Air Charter Services Market
Overview and Scope
Air charter services refer to an air carrier business that requires the consumer to rent an entire aircraft rather than arrange passage in whatever capacity is available on a scheduled flight. These services enable users to organize their private flights according to their preferences.
Sizing and Forecast
The air charter services market size has grown strongly in recent years. It will grow from $29.65 billion in 2023 to $31.39 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to corporate travel demands and executive transportation needs, growth of the business aviation sector, globalization and expansion of international trade, high-profile events and sports charters, rise of private and luxury travel preferences.
The air charter services market size is expected to see strong growth in the next few years. It will grow to $38.17 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to evolution of aircraft technology and range, increasing congestion at major airports, development of air charter regulations and safety standards, emergency response and medical evacuation services, military and government demand for air charter services, growing importance of time efficiency in business travel, expansion of air taxi and urban air mobility services. Major trends in the forecast period include technological advancements in supersonic and electric aircraft, integration of blockchain technology in charter booking platforms, collaboration between air charter companies and travel tech firms, integration of artificial intelligence in flight planning and operations, sustainable aviation fuels in charter fleets.
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Segmentation & Regional Insights
The air charter services market covered in this report is segmented –
1) By Type: Business Charter Services, Private Charter Services
2) By Aircraft Type: Private Jets, Helicopters, Turbo-props, Wide-Body Aircraft
3) By Application: Charter Passenger, Charter Freight
4) By End-User: Business Travelers, Leisure Travelers, Government And Diplomatic Entities, Sports Teams And Entertainment Industry
North America was the largest region in the air charter services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the air charter services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing demand for cargo charters is expected to propel the growth of the air charter services market going forward. Cargo charters refer to cargo carriers that land at the airport less than fourteen times in any given calendar year and are not scheduled to serve the airport. Air cargo charters transport specialized cargo, such as hazardous materials or oversized cargo, which may not be suitable for traditional air cargo services and provide fast and efficient transportation of goods, even to remote areas that may be difficult to reach by other means of transportation. For instance, according to the International Air Transport Association (IATA), a Canada-based trade association, in 2021, aviation cargo volumes increased by 18.7% yearly, and available cargo ton-kilometers (ACTKs) increased by 13.8%. Therefore, the growing demand for cargo charters is driving the growth of the air charter services market.
Key Industry Players
Major companies operating in the air charter services market report are Jet Inc., NetJets Inc., VistaJet Group Holding Ltd., Jet Aviation AG, Wheels Up Partners LLC, Luxaviation Group, Flexjet LLC., Aero Contractors Company,Solairus Aviation, Gama Aviation Ltd., Gama Aviation plc, Travel Management Company LTD., European Air Charter, Jet Linx Aviation Inc., Jet Edge International, Clay Lacy Aviation, Air Charter Services Pvt Ltd, Skybird Aviation Inc., Airshare, Worldwide Jet, Thrive Aviation, Corporate Flight Management, Silverhawk Aviation, ATI Jet, Sky Quest LLC., Verijet, Red Wing Aeroplane Co., Asian Sky Group, Asia Jet Partners Ltd., GlobeAir AG.
The air charter services market report table of contents includes:
1. Executive Summary
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