New York, April 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Passenger Chartered Air Transport Global Market Report 2022" - https://www.reportlinker.com/p06250362/?utm_source=GNW
The global passenger chartered air transport market is expected to grow from $45.07 billion in 2021 to $48.88 billion in 2022 at a compound annual growth rate (CAGR) of 8.4%. The market is expected to grow to $64.42 billion in 2026 at a compound annual growth rate (CAGR) of 7.1%.
The passenger chartered air transport services market consists of sales of passenger chartered air transportation services and related goods by entities (organizations, sole traders, and partnerships) that use aircraft, such as airplanes and helicopters, to provide chartered (non-scheduled) air transportation services for passengers at a toll per mile or hour for the charter of the aircraft. Only goods and services traded between entities or sold to end consumers are included.
The main types of passenger chartered air transport market covered in this report are private charter services and business charter services.The private charter services involve in which an individual can rent an entire aircraft on a commercial airline.
It is also segmented by size into light jets, mid-sized jets, large jets, and airliners. The market covered is segmented by capacity into less than 10, 10-100, and greater than 100.
North America was the largest region in the passenger chartered air transport services market in 2021.Asia Pacific was the second largest region in the passenger chartered air transport services market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The increasing preference for private charters by ultra-high net worth individuals (UHNWI) is expected to drive the global passenger-chartered air transport market.Most UHNWI are inclined towards private charters rather than owning jets.
In the Asia Pacific, Australia leads the market with 57 charter jets for 27 billionaires followed by Singapore which has 30 charter jets for their 28 billionaires.The prevalence of COVID19 has also supported the growth of the market as the individual’s traveling had to maintain social distancing and the UHNWIs were looking for safe and customized travel options.
The growing preference for private charters contributed to the growth of the passenger-chartered air transport market.
Fluctuating fuel prices is expected to hinder the growth of the passenger-chartered air transport market.An Increase in fuel price increases the operating costs of charter flights which increases the rental price of charter flights.
For instance, in March 2019, jet fuel prices hiked by $64.14 per kilolitre in India which is an increase of 8.15%. Therefore, sudden fluctuations in price are expected to impact the growth of the passenger-chartered air transport market.
A custom luxury vacation tour by chartered jets is a major trend gaining popularity in the global passenger chartered air transport services market.People are prioritizing travel, adventures, and unique experiences and private chartered jet services are offering customized tours for a group of travelers for the round-the-world tours as well.
For instance, Abercrombie & Kent (A&K), a luxury travel company, that provides round-the-world tours on all-first-class airliners is now offering personalized tours through bizjet for up to 16 passengers.
In March 2020, Wheels Up, a leader in total aviation solutions, acquired Gama Aviation for an undisclosed amount.The acquisition will increase Wheels Up’s fleet with more than 300 planes owned and operated.
Gama Aviation is a leading private aviation services company that provides aircraft management, private jet charter, and ancillary support for its managed aircraft.
The countries covered in the passenger chartered air transport market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06250362/?utm_source=GNW
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