Did you know?
- Jet Airways had 16% market share in domestic air cargo market of India when the airline ceased its operations. Sudden collapse of the airline had caused serious capacity crunch in the cargo market of India. Three leading domestic airlines Indigo, SpiceJet and Go Air have filled the vacuum left in the market by Jet Airways. Indigo registered 10.6% Y-o-Y growth in its freight volume in August 2019 as compared to the same month in 2018. On the same lines, SpiceJet registered 6.1% and Go Air grew by 4.2% on Y-o-Y in the month of August 2019.
- Industry-wide air freight tonne kilometers fell by 3.9% year-on-year in August – a faster speed of decline compared to the previous month. As argued before, the industry continues to face headwinds from weakening global trade and softness in a number of key economic indicators.
- IATA downgraded its forecast for growth of global freight tonne kilometers flown over the next 5 years to an average of 4.4% a year, down from the 4.9% average which the association forecasted a year ago.
- Ministry of Civil Aviation in its report titled ‘Vision 2040’ has stated that cargo movement is expected to quadruple and achieve the figure of 17 million tons by the year 2040.
- India aiming spot in top 5 Global Air Freight Market by the year 2025.