NEW YORK, April 21, 2021 /PRNewswire/ --
The "Air Charter Services Market" report has been added to Technavio's library which consists of more than 17000 reports from 150+ industries.
The air charter services market is poised to grow by USD 7.35 billion between 2020-2024, progressing at a CAGR of over 5% during the forecast period.
Due to factors like last-minute capacity, time shortages, and unforeseen applications, several companies have increased the volume of charters in cargo divisions. Moreover, the shipment of oversized products also boosts the demand for cargo charters. These factors lead to the increase in the adoption of air charter services, which in turn, drives the market.
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38% of the market's growth will originate from APAC during the forecast period. China is a crucial market for air charter services in APAC. Market growth in this region will be faster than the growth of the market in other regions. The air charter services market growth in APAC can be attributed to the presence of a large number of active airports and an increase in the number of charter flight hours.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
Know About the Key Opportunities and Growth of Air Charter Services Market in Airlines Industry
The air charter services market is segmented by application (charter passenger, charter freight, and others) and geography (APAC, Europe, MEA, North America, and South America).
The market growth in the charter passenger segment will be slower than the growth of the market in the charter freight and other segments. As per the customer requirements, air charter operators should be capable of arranging aircraft charters ranging from helicopters, piston, turboprop, and jet aircraft, up to the larger regional passenger jets, narrow-body aircraft, and wide-body airliners. Charter operators use their expertise to offer the best suitable options, such as a short-haul business flight or an extended business trip. Moreover, the convenience of customers is the top priority of air charter operators.
The air charter services market is fragmented. The shift toward aircraft renting will create ample growth opportunities for market vendors.
Key Market Dynamics:
- Increasing demand for cargo charters
- Shift toward aircraft renting
- Introduction of membership programs
- Volatility in aviation fuel prices
- Shortage of skilled pilots
- Inadequate infrastructure and rising operational costs
- Air Charter Service Group Ltd.
- Air Partner Plc
- Asia Jet Partners Ltd.
- ASIAN SKY GROUP
- Delta Private Jets, Inc.
- Flexjet LLC
- Gama Aviation Plc
- GlobeAir AG
- NetJets Aviation Inc.
- XO Global LLC
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Key Topics Covered:
- Executive Summary
- Market Landscape
- Market Sizing
- Five Forces Analysis
- Market Segmentation by Application
- Customer landscape
- Geographic Landscape
- Vendor Landscape
- Vendor Analysis
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