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Aircraft cargo container is a loading device used to load luggage and goods in the aircraft. It allows easy and secure cargo transportation by allowing large amount of goods bundled and kept into a single container. Cargo container ensures safety of goods or luggage by protecting it from fall or shocks during loading or unloading. It also helps in saving time and effort of the ground crew and prevent flight delays. Many manufacturer offers cargo containers with various features such as drainage floors, forklift pockets, shelves, drawers and compartment to improve ease of transportation. There are mainly three types of cargo containers including air cargo pallets, lower deck containers and box type containers. Air cargo pallets are flat structures that are used in cargo container ships for supporting goods. The lower deck containers are installed below the cabin of the ships and the box type containers are used for general transportation.
The market for aircraft cargo containers is expected to reach rise at a CAGR of 3.9 percent during the forecast period. Rising demand of cargo containers from commercial airlines is expected to drive the growth of aircraft cargo containers market during the forecast period.
Increasing demand of transportation of various goods across the globe in a short period of time has driven the growth of aircraft cargo containers market. Also, manufacturers have developed light weight containers that can be easily installed in aircraft and are capable of carrying various range of loads. These numerous benefits of light cargo containers are expected to boost the growth of the aircraft cargo containers market. In addition, growth of e-commerce solution, digitalization and expansion of global trade are factors expected to propel the demand of aircraft cargo containers. Moreover, due to trade wars and natural calamities various countries are importing goods from other countries, which stimulate the growth of aircraft cargo containers. Furthermore, expansion of cargo terminals and increasing demand from defense industry for transporting military equipment fuels the market growth.
Throughout the forecast period the passenger aircraft segment is expected to hold the highest share in the aircraft cargo container market. Factors such as growing passenger traffics, increasing fleet size and launch of various new aircrafts such as B737 Max, A320neo and B777x are driving the growth of passenger aircraft.
Based on container type, refrigerated container segment is expected to register highest growth rate during the forecast period. At present, global pharmaceutical market is the most important and fragile cargo market to handle in the world. Transportation of biological and pharmaceutical products requires refrigerated containers to maintain the proper temperature range of the products. This has led to the increasing demand of refrigerated containers around the world.
Based on material type, metal aircraft is projected to hold 80% share of the aircraft cargo containers market during the forecast period. This is attributed to the factors such as corrosion resistant ability of the metal containers, low cost and easy availability of the product in the market. However, composite containers are also growing rapidly due to high flame resistance ability, superior strength and durability of the product. Also, it does not get damaged easily which helps in reducing the container repair cost of the airline’s companies, which in turn fuels the growth of the composite containers segment in the aircraft cargo container market.
Although, the aircraft cargo terminal market is gaining tremendous growth globally still the market revenue is estimated to decline due to the impact of COVID-19 pandemic. Shut down of air travelling and restriction on the transfer of goods between countries is hindering the volume of cargo shipment globally. However, there is an expectation of the recovery of market after the vaccines are administered to majority of the population across the countries.
AIRCRAFT CARGO CONTAINERS MARKET SEGMENTATION:
By Aircraft Type
By Container Type:
Asia Pacific is expected to dominate the market during the forecast period. This is due to the presence of developing economies such as China, India and Japan. Also, the increasing demand of refrigerated aircraft cargo containers to transport fruits, medicines and vegetables fuels the growth of the market in this region. North America is also expected to grow rapidly owing to high rate of import and presence of various aircraft industries in the region.
However, the aircraft cargo container market in Europe is projected to grow rapidly during the forecast period. This is attributed to the factors such as increasing e-commerce sector and consumer electronics industry. China, U.S, Germany and U.K are the major consumers of cargo containers.
FEW KEY PLAYERS IN AIRCRAFT CARGO CONTAINER MARKET:
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