Air Charter Services Market To Reach USD 53.65 Billion by 2032, Growing At 5.8% CAGR

New York, US, May 24, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), " Air Charter Services Market Information by Type, Applications and Region- Forecast till 2032", Global air charter services market was estimated to be worth USD 32.3 billion. The air charter services market is expected to increase from USD 34.17 billion in 2023 to USD 53.65 billion by 2032, at a compound annual growth rate (CAGR) of 5.8% between 2023 and 2032. The primary market drivers pushing market expansion are rising demand, increased awareness of sustainability in air services, and government backing.

COVID-19 Analysis:

Due to lockdowns, travel restrictions, & people's fear of getting the virus, there was a marked decline in demand for air travel in the early stages of the pandemic. As a result, the market for air charter services experienced a significant reduction in activity. There was an increase in need for air charter services particularly for emergency medical transport, repatriation flights, and freight transport because many airlines, including major carriers, were forced to cancel their flights. This increase in demand, nevertheless, was insufficient to reverse the market's general slide. With rising need for private jets & other small aircraft, the air charter services business is beginning to revive while the pandemic persists.

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Report Scope:

Key Companies in the Air Charter Services Market:

Eminent industry players profiled in the global air charter services market report include,

Through strategic actions like mergers and acquisitions, collaborations, and alliances, these players are actively increasing their market presence. In order to enhance the general client experience and streamline operations in air charter services sector, these businesses are also making significant investments in their technical capabilities.

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Drivers:

Increasing Demand for On-Demand Services to Boost Market Growth

The need for on-demand services that let customers book private planes and helicopters as needed, is rising in the air charter services market. By skipping lengthy check-in and security queues at commercial airports, on-demand air charter services provide more flexibility, convenience, & time savings. Additionally, the development of mobile applications and technical platforms has made it easier to access on-demand air charter services & to book flights.

Opportunities:

Growing Demand for Air Ambulance Transportation to offer Robust Opportunities

The growing need for air ambulance transportation and emergency medical services will offer robust opportunities for the market over the forecast period.

Restraints and Challenges:

High Cost of Service to act as Market Restraint

The high cost of service and dearth of skilled pilot may act as market restraints over the forecast period.

Market Segmentation:

The air charter services market is bifurcated based on type and application.

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Regional Analysis:

North America to Head Air Charter Services Market

In 2022, the North American market was valued at USD 14.79 billion and is anticipated to increase at a substantial CAGR throughout the research period. Due to the presence of significant competitors and the considerable need for air charter services for both personal and business travel, North America dominates the global market for air charter services. The area is home to various significant firms that require regular travel for its executives, as well as a thriving aviation industry. The expansion of the on-demand air charter services has also contributed to the market expansion in this area. The need for air charter services in North America is also driven by the rising fame of leisure travel & the growing penchant for private planes for far-flung destinations. Due to the increasing ease with which people may access private aircraft and the region's attractiveness of the air charters market, the US market accounted for the bulk of the market in this region in 2018 and is predicted to do so again during the projection year.

Europe to Have Favorable Growth in Air Charter Services Market

Due to the rising demand for private aircraft and business aviation, Europe holds the second-largest worldwide market share for air charter services. The area is home to numerous top private jet manufacturers and has a well-developed infrastructure. The industry for European air charter services is anticipated to expand even more as a result of increased investments in the aviation sector and increasing use of new & advanced aircraft technologies. Additionally, the rising demand for private jet charter service for leisure travel supports the expansion of this geographical market. The market for air charter services in Germany had the biggest market share, & the market for such services in the United Kingdom had the quickest expansion rate in the continent of Europe.

Industry Updates:

December 2022- A binding contract was recently signed by EaseMyTrip and Gujarat-based Nutana Aviation Capital. In addition to offering charter booking services to clients in India & overseas, Nutana Aviation lends charter aircraft to operators, enabling them to operate profitably.

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