The air charter services market is projected to grow by USD 7.76 billion from 2024-2028, with AI driving transformation and rising cargo charter demand, says Technavio report
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NEW YORK, Sept. 23, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global air charter services market size is estimated to grow by USD 7.76 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.6%  during the forecast period. Increasing demand for cargo charters is driving market growth, with a trend towards innovative additions to charter service portals  However, volatility in aviation fuel prices  poses a challenge - Key market players include Air charter service group ltd, Air Charters Europe NV, Air Partner Ltd., Asia Jet Sdn Bhd, ASIAN SKY GROUP, BlueStar Air Services, European Air Charter, Flexjet LLC, Gama Aviation Plc, GlobeAir AG, Jet Aviation AG, Jet Linx Aviation LLC, Luxaviation S.A., NetJets Aviation Inc., PrivateFly Ltd., Solairus Aviation, TAG Aviation, VistaJet Group Holding Ltd., and Wheels Up Partners LLC.

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Air Charter Services Market Scope



Report Coverage

Details



Base year

2023



Historic period

2018 - 2022



Forecast period

2024-2028



Growth momentum & CAGR

Accelerate at a CAGR of 4.6%



Market growth 2024-2028

USD 7759.6 million



Market structure

Fragmented



YoY growth 2022-2023 (%)

4.32



Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa



Performing market contribution

APAC at 39%



Key countries

US, UK, Germany, China, and Singapore



Key companies profiled

Air charter service group ltd, Air Charters Europe NV, Air Partner Ltd., Asia Jet Sdn Bhd, ASIAN SKY GROUP, BlueStar Air Services, European Air Charter, Flexjet LLC, Gama Aviation Plc, GlobeAir AG, Jet Aviation AG, Jet Linx Aviation LLC, Luxaviation S.A., NetJets Aviation Inc., PrivateFly Ltd., Solairus Aviation, TAG Aviation, VistaJet Group Holding Ltd., and Wheels Up Partners LLC


Market Driver

Air charter booking websites, such as PrivateFly, JetSetGo, and BookMyCharters, have revolutionized private jet booking with their user-friendly platforms. Consumers can now easily book a private jet by entering essential journey details, including departure and arrival locations and times, date of travel, and passenger count. These websites offer additional tools to aid informed decisions. The aircraft database provides comprehensive information on a wide range of charterable jets worldwide, from turboprops to airliners and helicopters, with specifications and sample images. The aircraft comparison tool allows users to rate and compare various jets based on specifications, enabling them to choose the most suitable one. Another innovative feature is the airport proximity tool, which uses Google Maps to help clients locate airports within specified distances from their destination. Users input the city, address, location, or airport code, and each airport code links to the database, providing the most optimal landing area information. By eliminating the need for intermediaries, these websites significantly reduce costs.

The Air Charter Services Market is experiencing significant trends at this year's Farnborough Airshow. Time-sensitive cargo and event-based travel remain key drivers, with flexibility and personalization also in high demand. Environmental considerations are increasingly important, as are regulatory compliance and economic volatility. High operating prices and competitive pressure continue to challenge the industry, with infrastructure restrictions and environmental concerns also impacting growth. Charter flights, including cargo charters and aircraft rental, are popular solutions for consumers seeking convenience and efficiency. Brands like Citation Excel, Flexjet, Magellan Jets, NetJets, Nicholas Air, OneFlight, Star Jets, VistaJet, Credit Suisse, Bond Helicopters, and others offer various aircraft models and services. Offshore operations, emergency medical services, and air ambulance transportation are also growing sectors. Private jets, tour operators, and e-commerce retailers are major consumers, with route, cuisine, and aircraft seats being key considerations. Commercial airports, mobile applications like PrivateFly, and express delivery services are also integral to the market. Weather disruptions, security concerns, and regulatory changes pose ongoing challenges. Overall, the Air Charter Services Market continues to evolve, with innovation and adaptability being essential for success.

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Market Challenges
  • Air charter services primarily utilize fuel-powered business jets, making up a substantial portion of the global aviation market. Approximately one-quarter of the charter price is attributed to fuel costs. With a pay-as-you-go business model, customers have the flexibility to choose among various charter operators for each flight. In 2021, a 6.5% increase in aviation fuel prices led to a notable decrease in sales for conventional fuel-powered light aircraft. International crises, such as wars, can significantly impact fuel prices, with an expected 40.65% surge in the forecast period due to factors like OPEC output limitations, the US withdrawal from the Iran nuclear deal, and decreasing Venezuelan oil output. This fuel price surge may deter potential buyers due to increased travel costs, potentially limiting the appeal of air charter services.
  • The Air Charter Services Market is experiencing significant growth, particularly in sectors like emergency medical services and air ambulance transportation. Private jets are in high demand among consumers, tour operators, and corporate travelers, including celebrities and sports teams. Business charter services and private charter services are seeing a rising demand, with personalized services and amenities being key differentiators. Challenges include managing flight schedules and routes, ensuring cuisine preferences, and catering to diverse consumer needs at commercial airports. Mobile applications like PrivateFly and e-commerce retail platforms are transforming the industry, making charter flights more accessible. The charter freight segment, including express delivery services and air cargo, is also growing, with high-value commodities, medical supplies, and equipment driving revenue. Security remains a top concern, with Gulf Air, Boutique Charters, and Gama Aviation leading the way in ensuring safe and reliable air travel. Inventory holding costs and delivery times are critical factors for express delivery services and e-commerce, making air freight transportation an essential component of the market.

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Segment Overview

This air charter services market report extensively covers market segmentation by
  1. Application
  • 1.1 Charter passenger
  • 1.2 Charter freight
  • 1.3 Others
  • Type
    • 2.1 Business charter services
    • 2.2 Private charter services
  • Geography
    • 3.1 North America
    • 3.2 Europe
    • 3.3 APAC
    • 3.4 South America
    • 3.5 Middle East and Africa

    1.1 Charter passenger-  The Air Charter Services Market is a significant sector in the aviation industry. Companies offer customized air travel solutions for individuals and businesses, ensuring flexibility, convenience, and efficiency. Demand for air charter services is driven by factors such as time savings, increased productivity, and the need for direct flights to remote locations. The market is competitive, with key players focusing on expanding their fleet sizes and enhancing customer experience. Companies also invest in technology to streamline operations and improve safety standards. Overall, the Air Charter Services Market is a vital contributor to the global aviation industry.

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    Research Analysis

    The Air Charter Services Market encompasses various sectors including emergency medical services via air ambulances, private jet rentals for individuals and corporations, tour operators offering charter flights, time-sensitive cargo transportation, event-based travel, and vacation packages. This market prioritizes flexibility and personalization, catering to diverse client needs. Regulatory shifts and environmental considerations are key challenges, while high operating prices and regulatory compliance are ongoing concerns. The market comprises aircraft charters, cargo charters, aircraft rental, membership programs, and an array of aircraft types such as the Citation Excel, with advanced avionics systems like Flexjet. Economic volatility adds complexity, but the market's ability to adapt and innovate ensures continued growth.

    Market Research Overview

    The Air Charter Services Market is experiencing a rising demand due to various factors, including emergency medical services and air ambulance transportation, tour operators, and private jets for consumers seeking personalized services and amenities. Charter flights offer flexibility and convenience, with consumers able to choose their routes, cuisine, and even mobile applications for booking and managing their flights. Private charter services and business charter services cater to corporate travelers, celebrities, sports teams, and air tourism for leisure travel. The charter freight segment is also growing, with express delivery services and e-commerce retailers relying on air cargo services for time-sensitive cargo and inventory holding costs. Gulf Air, Boutique Charters, and Gama Aviation are among the players offering charter freight services, along with Farnborough-based Destinations and Time-sensitive Cargo specialists. However, high operating prices, regulatory compliance, economic volatility, competitive pressure, infrastructure restrictions, environmental concerns, security concerns, and weather disruptions pose challenges to the market. Private planes, such as Citation Excel and Cessna Citation X, are popular choices for private charter services, with avionics systems from companies like Flexjet, Magellan Jets, NetJets, Nicholas Air, OneFlight, Star Jets, VistaJet, and Credit Suisse ensuring safe and efficient flights. Bond Helicopters and offshore operations also contribute to the market's growth.

    Table of Contents:

    1 Executive Summary
    2 Market Landscape
    3 Market Sizing
    4 Historic Market Size
    5 Five Forces Analysis
    6 Market Segmentation
    • Application
      • Charter Passenger
      • Charter Freight
      • Others
    • Type
      • Business Charter Services
      • Private Charter Services
    • Geography
      • North America
      • Europe
      • APAC
      • South America
      • Middle East And Africa

    7 Customer Landscape
    8 Geographic Landscape
    9 Drivers, Challenges, and Trends
    10 Company Landscape
    11 Company Analysis
    12 Appendix

    About Technavio

    Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

    With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

    Contacts

    Technavio Research
    Jesse Maida
    Media & Marketing Executive
    US: +1 844 364 1100
    UK: +44 203 893 3200
    Email: [email protected]
    Website: www.technavio.com/

    SOURCE Technavio

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