Cargo Aircraft Charter Service Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Cargo Aircraft Charter Service Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Cargo Aircraft Charter Service Global Market Report 2024, The cargo aircraft charter service market size has grown strongly in recent years. It will grow from $9.66 billion in 2023 to $10.4 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to expansion of global trade and commerce, rise in instances of natural disasters or humanitarian crises, surge in e-commerce activities, heightened security concerns, changes in global trade policies, tariffs, or geopolitical tensions.

The cargo aircraft charter service market size is expected to see strong growth in the next few years. It will grow to $14.18 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to continued growth in online retail, heightened focus on building resilient supply chains, expansion and modernization of airports, global shift towards renewable energy sources, shifts in global trade agreements, tariffs, or geopolitical factors. Major trends in the forecast period include technological advancements in aviation, adoption of digital platforms, customization of charter services to meet specific customer needs, implementation of dynamic pricing strategies, increased collaborations among charter service providers, airlines, logistics firms, and technology companies.

Increasing passengers for air travel is expected to propel the growth of the cargo aircraft charter service market going forward. Air passengers refer to people who travel by air on commercial airlines or private aircraft for a variety of reasons. Cargo aircraft charter services can help passengers in a variety of situations, including natural disasters or humanitarian emergencies, transportation of important products, business travel, and specialized services. For instance, in March 2023, according to the Bureau of Transportation Statistics, a US-based government agency, the number of passengers carried by American Airlines increased by 30% from 658 million in 2021 to 853 million in 2022. Therefore, increasing passengers for air travel is driving the growth of the cargo aircraft charter service market.

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The cargo aircraft charter service market covered in this report is segmented –

1) By Type: Time Critical Cargo, Heavy And Outside Cargo, Dangerous Cargo, Animal Transportation, Other Types

2) By Aircraft Type: Light, Mid-Sized, Large

3) By Application: Private Use, Commercial Use

Product innovation is a key trend gaining popularity in the cargo aircraft charter service market. Major companies operating in the cargo aircraft charter service market are developing innovative products to sustain their position in the market. For instance, in September 2022, Air Charter Service, a US-based air service provider, introduced the ACS Time Critical to unify a variety of urgent cargo services. This team can provide a variety of specialized services, including onboard courier and next flight out, as well as integrated trucking solutions, providing a premium door-to-door service for their clients’ urgent goods, in addition to go-now cargo aircraft charters.

The cargo aircraft charter service market report table of contents includes: