Chartered Air Transport Market Size, Share, Growth, And Industry Analysis by Type (Whole Charter and Partial Charter) by Application (Passenger, Freight & Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Chartered Air Transport Market Report Overview

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The global chartered air transport market size was USD 171230 million in 2022 and market is projected to touch USD 245973.5 million by 2031, at a CAGR of 4.1% from 2022 to 2031.

The chartered air transport business provides air transportation services for both passengers and freight through regular travel routes while following a predetermined flight schedule. The key contributors to the income stream of the worldwide charter flight industry are larger establishments and organisations with strong capital stability because they have the capability to use charter services for personnel or cargo transportation between various corporate locations. larger firms and corporations willing to utilise charter planes to deliver commodities, especially if there is a significant business profit and a stable enough economy. Global players in the charter flight industry are competitively positioned alongside more recent entrants, yet they have a strong foundation due to extensive infrastructure development. By using creative tactics and workflow models to scale up efficiency and performance, the fresh entrants are demonstrating how they can help to improve the market's overall capabilities.

Market expansion is fueled by an increase in the population of high-net-worth individuals and the resumption of the global economic boom. An increase in the number of high-net-worth individuals and the resumed expansion of the world economy are driving market development. The expansion of the worldwide market is influenced by reasons such as increasing disposable income, urbanisation, an increase in high net worth persons, an increase in airline travelers, and others. The simultaneous development of the aviation sector and considerable expansion of the world economies are fueling the growth of the worldwide chartered air transport market size. Aside from these, other significant growth-promoting drivers for the global business aircraft market include the exploding profits of businesses and multinational corporations, the rising demand for long-haul flights, and the swiftly rising spending power of consumers. Additionally, owing to worldwide expansion, the launch of new chartered air transport projects, and the development of new orders, the global business aircraft market has had a greater growth rate throughout the forecast period.

COVID-19 Impact: Market to Make a Quick Recovery by the Middle of 2021

Due to travel limitations and severe aviation regulations brought on by the pandemic, demand for air travel has decreased since the coronavirus outbreak. 1.8 billion passengers flew in 2020, a decline of 60.2% from the previous year, according to the IATA World Air Transport Statistic (WATS) report produced by the International Air Transport Association (IATA) in 2021. The 4.5 billion people who flew in 2019 saw a decline in domestic air passenger demand of 48.8% from the previous year and a decline in international passenger demand of 75.6%. By taking into account their issues at COVID-19, governments and their regional groups from across the world have defined supply chain management solutions. The marketing industry has been impacted by the worldwide coronavirus in addition to people's lifestyles. The global chartered air transport market was one of them. Due to restrictions on both local and international air travel, the global chartered air transport market has been impacted. As a result, the demand for chartered air transport planes orders and deliveries abruptly decreased in 2020. 

Latest Trends

"Emergence of E-VTOL Aircraft to be a Key Opportunity for the Market Growth"

Due to the rising congestion of intracity transport within a city, travel times have been longer. Traditional chartered air transport are ineffective in such circumstances since they take off and land at airports, the availability of which is often confined to urban areas. for mobility within cities. Because they can take off and land at several vertiports inside a city, VTOL aircraft might be useful. The notion of urban air mobility includes E-VTOL aircraft, which make city travel easier because they are less expensive and loud. Technology breakthroughs in battery capacity, the construction of infrastructure like vertiports and charging pods, and a strong legal framework are all necessary for the concept to be commercialized. The chartered air transport market size is anticipated to expand with the development of E-VTOL technology because there is currently a need for them. 

Chartered Air Transport Market SEGMENTATION

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• By type

Depending on chartered air transport given are types: Whole Charter and Partial Charter. The whole charter type will capture the maximum market share through 2031.

• By Application

The market is divided in Passenger, Freight and Others based on application. The global chartered air transport market players in cover segment like passenger will dominate the market share during 2031.

Driving Factors

"Introduction to Advance Technology  in Chartered Air Transport Drives the Market Growth"

The chartered air transport market is significantly being transformed by technological improvements. The majority of people who use these air jets do so for either personal or professional reasons. The chartered air transport offers efficient long flight periods, safe and secure travel, easy, economical access to sites both domestically and abroad. The most cutting-edge technologies, such as fighter technology, are used by chartered air jets with the finest safety features, the biggest cabins, the most sophisticated flight decks, and other amenities. To provide clients with an unsurpassed experience with all the safety features, major corporations are concentrating on producing technologically sophisticated business jets. For instance, Michael Loupis, project coordinator for the TAVAC project, which is funded by the EU, argues that according to a report by the European Commission, "first, passenger comfort should be continually enhanced." Second, when more powerful and efficient aircraft engines and lighter airframes are used, the severity of engine and airframe vibrations rises while the fuselage's dampening capacity falls, making it difficult to enhance airframe and engine efficiency.

"Increasing Number of High Net Worth Individuals and Urging Global Economic Expansion to Spur Market Expansion"

The global chartered air transport market growth is expanding as a result of reasons such as increased disposable income, urbanisation, an increase in high net worth individuals, an increase in air passengers, and others. Multimillionaire celebrities typically employ business-class planes for both personal and professional travel. They are convenient, safe, and take less time while providing a more enjoyable and pleasant ride. Urbanization growth in the Asia Pacific region and rising demand from China and India fuel market expansion. The market is expanding because to the quickly expanding aviation industry and rising wealthy demand for high-tech chartered air transport jets. Major market participants including Onesky Jets, Bluestar Jets, Netjets, Boeing, Bombardier, and others up their R&D spending and produce cutting-edge aircraft.

Restraining Factors

"High Fuel Prices to Hamper the Market Growth"

The chartered air transport market growth is challenged by growing fuel costs, which discourages purchases. Customers may hesitate to buy because they may not want to spend too much money running a chartered air transport market business after making a significant investment in purchasing the aircraft. Additionally, not every country has the financial resources to buy chartered jets and the pricey fuel they need. The chartered air transport market is also significantly influenced since the cost of chatting services increases in direct proportion to gasoline prices, which has an effect on all market players. Budgetary problems brought on by the increase in gasoline costs have a negative effect on the worldwide chartered air transport market share. The chartered air transport market development has been sluggish in several nations due to high fuel prices, creating a problem for the industry.

Chartered Air Transport Market Regional Insights

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"North America to Witness Constructive Growth Owing to High Demand in Large Economies "

The market was dominated by North America. Due to the presence of important key players, the greatest fleet size, the rising demand for electric aircraft, and the accessibility of critical infrastructure, the chartered air transport market share is increasing throughout the region. The increasing consumer demand for goods in the United States and Canada is now the main driver of chartered air transport jet utilisation in North America.  The market is expanding across the region as a result of the presence of sizable rivals, the rising demand for chartered air transport planes with electric propulsion, and the presence of reliable infrastructure. Growth in product demand in the United States and Canada is now driving the usage of bizjets in the area.

Asia Pacific is anticipated to have remarkable development of chartered air transport market share between 2022 and 2028. Increased infrastructure development and investment by China, India, and Japan led to the growth. Furthermore, China, India, and Japan are anticipated to dominate the Asia Pacific chartered air transport market due to the increasing use of these aircraft by operators and service providers in these countries. Asia Pacific clientele like private planes due to numerous travel restrictions and the taxing long distance flights. The Asia Pacific area has the highest demand for chartered air transport, even on a global scale.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Xojet (U.S)
• Netjets (U.S)
• Vistajet (Malta)
• Onesky Jets (U.S)
• Bluestar Jets (U.S)
• Chapman Freeborn (U.K)
• Wheels Up (U.S)
• Delta Private Jets (U.S)
• Flexjet (U.S)
• JetSuite (U.S)
• PrivateFly (U.K)
• Air Partner (U.K)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.