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Air Charter Services Market to Grow at 5.4% CAGR, Reaching $54.0 Billion by 2033

06-19-2024 04:01 PM CET | Consumer Goods & Retail

Press release from: Fact.MR

Air Charter Services Market to Grow at 5.4% CAGR, Reaching $54.0

The global air charter services market is anticipated to reach a value of US$ 31.9 billion by 2023. It is forecasted to grow at a compound annual growth rate (CAGR) of 5.4% throughout the forecast period, achieving a total market valuation of US$ 54.0 billion by 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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Key Takeaways from Market Study

During the historic period from 2018 to 2022, the global air charter services market demonstrated a steady growth trajectory with a compound annual growth rate (CAGR) of 4.5%. This growth was driven by increasing demand for flexible and customized air travel solutions, particularly from business and corporate clients seeking efficient transportation options. As the market transitions into the forecast period spanning 2023 to 2033, further expansion is anticipated with a projected CAGR of 5.4%. This growth is expected to be fueled by ongoing globalization, rising business travel needs, and the increasing preference for time-efficient travel solutions among high-net-worth individuals and corporate entities.

Geographically, North America emerged as the dominant region in the global air charter services market, holding a significant share of 44.0%. This leadership position can be attributed to a robust economy, extensive corporate sector, and a strong presence of private aviation infrastructure. Moreover, in terms of end-users, the business and corporate segment commands the largest share, accounting for 85.0% of the market. This segment's preference for air charter services stems from the need for flexible scheduling, direct routes to remote locations, and the ability to optimize travel time for executive teams and business professionals. As the market continues to evolve, advancements in technology and service offerings are expected to further enhance the appeal and accessibility of air charter services globally.

List of Key Companies Profiled in The Report

Air Charter Service India Pvt. Ltd.
Gama Aviation
Air Partner
NetJets
Asia Jet Sdn Bhd
ASIAN SKY GROUP
BlueStar Air Services
European Air Charter
Others

Increasing Need for Cargo Charter Services

The surge in demand for air charter services is attributed to the challenges posed by the transportation of oversized and unconventional products using standard logistics containers and conventional aircraft utilized by air cargo operators. This has led to a global rise in the need for cargo charter services. Furthermore, air charter services are acknowledged for their time and cost efficiency, facilitating swift and seamless cargo delivery.

The substantial expansion of the e-commerce industry has played a pivotal role in driving the demand for air charter services. These services have proven invaluable to the e-commerce sector, efficiently catering to the global market and serving as a promising solution for meeting sudden spikes in cross-border demand for goods. Consequently, there has been a significant upswing in the demand for air charter services worldwide.

Notable Developments

Highlighting specific developments within the Air Charter Services market, this section zooms in on noteworthy achievements, innovations, and success stories. Whether it's the introduction of eco-friendly aviation solutions or breakthroughs in digital booking platforms, understanding these notable developments provides a deeper understanding of the industry's evolution and the potential for positive disruption.

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.

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Competitive Landscape

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.

Contact:

US Sales Office
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Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com

About Fact.MR:

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

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