The global air charter services market is expected to be valued at US$ 31.9 billion in 2023. It is projected that the market will rise with a CAGR of 5.4% during the forecast period and enjoy a total valuation of US$ 54.0 billion in 2033.
The globalization of businesses is happening at a fast pace. People are now buying/selling products digitally are shipping them globally. This has resulted in an increased demand for cargo charter services worldwide. As it is a prominent solution for oversized and difficult-to-fit product shipment in comparison with standard logistics containers. Customers are benefited from its quicker and more efficient delivery services. With the tremendous development of the e-commerce sector, demand for cargo charter services has grown potentially worldwide.
Also, technology and digitalization have made it easy to book charter planes, where customers can schedule routes, the timing of the flight, the date of the flight, and others as per their comfort which is escalating the demand for these services from the commercial sector. Additionally, the market growth is projected to have a suitable rise in the forthcoming period with the growing disposable income of people in developed and developing economies.
Key Takeaways from Market Study
- During the historic period (2018-2022), the CAGR of the air charter services market was 4.5%
- The market is projected to rise with a CAGR of 5.4% during the forecast period (2023-2033).
- Among the region, North America holds a leading share of 44.0% in the global air charter services market.
- In the end-user, business/corporates hold the largest share with 85.0% in the global air charter services market.
Rising demand for cargo charter services
The demand for air charter services is increasing due to the difficulty in the shipment of oversized and difficult-to-fit products in standard logistics containers and aircraft used by air cargo operators. This is resulting in the demand for cargo charter services globally. Additionally, the air charter services are time and cost-efficient and provide easy and fast cargo delivery.
With the significant development of the e-commerce sector, demand for air charter services has grown. As cargo charter services are proving to be beneficial for the e-commerce sector to efficiently serve the global market and act as a promising option to fill the sudden demand for goods across the border. Owing to this factor, demand for air charter services has grown significantly across the globe.
The business environment in the air charter service market is highly competitive. Market players are taking strategic moves like merger and acquisition and service launch relevant to air charter services to strengthen their foothold and expand their market share in the industry. Additionally, technological advancement is playing an essential role in availing these services easily and precisely by the customer, which efficiently contributes towards the revenue growth of the market.
In January 2022, Wheels Up Experience Inc. a leading brand in private aviation signed an agreement to acquire Air Partner PLC, a UK-based global aviation group.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global air charter services market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of application (private charter, group charter, and cargo charter) end-user (business/corporates and individuals) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
These insights are based on a report on the Air Charter Services Market by Fact.MR.