The market’s growth prospects are well ahead of worldwide projections, where global volumes are expected to more than double by 2043 at a CAGR of 4 per cent, the aircraft manufacturer noted.
Economic growth, expanding manufacturing, and an enormous domestic consumer market are all anticipated to propel the country’s air cargo capabilities in the coming years, the report said.
However, the biggest factor in the forecasts comes from the growth in India’s nascent e-commerce market.
“Rising household incomes, high internet penetration, and widespread smartphone adoption are powering a booming e-commerce market. Although still relatively small in volume compared to established e-commerce markets like China, the US, or the EU, Indian e-commerce volumes are growing faster than almost anywhere else at more than 25 per cent per year,” the report noted.
“Higher household incomes across the board, along with a rising affluent class, will drive explosive e-commerce growth and demand for distribution via domestic air cargo,” it said.
Major logistics players are getting in on the potential growth of the Indian market and such moves are expected to power further growth in global air cargo capabilities.
ALCHEMPro News Desk (DS)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
