The global air cargo containers market is likely to witness considerable growth owing to increasing global trade, wide popularity of air cargo transportation over, rising demand for cargo shipments of pharmaceutical product and perishable items, and proliferation of lightweight containers.
A cargo container is basically a solid vessel that is made up of a storage unit to fit in the inside of an aircraft. The container must be compatible with aircraft equipment as well as cargo handling systems so that it could be efficiently used for air cargo transportation.
The global air cargo containers market is bifurcated into various key segments in terms of aircraft, container type, material, deck, end-user and regional landscape.
With respect to aircraft, the market for air cargo containers is classified into military, freighter, and passenger. The freighter aircraft segment will expand at 3.5% rate through the study timeframe. This growth can be attributed to rising demand for cargo shipments of perishable items as well as pharmaceutical product across the globe. The segment further experienced tremendous growth in terms of revenue during COVID-19 pandemic year owing to increasing need for medical supplies across the world.
Based on container type, the air cargo container market is divided into non-refrigerated and refrigerated. Among these, the refrigerated segment will witness significant growth in terms of revenue over projected timeframe. This growth is majorly ascribed to increasing consumption trends of perishable items, frozen food and pharmaceutical drugs across the world.
With respect to material the air cargo containers market is bifurcated into composites and metal. Composites material segment will be growing at faster rate over estimated time period. Rising penetration of lightweight containers in the industry will augment the segmental growth.
Based on deck, the overall market is categorized into lower and main. Here, the lower deck segment will hold a considerable share of overall air cargo container market in the forecast timeframe. The segmental growth is attributed to wide popularity of air cargo transportation across the globe coupled with rising number of civil aircraft flights. While it is known that aircraft carry passengers, the lower deck containers are the ones which are often placed below the cabin.
In terms of end-user, the overall air cargo container market is segmented in terms of maintenance & repair and new sales. The maintenance & repair segment will account for more than 20% share of overall market in the forecast timeframe. The segment growth is primarily attributed to growing need for scheduled maintenance of air cargo container to avoid early replacement.
From a regional frame of reference, Middle East & Africa region will exceed at considerable rate over forecast timeframe. The region has limited presence of cargo fleet, which is hindering their dominance in the market.