Air Cargo & Courier

Air Cargo & Courier covers the express, parcel, and air-freight services that move time-sensitive goods — integrated express carriers, air cargo, courier and last-mile delivery, and air charter. At roughly $202 billion across ~19,000 establishments, it has been transformed by e-commerce, which drove explosive growth in parcel and especially last-mile delivery (the courier segment grew over 30% annually).

The express segment is dominated by the FedEx/UPS duopoly, now disrupted by Amazon's rapid build-out of its own logistics and delivery network (insourcing volume that once went to the integrators). Air cargo and charter are cyclical with trade and private-aviation demand, and the last-mile and gig-delivery explosion is the defining structural shift. The ~12% sector growth is heavily e-commerce-driven; figures reflect the 2021–22 surge.