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Freight Chartered Air Transport Global Market Report 2023
Major players in the freight chartered air transport services market are Air Charter Service, Air Transport Services Group Inc., Stratos Jet Charters Inc., Cargo Air Chartering, Cathay Pacific Airways Ltd.
New York, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Freight Chartered Air Transport Global Market Report 2023" - https://www.reportlinker.com/p06250371/?utm_source=GNW
, Air Partner, and Fliteline.
The global freight chartered air transport market will grow from $23.80 billion in 2022 to $26.58 billion in 2023 at a compound annual growth rate (CAGR) of 11.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The freight chartered air transport market is expected to grow to $40.24 billion in 2027 at a CAGR of 10.9%.
The freight chartered air transport market includes revenues earned by entities by ensuring that their cargo has exclusive use of the entire sailing or flight, with guaranteed security and departure/arrival times.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Freight chartered air transport is a mode of transportation that uses aircraft, such as planes and helicopters, to provide chartered (non-scheduled) air transportation services for passengers and/or cargo for a fee per mile or hour for the charter of the aircraft, which includes renting an aircraft for a tour.
North America was the largest region in the freight chartered air transport services market in 2022.Asia Pacific was the second largest region in the freight chartered air transport services market.
The regions covered in the freight chartered air transport services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main cargo types in the freight chartered air transport services market are time-critical cargo, heavy and outside cargo, dangerous cargo, animal transportation, and others.Dangerous cargo involves the shipment of substances that are at a risk to health, property, safety, or the environment.
The market is segmented by application into private use and commercial use and by end-use into wealthy individuals, sports teams, and large corporations.
The growing need for urgent shipment of dangerous goods and hazardous materials is expected to drive the freight chartered air transport market.Sensitive freight with dangerous goods includes explosives, highly flammable gases, radioactive materials, and military items.
Toxic and infectious substances require a special skill set and expert knowledge for shipping the goods.These goods are transported through chartered cargo to avoid explosions and contamination.
For instance, the Federal Aviation Administration (FAA) of the USA granted the authority for chartered cargo services along with training for all employees, in the form of a part-135 certificate, to operate on demand under an FAA-approved hazardous materials program. Urgent shipment of dangerous goods and hazardous materials is therefore expected to drive market growth.
High prices associated with charter cargo flight services are expected to hamper the freight chartered air transport market.The cost of the cargo charter depends on many factors, such as origin and destination points, the type of commodity shipped, dimensions, and weights.
For instance, the freight and logistics prices are above $500,000 for an Asia-Europe A330 charter and above $21 per kilogramme on transatlantic routes for some urgent shipments.Additionally, the cost of a B777 or B747 carrying 100 tonnes of cargo was $470,000 earlier, which is now costing between $850,000 and $1 million for a round trip with e-commerce goods and general cargo from Europe to China.
Therefore, the skyrocketing cost of freight charter services is expected to hamper the market.
The countries covered in the freight chartered air transport market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The freight chartered air transport services market research report is one of a series of new reports that provides freight chartered air transport services market statistics, including freight chartered air transport services industry global market size, regional shares, competitors with a freight chartered air transport services market share, detailed freight chartered air transport services market segments, market trends and opportunities, and any further data you may need to thrive in the freight chartered air transport services industry. This freight chartered air transport services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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