The global charter flight market is anticipated to gain momentum securing growth close to USD 10 billion by the year 2028 and the industry is likely to register a substantial hike in CAGR up to 7% throughout the forecast years from 2018 to 2028.
The considerable boost in overall growth and development of the global charter flight market can be attributed to the factors such as escalating demand for cargo charters from various types of consumers and the rising introduction of highly efficient and holistic membership programs appealing a large consumer base.
Charter flight services have gained popularity owing to the increasing road traffic, need for time-effective and cost-effective freight services and dramatic expansion in applications of charter flight tracker system. However, current economical concerns and increasing challenges with the fluctuating fuel prices may hamper the growth of the global charter flight market.
Charter flight services distinguish themselves from the regular airline service that are staged on a commercial scale with scheduled flights allowing individuals to book a seat and travel. Charter flight is an unscheduled flight which is not included within regular airline routing. Charter flight services typically cater to the needs of an individual by facilitating an entire aircraft on a rental basis allowing them to schedule the time and date along with the ability to decide the departure and arrival locations as per their need.
Charter flight tracker systems therefore encompass a service that boldly showcases ultimate convenience and ease for the consumers. Unlike the conventional airline systems with scheduled flights, charter flights allow the seats on the aircraft to be sold individually either by a charter company or a tour operator in case of some travel package.
Charter flight industry offers air transit services to passengers as well as cargo deliveries through regular routes adhering to a set regimen of flight schedule. Larger establishments and organizations with a robust capital stability are the primary contributors to the revenue stream of the global charter flight market as they have the desired capacity to adopt charter services for transporting staff or materials between different company sites. Large companies and businesses are more inclined towards the use of charter flights for transportation of goods especially if the corporate profit involved is greater and the economic status is solid enough.
Global charter flight market players are firmly placed alongside the new market players however maintain a solid foundation with vast infrastructure development. The young entrants are showcasing assistance in enhancing the overall market capabilities by incorporating innovative strategies and workflow models to scale up the efficiency and performance. Increasing initiatives of the young players and the existing industry participants focusing on market upgradation has resulted in market consolidation.
The major players of the global charter flight market are TMC Jets, VistaJet, Jet Aviation, BAA, Gama Aviation, Air Partner, Delta Private Jets, Luxaviation, Corporate Flight Management, Eastern Jet, Deer Jet, LAder Aviatio, GlobeAir, MJets, Solairus Aviation, LILY JET, Jet Linx Aviation, Executive Jet Management, TAG Aviation, Clay Lacy Aviation, PrivateFly, Asian Aerospace, Shizouka Air, Air Charters India, Phenix Jet, Club One Air, Stratos Jet Charters, Nanshan Jet, Deccan Charters and Premiair. The charter flight market encompasses well established local players along with global participants. Additionally, the recognised industry players are introducing an array of strategic solutions coupled with innovative approach to stay competitive in the global market.
Key Segments of the Global Charter Flight Market
Product Type Overview, 2018-2028 (USD Billion)
- Private Charter Services
- Business Charter Services
Applications Overview, 2018-2028 (USD Billion)
- Charter Passenger
- Charter Freight
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
Reasons for the study
- Fundamental objective of the study is to holistically cover an exhaustive survey displaying the global charter flight market allowing you to benchmark against the rest of the industry.
- Ensure your competitive identity is intact as the key industry players extensively drive innovations to enhance the scope for market growth.
What does the report include?
- The report on the global charter flight market broadly covers qualitative analysis of the factors including the market drivers, restrains and opportunities
- The study includes a competitive landscape analysis compiling existing as well as prospective players in the charter flight market followed by their strategic initiatives focused on product development.
- The study incorporates a qualitative and quantitative assessment of the segmented market categories such as product type and applications. Also, similar analytical approach is applied to the evaluation of key geographies.
- Accurate market sizes, share and forecast are provided supporting the analysis of each segment mentioned above.
Who should buy this report?
- The research report on the global charter flight market compiles highly relevant archive of data suitable for all the participants across the charter flight industry including the service providers, industrial and commercial consumers.
- Government organizations, domestic trade authorities and investors seeking detailed information of the future outlook of the global charter flight market
- Consultants, analysts, private jet manufacturers and economists seeking insights redesigning the landscape of the global charter flight market.
Rise in the economic status of large-scale organizations and businesses is driving the adoption of charter flights for safe and time effective transport of goods efficiently scaling up the performance of small scale as well as large-scale trade and underpinning the long-term corporate profit. The demand witnessed by the air cargo industry is skyrocketing as businesses ramp up production and supply after the unprecedented disruptions caused by the COVID-19 pandemic.
Increasing demand for air cargo is likely to enhance the scope for substantial growth of the global charter flight market over the forecast. With increasing challenges proposed by the on-road transportation of goods, the number of shipments delivered via air have increased drastically eliminating the unnecessary time consuming process of delivering shipments. In addition, time shortages, unforeseen expansion of applications and las minute capacity are among the major factors catalysing the growth of the global charter flight services market during the forecast years. Increasing disposable income has also triggered the need for comfort and luxury experiences therefore popularising private charter jets amongst the high net worth and ultra-high net worth individuals. Charter jets have become a dominant preference among the higher-income group rather than purchasing a private jet thus augmenting the growth of the global charter flight market over the forecast period.
Product Type Segment
Based on the product type, the market is compartmentalized into private charter services and business charter services.
The business charter services segment is anticipated to account for significant share of the global charter flight market revenue with a massive rise in the adoption of charter flights by large corporations and businesses to either send staff on business visits and trips to attend crucial meetings effectively saving time and rapid adoption of goods shipment via air. Increasing corporate profits are extravagantly supporting the advancing adoption of charter flights ensuring a smooth transportation.
Based on the application, the market is sectioned into charter freight and charter passenger. Charter freight segment is anticipated to showcase fastest expansion of growth owing to the wide range of benefits such as high level of traceability in shipment delivery, rapid response and higher levels of security provided in the transportation of goods. With increasing consumer preferences, the demand for charter freight is likely to soar up over the forecast years.
The global charter flight market is diversely spread over a vast-ranging geographic landscape with a predominant foothold in the North American region. North America has largely dominated the market in the past and is expected to showcase similar performance with the growing corporate demand.
The United States is a major player in the region with a highly structured aviation sector, constant technology developments and innovative strategies introducing new capabilities and service such as the appealing provision of renting an entire aircraft for passenger or business use. The U.S. also displays a streamlined network of providers offering easy accessibility while maintaining higher reliability for consumers. The region is also experiencing rise in the high-income group as a result rendering charter flights very popular. Asia Pacific presents lucrative opportunities for the growth of the global charter flight market during the forecast with countries like China representing a constantly developing business sector driving the need for charter freight services.