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Air Cargo Unit Load Device (ULD) Market Size to Reach $427.5 Million in 2024, Says Stratview Research
Cargo is an essential part of the airline business today. On an average, it contributes roughly 9% of an airline's revenue, which is more than twice the revenues from the first-class segment. The biggest benefit of air cargo ULD is that it allows bundling a large quantity of cargo into a single unit. This helps minimize airlines' operational cost by saving the ground crew's time and efforts.
The airline industry is looking for lightweight containers with the prime focus to enhance fuel efficiency as well as reduce carbon emissions. In the last decade, the industry has noticed remarkable research and development activities related to light-weighting containers. Many companies have succeeded in developing lightweight containers by forming strategic alliances with industry stakeholders. Major ULD management companies are opting for composite-made containers by replacing their heavy-weight metal containers.
As per Stratview Research, . Growing cargo traffic (freight tonne-kilometers) owing to accelerating urbanization and increasing disposable income, increasing deliveries of commercial aircraft, increasing demand for lightweight ULDs, rising ULD fleet size, and advancements in technology are some of the major growth drivers of the market.
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The research's findings suggest that . High preference over pallets, a safer device to transport cargo, and easy to load and unload are major growth drivers of the containers segment. Pallet is also likely to witness a healthy growth rate in years to come.
Based on the product type, the market is segmented as LD3, LD6, LD11, M1, PMC, PAG, and Others. and is highly compatible with Boeing and Airbus wide-body aircraft, such as B747, B767, B777, B787, A330, A350XWB, and A380. LD3 can also be interchangeably used by replacing another container type.
Based on the material type, the market is broken down into composite ULDs, metal ULDs, and other materials based ULDs. . Increasing demand for lightweight containers to increase fuel efficiency is the major driver of the segment in addition to high durability and increased life of containers. Composite-based containers are about 20% to 40% lighter than that of similar-sized aluminum-based containers.
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Based on the aircraft type, . High number of ULDs per aircraft, increasing share of wide-body aircraft, and increasing demand for wide-body aircraft by cargo airlines are some of the major growth drivers of the segment. The aircraft type is also expected to experience the highest growth for the same period.
. Development of lightweight containers, formation of partnership with ULD management companies, and regional expansion are the key strategies adopted by the major players to gain a competitive edge in the market.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the global air cargo ULD market and has segmented the market in eight ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the eight ways in which the market is segmented:
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