Air freight is a tiny part of the overall cargo market, but it’s been pushed to the forefront during the pandemic.
, including removing air capacity. Its CEO forecast a global recession.
"The largest single expected contributor in fiscal '23 will be the changes we are making to our express air network as we cut global flight hours," FedEx CEO Raj Subramaniam said on an analyst call in September. Consumers may have eased off of their cooped-up shopping frenzy during the height of the pandemic, but they aren't likely to become much less demanding.
"If you look at the e-commerce segment of air cargo, that has grown significantly and that's probably not going to cycle back because we've all learned to acquire things in a different way," said Rob Morris, global head of consultancy at Ascend by Cirium, an aviation data firm.
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