Dublin, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The "Global Air Charter Services Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global air charter services market is poised for substantial growth, with a projected increase from $27.88 billion in 2022 to $29.65 billion in 2023, reflecting a notable compound annual growth rate (CAGR) of 6.3%. The market is expected to reach $36.11 billion in 2027, with a CAGR of 5.1%.
One significant driver of the air charter services market is the growing demand for cargo charters. According to data from the International Air Transport Association (IATA), aviation cargo volumes surged by 18.7% annually in 2021, with available cargo ton-kilometers (ACTKs) increasing by 13.8% compared to 2020. This surge in demand for cargo charters is a significant driver propelling the growth of the air charter services market.
Innovative Products Enhance Market Position
Product innovation is another prominent trend shaping the air charter services industry. Major players in the market are focused on developing innovative solutions to strengthen their positions. For instance, in October 2022, Air Charter Services, a UK-based company, launched a dedicated time-critical division to streamline its various services for urgent shipment requests. This new service, known as Air Charter Services (ACS) Critical Time, combines various offerings to provide a comprehensive door-to-door solution. It includes integrated trucking solutions, on-demand cargo airplane charters with onboard couriers, and next-flight-out alternatives.
Regional Dynamics
In 2022, North America was the largest region in the air charter services market. However, Asia-Pacific is set to emerge as the fastest-growing region in the forecast period.
The regions covered in the air charter services report include:
- Asia-Pacific
- Western Europe
- Eastern Europe
- North America
- South America
- Middle East and Africa
The countries included in the air charter services market report are:
- Australia
- Brazil
- China
- France
- Germany
- India
- Indonesia
- Japan
- Russia
- South Korea
- UK
- USA
- Italy
- Spain
- Canada
Key Players
The air charter services market features a roster of major players, including:
- Jet Inc.
- NetJets Inc.
- VistaJet Group Holding Ltd.
- Jet Aviation AG
- Wheels Up Partners LLC
- Luxaviation Group
- Flexjet LLC
- Aero Contractors Company
- Solairus Aviation
- Gama Aviation Ltd.
- Gama Aviation plc
- Travel Management Company Ltd.
- European Air Charter
- Jet Linx Aviation Inc.
- Jet Edge International
- Clay Lacy Aviation
- Air Charter Services Pvt. Ltd.
- Skybird Aviation Inc.
- Airshare
- Worldwide Jet
- Thrive Aviation
- Corporate Flight Management
- Silverhawk Aviation
- ATI Jet
- Sky Quest LLC
- Verijet
- Red Wing Aeroplane Co.
- Asian Sky Group
- Asia Jet Partners Ltd.
- GlobeAir AG
Notable Acquisition
In January 2022, Wheels Up, a US-based private aviation company, made a significant acquisition by purchasing Air Partner, a UK-based aircraft charter service provider. The acquisition, though undisclosed in terms of financial details, strengthened Wheels Up's international presence and expanded its offerings in personal aviation services.
In conclusion, the air charter services market is on a growth trajectory, driven by the increasing demand for cargo charters and innovative product offerings by major market players. While global challenges, such as the Russia-Ukraine conflict, have created economic uncertainties, the industry remains resilient and poised for continued expansion, with Asia-Pacific emerging as a key growth region. Additionally, strategic acquisitions, like Wheels Up's purchase of Air Partner, are shaping the competitive landscape of this dynamic market.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $29.65 Billion |
| Forecasted Market Value (USD) by 2027 | $36.11 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Key Topics Covered
1. Executive Summary
2. Air Charter Services Market Characteristics
3. Air Charter Services Market Trends and Strategies
4. Air Charter Services Market - Macro Economic Scenario
4.1. Impact of High Inflation on Online Therapy Services Market
4.2. Ukraine-Russia War Impact on Online Therapy Services Market
4.3. COVID-19 Impact on Online Therapy Services Market
5.1. Global Air Charter Services Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
5.2. Global Air Charter Services Forecast Market Size and Growth, 2022 - 2027, 2032F, Value ($ Billion)
5.3. Global Air Charter Services Market Drivers and Restraints
5.3.1. Drivers of the Market
5.3.2. Restraints of the Market
6. Air Charter Services Market Segmentation
6.1. Global Air Charter Services Market, Segmentation by Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Business Charter Services
- Private Charter Services
6.2. Global Air Charter Services Market, Segmentation by Aircraft Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Private Jets
- Helicopters
- Turbo-props
- Wide-Body Aircraft
6.3. Global Air Charter Services Market, Segmentation by Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Charter Passenger
- Charter Freight
6.4. Global Air Charter Services Market, Segmentation by End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Business Travelers
- Leisure Travelers
- Government and Diplomatic Entities
- Sports Teams and Entertainment Industry
7. Air Charter Services Market Regional and Country Analysis
7.1. Global Air Charter Services Market, Split by Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Air Charter Services Market, Split by Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/h8767d
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
