PUBLISHER: The Business Research Company | PRODUCT CODE: 1428280
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428280
The cargo aircraft charter service involves the leasing of cargo aircraft to transport goods or cargo, providing shippers with the flexibility and speed required for timely and reliable product delivery. Typically offered by air cargo companies utilizing dedicated cargo planes, these services cater to diverse shipping needs.
Cargo aircraft charter services encompass various types, including time-critical cargo, heavy and oversized cargo, dangerous cargo, animal transportation, and others. Time-critical cargo primarily consists of shipments comprising goods with a limited shelf life, such as perishables or prescription medications. The available aircraft types vary from light and mid-sized to large aircraft, serving applications in both private and commercial usage.
The cargo aircraft charter services market research report is one of a series of new reports from The Business Research Company that provides cargo aircraft charter services market statistics, including the cargo aircraft charter services industry's global market size, regional shares, competitors with a cargo aircraft charter services market share, detailed cargo aircraft charter services market segments, market trends, and opportunities, and any further data you may need to thrive in the cargo aircraft charter services industry. This cargo aircraft charter services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The cargo aircraft charter service market size has grown strongly in recent years. It will grow from $9.66 billion in 2023 to $10.4 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth observed in the historical period can be ascribed to the expansion of global trade and commerce, an increase in occurrences of natural disasters or humanitarian crises, a surge in e-commerce activities, heightened security concerns, and shifts in global trade policies, tariffs, or geopolitical tensions.
The cargo aircraft charter service market size is expected to see strong growth in the next few years. It will grow to $14.18 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the forecast period can be credited to the sustained expansion of online retail, an increased emphasis on constructing resilient supply chains, the ongoing expansion and modernization of airports, the global transition towards renewable energy sources, and changes in global trade agreements, tariffs, or geopolitical factors. Major trends expected in the forecast period include technological advancements in aviation, the adoption of digital platforms, the customization of charter services to meet specific customer needs, the implementation of dynamic pricing strategies, and increased collaborations among charter service providers, airlines, logistics firms, and technology companies.
The anticipated growth in the cargo aircraft charter service market is expected to be propelled by an increase in air travel passengers. Air travel passengers encompass individuals who use commercial airlines or private aircraft for various purposes, and cargo aircraft charter services play a crucial role in diverse situations, including natural disasters, humanitarian emergencies, transportation of essential goods, business travel, and specialized services. For instance, statistics from the Bureau of Transportation in March 2023 revealed a 30% increase in the number of passengers carried by American Airlines, rising from 658 million in 2021 to 853 million in 2022. Therefore, the surge in air travel passengers is a driving force behind the growth of the cargo aircraft charter service market.
The growing expansion of e-commerce is expected to further drive the growth of the cargo aircraft charter service market. E-commerce involves the online buying and selling of goods and services, and cargo aircraft charter services offer swift and flexible shipping solutions for e-commerce businesses. This facilitates meeting customer expectations for prompt deliveries and supports efficient inventory replenishment by providing rapid and reliable transportation options. For instance, data from the United States Census Bureau in August 2023 indicated a 7.5% increase in the estimate for e-commerce in the second quarter of 2023 compared to the same period in 2022, while overall retail sales rose by 0.6%. Online stores accounted for 15.4% of all sales in the second quarter of 2023. Hence, the growing expansion of e-commerce is contributing to the growth of the cargo aircraft charter service market.
Product innovation stands out as a prominent trend gaining traction in the cargo aircraft charter service market. Key players within this market are actively engaged in the development of innovative products to maintain their competitive positions. For example, in September 2022, Air Charter Service, a US-based air service provider, unveiled ACS Time Critical, a comprehensive suite of urgent cargo services. This specialized team offers various services, including onboard courier and next flight out, coupled with integrated trucking solutions, ensuring a premium door-to-door service for clients with urgent cargo needs, in addition to immediate cargo aircraft charters.
Major companies in the cargo aircraft charter service market are strategically introducing cutting-edge solutions, such as second-generation cargo aircraft. These aircraft are designed to be more efficient and cost-effective than their predecessors, featuring powerful high-bypass engines and incorporating new technologies. As an illustration, in March 2021, J&T Express, an Indonesian logistics company, launched the Boeing 737-300. This aircraft, part of the second generation of the Boeing 737 family (Classic series), is a short- to medium-range narrow-body airliner with a cargo transportation capacity of up to 15 tons. The Boeing 737-300 is geared towards enhancing delivery services, ensuring efficient, secure, and high-quality express services for improved domestic connectivity and next-day delivery for local consumers. This initiative underscores J&T Express's commitment to expanding and elevating its logistics capabilities.
In April 2022, Wheels Up Experience Inc., a US-based charter airline company, completed the acquisition of Air Partner plc. for $109 million. Through this acquisition, Wheels Up aims to extend its international offerings, encompassing group charter freight, safety, and security services. Air Partner plc. is a UK-based aviation company specializing in providing aircraft charter services and aviation safety and security solutions to various sectors, including industry, commerce, governments, and private individuals.
Major companies operating in the cargo aircraft charter service market report are United Parcel Service, DSV A/S, Atlas Air, Cathay Pacific Cargo, Cargo Partner, Vietjetair Cargo, Cargo Air Chartering, AYR Logistics Limited, CTS Logistics Group, ACC Aviation, Chapman Freeborn, LunaJets, Air Partner, Logistics Plus, Airports Council International, CSI Aviation Inc., Rhenus Logistics, Arcus-Air GmbH and Co. KG, Fliteline B.V., Stratos Jet Charters Inc., Prescott Support, Aviocharter, BitLux, Air Charter Services Pvt. Ltd., Airmacs Aviation, JALCARGO Charter Service, Euroasian Cargo Solutions, XELLZ Air Cargo Charter Services (XACS)
Asia-Pacific was the largest region in the cargo aircraft charter service market in 2023. The regions covered in the cargo aircraft charter service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the cargo aircraft charter service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The cargo aircraft charter service market includes revenues earned by entities by providing services such as door-to-door service, loading and unloading, humanitarian aid, and shipping facilities. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Cargo Aircraft Charter Service Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cargo aircraft charter service market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cargo aircraft charter service ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cargo aircraft charter service market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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