Passenger Chartered Air Transport Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Passenger Chartered Air Transport Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6071793 •
  • Format: PDF
Major players in the passenger chartered air transport services 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.

The global passenger chartered air transport market is expected to grow from $31.82 billion in 2020 to $33.57 billion in 2021 at a compound annual growth rate (CAGR) of 5.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $39.84 billion in 2025 at a CAGR of 4.4%.

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 per hour for the charter of the aircraft. Only goods and services traded between entities or sold to end consumers are included.

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 results in an increase in the rental price of charter flights.

For instance, in March 2019, jet fuel price 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 travellers for the round-the-world tours as well.

For instance, Abercrombie & Kent (A&K), a luxury travel company, provides round-the-world tours on all-first-class airliners is now offering personalized tours through bizjet for up to 16 passengers.

The passenger chartered air transport market covered in this report is segmented by type into private charter services; business charter services. It is also segmented by size into light jets; mid-sized jets; large jets; air liner.

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 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 individuals travelling 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.