Global air cargo demand continued to show strong momentum in 2026, rising 5% year-on-year in April and remaining up 4% year-to-date. The Asia-Pacific region remains the key driver of growth, accounting for approximately 50% of global air freight volumes and recording an 8% increase in demand over the same period. Growth is being fueled largely by high-value semiconductor shipments and AI-related equipment, including data center infrastructure, with the technology sector continuing to generate strong cargo volumes across premium trade lanes.
According to DHL Global Forwarding, the market is experiencing a shift in demand patterns rather than a slowdown in demand. Peak season is arriving earlier and with greater intensity, driven by inventory build-up ahead of the third quarter, strong export momentum from Asia, and shippers securing additional capacity as a buffer against potential disruptions. This has increased pressure on available air cargo space and contributed to greater volatility across key Asia-origin trade routes.
On the capacity side, global air freight capacity increased by 2% year-on-year in May 2026, although this growth remains selective as airlines continue to prioritize long-haul, high-yield routes. At the same time, passenger belly cargo capacity declined by 3% year-on-year, further tightening the supply of available freight space. As a result, air freight rates remain elevated, with global spot rates holding at approximately US$3.67 per kilogram, up 48% year-on-year. DHL notes that securing reliable capacity is becoming increasingly important as demand continues to outpace available space, reducing network flexibility and making supply chain disruptions more difficult to absorb.
