PUBLISHER: The Business Research Company | PRODUCT CODE: 1435314
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435314
Chartered air transport refers to the utilization of aircraft, including planes and helicopters, to offer non-scheduled air transportation services for passengers and/or cargo in exchange for a fee per mile or hour. This includes renting an aircraft for various purposes, such as tours.
The primary types in the chartered air transportation market include passenger charter air transport, freight charter air transport, and other chartered air transport. Passenger chartered air transport employs airplanes and helicopters to provide non-scheduled air transportation services for passengers. The market is further segmented by application, including private charter, affinity, single entity, and public charter. Additionally, it is categorized by end-use, encompassing wealthy individuals, sports teams, and large corporations.
The chartered air transport market research report is one of a series of new reports from The Business Research Company that provides chartered air transport market statistics, including chartered air transports industry global market size, regional shares, competitors with a chartered air transport market share, detailed chartered air transport market segments, market trends and opportunities, and any further data you may need to thrive in the chartered air transport services industry. This chartered air transports market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The chartered air transport market size has grown strongly in recent years. It will grow from $87.99 billion in 2023 to $95.66 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth observed in the historical period can be attributed to corporate travel demand, luxury travel and tourism, emergency and medical evacuations, military and government contracts, as well as remote access and exploration.
The chartered air transport market size is expected to see strong growth in the next few years. It will grow to $131.14 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period can be attributed to private aviation membership programs, flexible travel schedules, destination events, security and privacy concerns, and personalized in-flight services. Major trends expected in the forecast period include the emergence of ultra-long-range business jets, technology integration for efficiency, flexible booking and pricing models, the integration of supersonic jets, and partnerships and alliances in the industry.
The chartered air transportation services market is anticipated to experience sustained growth in the forecast period, driven by technology. Various sectors, including transportation services, stand to benefit from enhanced efficiencies facilitated by technological advancements. Aircraft telematics, for example, transmit engine information via satellite to manufacturers and maintenance teams on the ground, minimizing tarmac time, reducing flight turnaround times, and enhancing airline efficiencies. Technologies such as big data, machine learning, and predictive analytics are also being leveraged to boost efficiencies and align business strategies. Big data, employing real-time information, historical trends, and sophisticated algorithms, translates car speeds, weather conditions, and acceleration/deceleration sources for road operators. The adoption of technology is expected to be a key driver for the chartered air transportation services market in the future.
The growing demand for private air travel is poised to fuel the expansion of the chartered air transport market. Private air travel involves the chartering or ownership of aircraft for exclusive use by individuals or organizations. It offers a personalized and flexible travel experience, allowing passengers to schedule flights according to their specific needs and destinations. Private jets in chartered air transport deliver exclusive and tailored travel experiences, providing convenience, flexibility, and privacy for both leisure and business purposes. In 2022, the total count of private flights in the business aviation sector increased by 5% compared to 2021, reaching a record high, as reported by the Sherpa Report. Hence, the rising demand for private air travel is a significant driver of the chartered air transport market's growth.
The outbreak of the COVID-19 disease had a substantial negative impact on the chartered air transportation market in 2020. The infectious disease, characterized by flu-such as symptoms, prompted global measures to contain its transmission, leading to a decline in economic activity and widespread business disruptions throughout 2020 and 2021. However, it is anticipated that the market will recover from this setback.
Airlines are actively incorporating wearable technology to enhance operational efficiency, maintenance, and passenger entertainment. Wearable technology includes smartphones, personal electronic devices, smart glasses, smartwatches, near-field communication (NFC), and Bluetooth technology, aimed at improving and simplifying the passenger experience. These technologies assist passengers in enhancing safety and efficiency, receiving updates related to their flight, and providing data to help pilots, crew members, and maintenance teams monitor various factors. About 77% of over 6,000 surveyed passengers expressed comfort with the use of wearable technology during their journey. Companies such as Virgin Atlantic, Japan Airlines, EasyJet, and British Airways are actively utilizing wearable technologies.
Major companies in the chartered air transport market are strategically focusing on introducing air charter services to gain a competitive advantage. Air charter services involve the specialized rental of entire aircraft for exclusive use by individuals, organizations, or groups. In July 2022, Jayud Global Logistics Ltd., a China-based supply chain solution provider, launched new air charter services, offering reliable and safe transportation of goods between Shenzhen and Jakarta, Indonesia, and Davao City, the Philippines, on a weekly basis. The service, supported by B737-300F and B737-800F aircraft, aims to meet the growing demand for efficient air transportation services.
Major companies operating in the chartered air transport market report are Lufthansa Private Jet, Emirates, Air Canada, Cathay Pacific Airways Ltd., Atlas Air Worldwide Holdings, NetJets Inc., Allegiant Travel Company, Garuda Indonesia, Air Transport Services Group, FLEXJET LLC, Thai Airways International Public Co. Ltd., Jet Aviation Inc., Sentient Jet, Solairus Aviation, Gama Aviation, Jet Linx Aviation, Executive Jet Management Inc., Jet edge International, Air Partner PLC, Silver Air Private Jets, Fly Victor Limited, TUI Airways Limited, JetSuite Inc., Global Jet, Star Jets International, Stratos Jet Charters, Air Charter Service, Delta Private Jets Inc., PrivateFly, Qatar Executive, Swiss International Air Lines, United Airlines Inc., VistaJet, XOJET Aviation
North America was the largest region in the chartered air transport services market in 2023. Asia-Pacific was the second largest region in the chartered air transport market. The regions covered in the chartered air transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the chartered air transport market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The chartered air transport market includes revenues earned by entities by ensuring that their cargo has exclusive use of the entire sailing or flight, with guaranteed security and departure/arrival times. 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.
Chartered Air Transport 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 chartered air transport 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 chartered air transport ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The chartered air transport 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.