Market Trends of Unit Load Device Industry
The Commercial Segment is Expected to Show Remarkable Growth During the Forecast Period
- The commercial segment is poised to experience significant growth during the projected period, owing to factors such as increasing air traffic, surging demand for new aircraft, and growing expenditure in the aviation sector. Various containers are utilized for different types of aircraft, with the LD3 container being the most prevalent on all Airbus planes, as well as on Boeing 747, 777, and 787 planes. Similarly, LD1 and LD2 containers are predominantly used on Boeing 747 and Boeing 767 aircraft, respectively. The mounting commercial aircraft deliveries from both Airbus and Boeing have resulted in a surge in demand for unit-load devices, thereby driving the market growth.
- According to the International Air Transport Association (IATA), the number of air passengers is expected to reach 4 billion by 2024. The IATA report reveals that global air passenger numbers in 2021 were just 27% of 2019 levels; however, this rose to 69% in 2022 and is predicted to rise to 82% in 2023 and 101% by 2025. Moreover, Boeing's Commercial Market Outlook (CMO) 2022 forecasted that the demand for new aircraft will surpass 41,000 units (41,170) during the 2022-2041 period, with a projected market value of USD 7.2 trillion for new aircraft deliveries. Therefore, the escalating demand for new aircraft due to the increasing number of air travelers is driving the market's growth.
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Asia Pacific Will Showcase Highest Growth During the Forecast Period
- During the forecast period, Asia Pacific is expected to exhibit substantial growth, primarily due to factors such as increasing urbanization, the construction of new airports to accommodate higher air traffic, and growing air cargo transportation. Moreover, rising investments in the aviation sector and the surging demand for new aircraft, especially from China and India, are propelling market growth across the region.
- According to the International Air Transport Association (IATA) report, the air cargo volumes of Asia-Pacific airlines increased by 3% in February 2022 compared to the same month in 2021. Additionally, the available capacity in the region rose by 15.5% compared to February 2021.
- For instance, in September 2022, HaveUs Aerotech India Pvt Ltd, a component MRO facility in India capable of scaling multiple folds, inaugurated the country's first ULD container assembly cum MRO support center in Gurugram. Furthermore, in March 2022, T'way Air, the South-Korean low-cost airline, signed a five-year contract with Jettainer to provide unit load device (ULD) management services as it expands its aircraft fleet. Under the agreement, the company will supply pallets and containers for the Seoul-based airline's three new Airbus A330 aircraft and support T'way Air's expansion with its efficient ULD management and maintenance services.
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