Air charter demand rising
20 / 01 / 2023
The global air charter services market is expected to be valued at $31.9bn in 2023, according to a US market research company.
Fact.MR said the market is projected to have a total valuation of $54bn by 2033.
The company’s research found the market is highly fragmented currently, and North America holds a leading share of 44% in the market.
“The business environment in the air charter service market is highly competitive,” said Fact.MR. “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, private aviation firm Wheels Up Experience reached an agreement to buy UK-based charter broker Air Partner.
In August of last year, Liege Airport-based Coastair Group launched UK entity Coastair Chartering Ltd in line with its long-term growth strategy.
Then in September, Air Charter Service (ACS) launched a time-critical business in order to consolidate its various services for urgent shipment requests.
Additionally, Air Partner launched a Broker Academy in November to develop the next generation of private jet, group charter and cargo brokers to support the industry’s recovery.
Fact.MR added: “Also, technology and digitalisation 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.”