Chartered air transport is a mode of transportation that uses aircraft, such as planes and helicopters, to provide chartered (non-scheduled) air transportation services for passengers and/or cargo for a fee per mile or hour for the charter of the aircraft, which includes renting an aircraft for a tour.
The main types in the chartered air transportation market are passenger charter air transport, freight charter air transport, and other chartered air transport. Passenger chartered air transport uses aeroplanes and helicopters to provide chartered (non-scheduled) air transportation services for passengers. The market is also segmented by application into private charter, affinity, single entity, and public charter, and by end-use into wealthy individuals, sports teams, and large corporations.
The chartered air transport market research report is one of a series of new reports from The Business Research Company that provides chartered air transport market statistics, including chartered air transports industry global market size, regional shares, competitors with a chartered air transport market share, detailed chartered air transport market segments, market trends and opportunities, and any further data you may need to thrive in the chartered air transport services industry. This chartered air transports market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The global chartered air transport market grew from $79.16 billion in 2022 to $85.9 billion in 2023 at a compound annual growth rate (CAGR) of 8.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The chartered air transport market is expected to grow to $115.78 billion in 2027 at a CAGR of 7.7%.
Technology is expected to be a continued driver of the chartered air transportation services market's growth during the forecast period. Sectors such as transportation services will benefit from the greater efficiencies offered by technological advances. Technologies such as aircraft telematics relay engine information via satellite to manufacturers and maintenance teams on the ground to minimise time on the tarmac, reducing flight turnaround times and increasing the efficiencies of airlines. Several technologies such as big data, machine learning, and predictive analytics are also being used to increase efficiencies and align business strategies. Big data uses a combination of real-time information, historical trends, and clever algorithms to translate car speeds, weather conditions, and sources of acceleration and deceleration for road operators. Adoption of technology will drive the chartered air transportation services market going forward.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the chartered air transportation market in 2020. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and has spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of "lock down" and the outbreak harmed businesses throughout 2020 and 2021. However, it is expected that the market will recover from the shock.
Airlines are actively making use of wearable technology to enhance operational efficiency, maintenance, and to provide add-on entertainment to passengers. Wearable technology includes the use of smartphones, personal electronic devices, smart glasses, smartwatches, near-field communication (NFC), and Bluetooth technology to improve and simplify the passenger experience. These technologies help passengers improve safety and efficiency, and receive updates and information related to their flight. They are capable of helping pilots, crew members, and maintenance teams monitor gas concentrations, levels of noise, and temperature to avoid mishaps. Smartwatches allow passengers to upload their ticket-related information on these devices. About 77% of the 6,000-plus passengers surveyed in a study said they would be comfortable with the use of wearable technology to help them during their journey. Some companies making use of such wearable technologies include Virgin Atlantic, Japan Airlines, EasyJet, and British Airways.
Major companies in the chartered air transport market include Atlas Air Worldwide Holdings, TUI Airways, NetJets, Garuda Indonesia, Air Transport Services Group, Jet edge International, Air Partner, Gama Aviation, and Thai Airways International Public Co. Ltd.
North America was the largest region in the chartered air transport services market in 2022. Asia-Pacific was the second largest region in the chartered air transport market. The regions covered in the chartered air transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the chartered air transports market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The chartered air transport market includes revenues earned by entities by ensuring that their cargo has exclusive use of the entire sailing or flight, with guaranteed security and departure/arrival times. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The global chartered air transport market is segmented -
1) By Type: Passenger Chartered Air Transport, Freight Chartered Air Transport, Other Chartered Air Transport
2) By Application: Private Charter, Affinity, Single Entity, Public Charter
3) By End Use: Wealthy Individuals, Sports Teams, Large Corportations