Air Charter Services Market Size, Share, Growth, and Industry Analysis by Type (private Charter Services and Business Charter Services), By Application (Charter Passenger and Charter Freight) Regional Forecast To 2031

Updated On: 15 April 2024

Air Charter Services Market REPORT OVERVIEW

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The global air charter services market size was USD 17260.0 million in 2021. As per our research, the market is expected to reach USD 54,579.59 million in 2031, exhibiting a CAGR of 12.0% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with air charter services experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.  The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The market's expansion is dependent on a number of variables, such as the rise in demand for cargo charters, the move toward aircraft leasing, and the implementation of membership programs.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

For consumer companies, the COVID-19 outbreak resulted in issues like unstable markets, a decline in client confidence, and challenges with import and export business. The global supply chain includes the sourcing of raw materials, packaging, and distribution. Moving commodities, chemicals, and other items has become challenging due to lockdowns. The market for air charter services is expanding primarily due to the rising demand for cargo charter services, although certain issues, such as the volatility of aviation fuel costs, may restrain air charter services market growth. Despite the COVID-19 pandemic's impact on the market's demand, organizations can improve their marketing strategy to acquire a competitive edge by conducting a comprehensive analysis of drivers.

LATEST TRENDS

"Increasing Popularity of Air Charters to Boost Market Growth"

For air cargo suppliers and cargo charter companies, the growing demand in the air cargo industry bodes well for the future growth of the worldwide market throughout the forecast period. The move toward aircraft rental, the creation of membership programs, and the rise in popularity of cargo charters are the factors cited as driving the demand. The number of shipments carried by air has expanded over the past several years as a result of the growing customer demand for quick and immediate delivery of products. Throughout the projected period, it is anticipated that this trend will continue to dominate the market.

Air Charter Services Market SEGMENTATION

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• By Types 

Based on type, the market is classified into private Charter Services and Business Charter Services.

• By Application

Based on the market is categorized into Charter Passenger and Charter Freight.

DRIVING FACTORS

"Online Reservation Services to Give Market Extra Boost"

The main trend propelling the expansion of the air charter services industry is the addition of creative features to portals for charter services. Private jet reservations are now as easy to make as online cab reservations thanks to air charter booking services like PrivateFly, JetSetGo, and BookMyCharters. These internet platforms give users the ability to quickly. Simply selecting or entering the essential information on the route, including the departure and arrival places and times, the day of the trip, and the number of passengers, will allow you to book a private jet.

"Rental Services to Encourage Market Expansion"

These portals offer quick bookings as well as a variety of tools and information to help customers make the best decision for their needs without using a middleman. The absence of a middleman or agent also significantly reduces the cost which is expected to drive market expansion. Time restraints, last-minute capacity, and unforeseen applications are the factors driving the market expansion for charter flights and are factors that can be ascribed to it. Air charter services have a fragmented market. The growing popularity of aero plane rentals will open up new prospects for market merchants.

RESTRAINING FACTORS

"Fuel Prices to Impede Market Expansion"

Volatility in aviation fuel prices is the key barrier stopping the market for air charter services from growing. Most charter service companies fly commercial aircraft that are fueled by fuel. Fuel, which accounts for about one-fourth of the overall cost, is one of the key costs that are included in the total charter price that the customer must pay.

Air Charter Services Market REGIONAL INSIGHTS

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"Increasing Number of Flights to Foster Growth in North America "

North America is expected to have the largest air charter services market share. Due to the increased ease with which people may now access private aircraft and the growing knowledge of the entire air charter business in the country, the U.S. currently controls the majority of market share within the area and is anticipated to remain the leading market in the coming years. The number of flights taken has increased in the U.S., which has increased the requirement for the flight department's maintenance and management, including staffing, inspection downtime, and maintenance. The region's increased flight activity is fostering the expansion of the helicopter charter sector as a whole.

Asia Pacific is anticipated to have a sizable market share. As China's commercial sector undergoes a revolution and the Asia Pacific area has the fastest economic growth, the helicopter charter industry has great growth potential in this region as well. Due to the growing number of rich and business people in China as well as the expanding number of airports in the country, the helicopter charter industry in the country has attractive growth prospects.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• Deccan Charters (India)
• Vistajet (Malta)
• Air Charters (India)
• Phenix Jet (Hong Kong)
• Clay Lacy Aviation (U.S.)
• Solairus Aviation (U.S.)
• Executive Jet Management (U.S.)
• Mjets (Thailand)
• Asian Aerospace (Hong Kong)
• Stratos Jet Charters (U.S.)
• GlobeAir (Austria)
• Air Partner (U.K.)
• Nanshan Jet (China)
• LILY JET (China)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyzes elements that are probably to boost market share.