with the rest of the world.
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