Air Charter Services Demand to Rise with A CAGR Of 5.4% Reaching a Valuation of US$ 54.0 Billion by 2033, States Fact.MR

Growing Disposable Income of People Along With Improving Corporates Top Line Will Fuel the Market Growth during The Assessment Years

Rockville, Jan. 20, 2023 (GLOBE NEWSWIRE) -- The global air charter services market is expected to be valued at US$ 31.9 billion in 2023. It is projected that the market will rise with a CAGR of 5.4% during the forecast period and enjoy a total valuation of US$ 54.0 billion in 2033.

The globalization of businesses is happening at a fast pace. People are now buying/selling products digitally are shipping them globally. This has resulted in an increased demand for cargo charter services worldwide. As it is a prominent solution for oversized and difficult-to-fit product shipment in comparison with standard logistics containers. Customers are benefited from its quicker and more efficient delivery services. With the tremendous development of the e-commerce sector, demand for cargo charter services has grown potentially worldwide.

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Report Attributes

Historical Data         2023 - 2032
Value Projection (2032)          US$ 54.0 Billion
Growth Rate (2022-2032)               5.4% CAGR
No. of Pages               170 pages
No. of Tables              42 Tables
No. of Figures             75 Figures

Key Takeaways from Market Study

  • During the historic period (2018-2022), the CAGR of air charter services market was 4.5%
  • The market is projected to rise with a CAGR of 5.4% during the forecast period (2023-2033).
  • Among the region, North America holds leading share of 44.0% in the global air charter services market.
  • In the end-user, business/corporates holds the largest share with 85.0% in the global air charter services market.

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Market Development

The business environment in the air charter service market is highly competitive. Market players are taking strategic moves like merger and acquisition and service launch relevant to air charter services to strengthen their foothold and expand their market share in the industry. Additionally, technological advancement is playing an essential role in availing these services easily and precisely by the customer, which efficiently contributes towards the revenue growth of the market.

In January 2022, Wheels Up Experience Inc. a leading brand in private aviation signed an agreement to acquire Air Partner PLC, a UK-based global aviation group.

Competitive Landscape

Key market players offering air charter services are Air Charter Service India Pvt. Ltd., Gama Aviation, Air Partner, NetJets, 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. and Wheels Up Partners LLC.

The market is highly fragmented with the presence of various large and small market players in the industry. These market players are taking favorable initiatives to establish their market presence worldwide and expand their service offerings.

For instance :

  • In September 2022, Air Charter Service, a leading aircraft charter specialist announced the consolidation of its specialist urgent cargo products under a sub-brand called ACS time critical. Through this initiative, the company will offer go-now cargo aircraft charter services to the customer and provide door-to-door service to their client's urgent shipments.
  • In December 2022, EaseMyTrip has announced the acquisition of air charter service provider Nutana Aviation.

Key Companies Profiled

  • Air Charter Service India Pvt. Ltd.
  • Gama Aviation
  • Air Partner
  • NetJets
  • Asia Jet Sdn Bhd
  • 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

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Segmentation of the Air Charter Services Market:

  • By Application :
    • Private Charter
    • Group Charter
    • Cargo Charter
  • By End-User :
    • Business/Corporates
    • Individuals
  • By Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

Also, technology and digitalization have made it easy to book charter planes, where customers can schedule routes, the timing of the flight, the date of the flight, and others as per their comfort which is escalating the demand for these services from the commercial sector. Additionally, the market growth is projected to have a suitable rise in the forthcoming period with the growing disposable income of people in developed and developing economies.

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global air charter services market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.

The study reveals essential insights on the basis of application (private charter, group charter, and cargo charter) end-user (business/corporates and individuals) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

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