Market Research Future (MRFR) has published a “Global Air Charter Services Market”
MRFR recognizes the following companies as the key players in the global air charter services market— Air Charter Service India Pvt Ltd, Gama Aviation, Air Partner, NetJets, Delta Private Jets, Asia Jet Partners Ltd, Flexjet LLC, GlobeAir AG, Jet Aviation AG, Jet Linx Aviation Inc, VistaJet Group Holding Ltd, Wheels Up Partners LLC, TMC Jets.
The global air charter services market is accounted to register a CAGR of 5.8% during the forecast period and is estimated to reach USD 53.65 billion by 2032.
The market for air charter services refers to the provision of rental aircraft for personal, business, or emergency usage. This comprises both on-demand air charter services, in which aircraft are chartered for a specific purpose only once, and regular charter services, in which aircraft are rented for longer periods. The growing preference for on-demand air charter services, increasingly considered a more convenient and efficient alternative to regular air travel, is driving the global market. Many business leaders, wealthy individuals, and celebrities are opting for more flexible and personalized air travel options, fueling this market trend.
Another important driver of the air charter services industry is the increasing demand for cargo charter services, which transport a wide range of goods and commodities such as food, pharmaceuticals, electronics, and industrial equipment. Several factors are driving this trend, including increased globalization of trade, the expansion of e-commerce, and the desire for faster and more dependable transportation of commodities. Furthermore, the air charter services market is being driven by many other factors, including the increasing availability of modern aircraft and advanced aviation technologies, the growing number of private and corporate aircraft owners, and the growing number of emerging markets around the world that are providing new business opportunities for air charter service providers.
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The global air charter services market has been segmented based on type and application.
Based on type, the market is segmented into business charter services and private charter services. The business charter services segment was attributed to holding the largest market share in 2022.
The global air charter services market has been segmented based on application into charter passenger and charter freight. The charter passenger segment was expected to hold the largest market share in 2022.
Based on region, the global air charter services market has been divided into North America, Europe, Asia-Pacific, and the rest of the World. North America consists of US and Canada. The Europe air charter services market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The air charter services market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World air charter services market comprises of Middle East, Africa, and Latin America.
North America holds the largest revenue share of the global air charter services market. The region's growth can be attributed to several factors, including a well-established business aviation industry, increased demand for private air travel, and a strong presence of leading market players. Additionally, the region's developed infrastructure and regulatory framework have created a conducive environment for the growth of the air charter services industry.
Moreover, the Europe market has been steadily expanding over the projection period, owing to increased demand for on-demand air charter services and a well-developed aviation industry. The presence of numerous leading aircraft manufacturers and service providers, together with increased investments in R&D, supports the growth of the European air charter services market.
The Asia-Pacific air charter services market is predicted to rise significantly throughout the forecast period, owing to increased aviation sector investments, rising demand for business travel, and an increasing number of high-net-worth individuals. Also, rising demand for cargo charter services, particularly in expanding regional economies like China and India, propels the air charter services market forward.
Other regions, including Latin America, the Middle East, and Africa, are also witnessing a rise in demand for air charter services, driven by the growing business aviation sector and increased demand for cargo charter services. However, these regions may encounter challenges due to insufficient infrastructure and regulatory frameworks, which may hinder the growth of the air charter services market in these regions.
Key Findings of the Study