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Passenger Chartered Air Transport Market Size to Reach $78.76 Billion by 2029 | Growth at 7.8% CAGR Forecast
Passenger Chartered Air Transport Market
What is the Projected Market Size of the Passenger Chartered Air Transport Industry?
In the past few years, there has been substantial growth in the market size of passenger chartered air transport. It is expected to rise from $54.22 billion in 2024 to an impressive $58.32 billion in 2025, showcasing a compound annual growth rate (CAGR) of 7.5%. Factors contributing to the growth experienced in the historic period include demand for corporate travel, high-end and premium travel, the event and entertainment sector, efficient and flexible timings, as well as group travels and special events.
What Will Be the Size of the Passenger Chartered Air Transport Market by 2029?
The charter airline industry for passengers is projected to experience robust expansion in the upcoming years. The market size is forecasted to reach $78.76 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.8%. This anticipated growth during the forecast period can be tied to factors such as corporate events, incentive travels, bespoke travel experiences, the upsurge of affluent individuals, improved awareness and marketing, as well as global events and exhibitions. The forecast period has key trends such as corporate and business charter services, customizable holiday packages, initiatives towards ecological sustainability, collaborations with luxury service firms, and amenities focused on health and wellness.
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What Are the Key Drivers Accelerating Growth in the Passenger Chartered Air Transport Market?
The global passenger-chartered air transport market is expected to be boosted by the growing interest of ultra-high net worth individuals (UHNWI) in private charters instead of owning jets. This is particularly the case in the Asia-Pacific region, led by Australia with its 57 charter jets for 27 billionaires, closely followed by Singapore boasting 30 charter jets for its 28 billionaires. The market's growth has been further supported by the COVID-19 situation, which necessitated maintaining social distances while travelling, prompting UHNWIs to opt for safe, personalized travel solutions. This escalating trend towards private charter flights is, as such, instrumental in propelling the passenger-chartered air transport market's growth.
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How Is the Passenger Chartered Air Transport Market Segmented by Type, Application, and Region?
The passenger chartered air transport market covered in this report is segmented -
1) By Type: Private Charter Services, Business Charter Services
2) By Size: Light Jets, Mid Sized Jets, Large Jets, Air Liner
3) By Capacity: Less than 10, 10-100, Greater than 100
Subsegments:
1) By Private Charter Services: Luxury Private Jets, Light Jets, Turboprop Aircraft, Helicopters
2) By Business Charter Services: Executive Jets, Mid-Size Jets, Large Jets
3) By Cargo Aircraft For Business Use: Cargo Aircraft
What Are the Key Trends Driving Growth in the Passenger Chartered Air Transport Market?
The trend of personalized luxury holiday tours via private jets is increasingly gaining traction in the global passenger chartered air transportation market. Individuals are emphasizing travel, adventures, and distinctive experiences, with private chartered jet companies now providing tailored tours for travel groups on global expeditions. For example, Abercrombie & Kent (A&K), a high-end travel corporation known for its all-luxury-class global tours, is currently offering bespoke tours on business jets for up to 16 passengers.
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Who Are the Leading Companies Driving Growth in the Passenger Chartered Air Transport Market?
Major companies operating in the passenger chartered air transport market include Air Partner Plc, Delta Private Jets Inc., Jet Aviation AG, NetJets Aviation Inc, Flexjet LLC, Clay Lacy Aviation, Wheels Up Experience Inc., VistaJet Group Holding Ltd, Luxaviation Group, Travel Management Company Jets, Asia Jet Partners Ltd., Solairus Aviation, XO Global LLC, TAG Aviation, FlyExclusive, Jet Linx Aviation, Gama Aviation Plc, Executive Jet Management, Air Charter Service Group Ltd., Contour Aviation, GlobeAir AG, PrivateFly, ASIAN SKY GROUP, Deer Jet Co Ltd, Líder Aviation, ZYB LILY JET, Swift Air LLC, JetSuite, SmartJets LLC, Fly Victor, Jettly Inc.
Which Is the Leading Region in the Global Passenger Chartered Air Transport Market?
North America was the largest region in the passenger-chartered air transport market in 2024. Asia-Pacific was the second largest region in the global passenger-chartered air transport market share. The regions covered in the passenger chartered air transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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