OAG (Official Airline Guide) Worldwide Ltd, a US-based air market data provider, has announced the latest prediction on the world air cargo market, which says the global air cargo market will be growing at an average annual rate of 5.6 per cent during the period from 2008 to 2017.
Cross-continental market was estimated to be growing at a rate of 6.1 per cent in the same period and regional air market at 3.9 per cent.
According to OAG's report, cross-continental annual airfreight volume will rise from 152.1 billion tonnes per kilometre in 2008 to 274.1 billion tonnes per kilometre in 2017.
OAG said security and environmental-protection will be the two hottest topics for the air industry in the future. But cost generated from achieving better security and greener operations will slow down the growth of regional air market to only 3.9 per cent. In 2017, cargo volume of regional market is estimated to be 62 billion tonnes per kilometres.
The company predicted that Middle East will be fastest-growing among all regional markets with an annual increase of 12.9 per cent. Africa is the second with a growth rate of 12 per cent. China will be growing at 10.5 per cent per year, ranking at the third. Asia is the fourth with a rate of 7.1 per cent. Europe is the fifth with a rate of 6.1 per cent. South America is the sixth, growing at a rate of 5.7 per cent, Northwest America is the seventh, growing at 3.1 per cent.
Lines between North America and China will continue to be the world's largest air cargo market.
Even though the market growth has been slowing down recently, OAG expected that the basic trend is still upwards as conditions are still suitable for a growth. In the upcoming 10-year period, the world's freighter capacity will be growing at a rate of 3 per cent.
OAG said there are a lot of factors affecting and laying pressures on the air cargo industry, such as the uncertain economic prospect, increasing air traffic rules, surging fuel price, changing currency exchange rates and stricter environmental requirements.
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