Passenger Chartered Air Transport Global Market Report 2023
Major players in the passenger chartered air transport market are Air Charter Service Group Ltd., Air Partner Plc, Asia Jet Partners Ltd., ASIAN SKY GROUP, Delta Private Jets, Inc., Flexjet LLC, Gama Aviation Plc, GlobeAir AG, NetJets Aviation Inc, and XO Global LLC.
New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Passenger Chartered Air Transport Global Market Report 2023" - https://www.reportlinker.com/p06250362/?utm_source=GNW
The global passenger chartered air transport market will grow from $49.14 billion in 2022 to $52.62 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. 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 passenger chartered air transport market is expected to grow to $66.83 billion in 2027 at a CAGR of 6.2%.
The passenger air transport services market includes revenues earned by entities that transport passengers from one location to another in a short period of time while also improving security.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.
Passenger chartered air transport service refers to a mode of transportation for people that uses aircraft, such as planes and helicopters, to provide air transportation services for passengers, including non-scheduled(non-scheduled) air carriers, to facilitate fast travel with improved security and to be used in emergency operations.
North America was the largest region in the passenger chartered air transport market in 2022.Asia Pacific was the second largest region in the passenger chartered air transport market.
The regions covered in the passenger chartered air transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of passenger-chartered air transport covered in this report are private charter services and business charter services.Private charter services involve situations in which an individual can rent an entire aircraft from 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.
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 28 billionaires.The prevalence of COVID-19 has also supported the growth of the market as the individual’s travelling had to maintain social distance and the UHNWIs were looking for safe and customised travel options.
The growing preference for private charters has contributed to the growth of the passenger-chartered air transport market.
Fluctuating fuel prices are expected to hinder the growth of the passenger-chartered air transport market.An increase in fuel prices increases the operating costs of charter flights, which increases the rental price of charter flights.
For instance, in November 2022, according to a report published by the Poynter Institute, a US-based research organization, the jet fuel price will increase from $2.3 per gallon at the end of 2021 to at least $3.45 per gallon across the globe. Therefore, sudden fluctuations in price are expected to impact the growth of the passenger-chartered air transport market.
A custom luxury vacation tour by chartered jet is a major trend gaining popularity in the global passenger chartered air transport market.People are prioritising travel, adventures, and unique experiences, and private chartered jet services are offering customised tours for groups of travellers on round-the-world tours as well.
For instance, Abercrombie & Kent (A&K), a luxury travel company that provides round-the-world tours on all-first-class airliners, is now offering personalised tours through bizjet for up to 16 passengers.
In March 2020, Wheels Up, a leader in total aviation solutions, acquired Gama Aviation for an undisclosed amount.The acquisition will increase Wheels Up’s fleet with more than 300 planes owned and operated.
Gama Aviation is a leading private aviation services company that provides aircraft management, private jet charter, and ancillary support for its managed aircraft.
The countries covered in the passenger chartered air transport market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) 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 passenger chartered air transport market research report is one of a series of new reports that provides passenger chartered air transport market statistics, including passenger chartered air transport services industry global market size, regional shares, competitors with a passenger chartered air transport market share, detailed passenger chartered air transport market segments, market trends and opportunities, and any further data you may need to thrive in the passenger chartered air transport services industry. This passenger chartered air transport 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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