10.1.1.1Vertical

All-Cargo Airlines

Airlines operating dedicated all-cargo freighter aircraft.

Market snapshot

These figures describe Air Cargo Carriers (10.1.1), the segment that All-Cargo Airlines sits within — not All-Cargo Airlines on its own.

Market size
~$21B
Growth
~14.8%CAGR (2017–22, nominal)
Companies
~600
FragmentationConsolidatingEstimate

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 481112 (scheduled freight air) + 481212 (nonscheduled chartered freight air); reflects the pandemic-era air-cargo boom, since normalized.

Business model & economics

Revenue model

Air-freight rates and dedicated-capacity contracts

Key economics

Recurring revenue
Moderate

contracted and spot air cargo

EBITDA margin
Highly cyclical with cargo rates
Capex intensity
High

Characteristics

  • Dedicated cargo airlines and integrator air fleets.
  • Pandemic cargo boom since normalized.
  • Small share of freight volume, large share of value.

M&A deal context

Deal activityModerate

Who’s acquiring

  • Cargo airlines & integrators
  • E-commerce logistics (Amazon Air)
  • Aircraft lessors & investors

What’s driving deals

  • E-commerce and express air-network demand.
  • Amazon air build-out.
  • Trade-cycle and cargo-rate dynamics.

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