What Has Been the Growth Trajectory for the Passenger Chartered Air Transport Market in Recent Years?
The passenger chartered air transport market has seen considerable growth due to a variety of factors.
• There has been notable growth in the passenger chartered air transport market size in the past few years. It is projected to expand from $59.53 billion in 2024 to $64.33 billion in 2025, marking a compound annual growth rate (CAGR) of 8.1%.
Factors contributing to the growth during the previous period include the demand for corporate travel, luxury and premium travel experiences, the event and entertainment industry, and the need for time efficiency and flexibility, as well as group travel and special occasions.
What Are The Estimated Market Size And Expected Annual Growth Rates For Globa Passenger Chartered Air Transport Market?
The passenger chartered air transport market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the passenger chartered air transport market is anticipated to experience robust growth. Projections indicate that it will escalate to $82.43 billion in 2029, with a compound annual growth rate (CAGR) of 6.4%.
The expected growth in the forecasted period is due to factors such as corporate events, incentive travel, bespoke travel experiences, the increasing number of affluent individuals, heightened awareness coupled with effective marketing, international events and exhibitions. Key trends in the anticipatory period encompass corporate and business charter services, adaptable travel packages, activities aimed at maintaining environmental sustainability, alliances with upscale service providers, and facilities centered around health and wellness.
What Are the Critical Driver Fuelling the Passenger Chartered Air Transport Market's Growth?
The rising inclination of ultra-high net worth individuals (UHNWI) towards private charters is predicted to propel the worldwide passenger-chartered air transport market. Rather than owning jets, the majority of UHNWIs tend to favor private charters. In the Asia-Pacific region, Australia dominates the market with 57 charter jets for 27 billionaires, succeeding is Singapore, accommodating 28 billionaires with 30 charter jets. The spread of COVID-19 has further propelled market growth, as individuals were required to adhere to social distancing and UHNWIs sought safe and personalized travel alternatives. Consequently, this escalated desire for private charters has boosted the expansion of the passenger-chartered air transport market.
What Are The Key Segments Within The Global Passenger Chartered Air Transport Market?
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
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How Are New Trends Impacting The Size Of The Passenger Chartered Air Transport Market?
A significant trend that is picking up steam in the worldwide passenger chartered air transport market is the custom opulent journey by private jet. As travel, adventures, and singular experiences are becoming a priority, chartered jet services are providing tailored tours for groups embarking on globe-trotting voyages. For instance, Abercrombie & Kent (A&K), a high-end travel organization renowned for its round-the-world trips on top-notch airliners, now provides bespoke tours via bizjet for a capacity of up to 16 passengers.
Who Are the Key Players 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.
What are the Regional Insights into the 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.
