The air charter services market is expected to be worth US$ 31.9 billion by the end of 2023 and is projected to rise with a CAGR of 5.4% to reach a valuation of US$ 54.0 billion by 2033. The air charter services market refers to the provision of on-demand air transportation services that are not scheduled and operate outside of regular airline routes. These services are often used by individuals, corporations, and governments for a variety of purposes, such as business travel, leisure travel, cargo transport, medical emergencies, and more.
The market for air charter services has been growing steadily in recent years, driven by factors such as increasing demand for business travel, the need for urgent and time-sensitive cargo transport, and the desire for more personalized and convenient travel experiences The air charter services market is highly competitive, with a large number of companies vying for business from a diverse range of customers. However, the market is also subject to a range of regulatory and safety requirements, which can pose significant challenges for companies operating in this space
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Key Takeaways from Market Study
- The market for aviation charter services saw a CAGR of 4.5% during the preceding year (2018-2022).
- During the forecast period (2023-2033), the market is anticipated to grow at a CAGR of 5.4%.
- In terms of region, North America commands the market for international air charter services with a 44.0% share.
- Business/corporate end users account for the greatest portion of the worldwide air charter services industry, with a share of 85.0%.
Factors driving the demand for Air Charter Services Market
There are several factors driving the demand for air charter services in today’s market. Firstly, the growth of global business travel has increased demand for on-demand air travel, allowing business professionals to travel quickly and efficiently without having to adhere to traditional airline schedules. Secondly, the growth of e-commerce and global supply chains has increased the need for time-sensitive cargo transport, which can be fulfilled by air charter services. Additionally, the desire for personalized and convenient travel experiences has led to an increase in demand for private and luxury air travel options, such as private jets and executive helicopters. Finally, medical emergencies and natural disasters often require quick and efficient transport of people and supplies, which can also be provided by air charter services
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- Air Charter Service, a well-known expert in aircraft charter, announced in September 2022 that its specialised urgent cargo goods will be combined under a new sub-brand named ACS time critical. Through this endeavour, the business will provide door-to-door service for their clients’ urgent shipments as well as go-now cargo aeroplane charter services to the customer.
- EaseMyTrip announced in December 2022 that it will buy aviation charter service company Nutana Aviation.
Key Companies Profiled
- Air Charter Service India Pvt. Ltd.
- Gama Aviation
- Air Partner
- Asia Jet Sdn Bhd
- ASIAN SKY GROUP
- BlueStar Air Services
- European Air Charter
- Flexjet LLC
- GlobeAir AG
- Jet Aviation AG
- Luxaviation S.A.
- PrivateFly Ltd.
- Solairus Aviation
- VistaJet Group Holding Ltd.
- Wheels Up Partners LLC
The demand for air charter services varies by country depending on a number of factors such as the level of economic development, business travel needs, tourism activity, and government policies. For example, the United States is the largest market for air charter services due to its large and diverse economy, extensive business travel needs, and well-established private aviation industry. Meanwhile, countries like China and India are also emerging as significant markets for air charter services due to their growing economies and increasing demand for business and leisure travel. Additionally, countries in the Middle East such as the United Arab Emirates and Saudi Arabia have become major players in the air charter services market due to their growing aviation industries and strategic location for international travel. Overall, the demand for air charter services is expected to continue to grow in many countries around the world as more people and businesses seek personalized, flexible, and convenient travel options
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More Valuable Insights
In its latest offering, Fact.MR offers a frank analysis of the worldwide air charter services industry, including historical market data (from 2018 to 2022) and projections for the years 2023 to 2033.
The report provides crucial information based on the end-user (business/corporates, people, and groups) and application (private charter, group charter, and cargo charter) in the key geographical areas of North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa.