The global air cargo sector proved its resilience in 2024, overcoming economic headwinds, geopolitical tensions, and persistent supply chain disruptions. According to the latest IATA World Air Transport Statistics (WATS) report, the top 25 cargo airlines collectively posted a 9.4% year-on-year increase in cargo tonne-kilometers (CTK), highlighting the industry’s capacity to adapt and grow amid uncertainty.
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Driven by the Red Sea shipping disruptions and a surge in cross-border e-commerce, air freight demand outpaced capacity across several regions — setting the stage for some surprising shifts in the year’s airline rankings.
FedEx Express and UPS: The Unshakable Leaders
FedEx Express (FX) maintained its global dominance with 18.1 billion CTK, a 1.2% annual increase, reinforcing its role as the world’s top cargo airline. Its extensive hub operations in Memphis (MEM) and Indianapolis (IND) continue to anchor its network efficiency. FedEx plans to modernize its fleet by 2026 with two Boeing 777Fs, 14 Boeing 767Fs, 10 ATR 72-600Fs, and 31 Cessna 408s, improving both reach and fuel efficiency.
Close behind, UPS Airlines (5X) reported 15.1 billion CTK, maintaining its strong position through its Louisville (SDF) superhub. UPS’s focus on healthcare logistics and time-critical shipments has made it indispensable to global supply chains. With 294 aircraft — including 95 Boeing 767-300s — UPS continues to expand operational agility while maintaining its high service reliability.
Qatar Airways Cargo: The Middle East Titan
Qatar Airways Cargo (QR) continues its rapid ascent, transporting 15.2 billion CTK and ranking among the top three globally. From its Doha (DOH) hub, the airline has expanded routes across Asia, Europe, and Africa, boosted by restored belly capacity on passenger flights.
Qatar Airways transported over 1.5 million tonnes of freight during its 2024–2025 fiscal year and is doubling down on digital cargo management and sustainability initiatives, including carbon offset programs and advanced fuel optimization.
Emirates SkyCargo: Optimizing for the Future
Operating out of Dubai (DXB), Emirates SkyCargo (EK) handled 12.35 billion CTK, supported by new Boeing 777Fs and expanded routes into Africa and South America. The carrier’s specialization in pharmaceuticals, perishables, and luxury goods has solidified its reputation as a preferred partner for time-sensitive shipments.
With one of the youngest widebody fleets globally, Emirates continues to leverage its massive cargo network to bridge emerging and established markets.
Atlas Air: The Contract Cargo Powerhouse
U.S.-based Atlas Air (5Y) ranks fifth globally, moving 11.94 billion CTK — a sharp increase propelled by its expanding partnerships with Amazon, DHL, and other e-commerce and logistics giants. The airline’s fleet of 86 widebody freighters (including 48 Boeing 747-400s, 17 747-8s, and 11 777Fs) allows flexible global operations under its ACMI leasing model.
Atlas’s growth in long-haul and charter services underscores its rising influence — a position that may surprise some observers given its asset-light, partnership-driven model.
Asia-Pacific Carriers: Regional Strength on Display
Korean Air Cargo (KE) and China Airlines Cargo (CI) continue to dominate regional markets, carrying 8.7 billion CTK and 4.35 billion CTK, respectively. Their strong presence in electronics and automotive logistics has kept volumes steady despite regional headwinds.
Both airlines are modernizing fleets with Boeing 777Fs and freighter conversions to enhance efficiency across high-demand trade corridors linking Asia, North America, and Europe.
Lufthansa Cargo and Turkish Cargo: European Momentum
Lufthansa Cargo (LH) is setting benchmarks for sustainability and digital innovation, adding A321 freighters for short-haul operations and deepening collaboration with DB Schenker to decarbonize European logistics.
Meanwhile, Turkish Cargo (TK) continues to rise at record pace, transporting 10.24 billion CTK in 2024. With its new Istanbul Airport terminal and routes spanning Asia, Africa, and Europe, Turkish Cargo is becoming a vital logistics hub linking three continents.
Southeast Asia’s Strong Performers
Singapore Airlines Cargo (SQ) and Cathay Pacific Cargo (CX) remain cornerstones of Southeast Asian trade. Both carriers are investing heavily in digital tracking systems, AI-based cargo optimization, and fuel-efficient aircraft, while focusing on high-value commodities like pharmaceuticals and semiconductors.
Cargolux: Heavy-Lift Specialist
Luxembourg’s Cargolux (CV) continues to excel in oversized and project cargo, operating a fleet of 29 Boeing 747 freighters across specialized global routes. With growing charter activity for the energy, aerospace, and humanitarian sectors, Cargolux remains one of the most reliable niche players in the world cargo market.
Integrators and Regional Powerhouses
DHL Aviation and SF Airlines round out the top ranks, showcasing how integrators are reshaping the logistics ecosystem. DHL has expanded its European and transcontinental capacity, while SF Airlines, China’s largest private cargo carrier, continues to build its e-commerce logistics dominance.
A Competitive Year Ahead
As 2025 unfolds, the cargo aviation sector is poised for further transformation. Fleet renewals, digital innovations, and sustainability mandates will shape the next phase of competition — with established giants consolidating strength and emerging carriers challenging industry norms.