OAG: Global air freight growth strong for next decade
The international air freight market is expected to see average annual growth of 6.1 percent from 2008 to 2017, according to a new report by OAG Analytical Services, part of the Official Airline Guide.
The report, OAG Global Air Freight Forecast, is predicting intercontinental air cargo traffic will reach 274.1 billion freight ton kilometers in 2017, up from 152.1 billion FTKs estimated for 2008.
| Source: OAG Global Air Freight Forecast |
Security and green issues are expected to pull down demand for regional air freight trade to 3.9 percent average annual growth, reaching 62 billion FTKs in 2017.
OAG expects the Middle East to be the fastest growing region, pushing China to No. 3 behind Africa in terms of growth rates, although the North America/China trade lane will remain the largest global market for air freight.
Despite a slowdown in the near term, OAG sees these underlying trends creating a growing demand for freighter aircraft, with the global freighter fleet expected to increase 3 percent over the next decade.
OAG noted that the air freight industry, like the rest of aviation, is having to cope with pressing issues such as an uncertain global economy, increasing security regulations, skyrocketing fuel costs, changing currency exchange rates and environmental initiatives. One bright note, it said, has been the liberalized air rights between China and European Union countries with the United States.
“Amid soaring fuel prices and economic uncertainty, the projections for the next decade reveal some light at the end of the tunnel,' said Tulinda Larsen, managing director OAG Analytical Services.
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| Source: OAG Global Air Freight Forecast |