Categories: Market Research

Passenger Chartered Air Transport Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Passenger Chartered Air Transport 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 Passenger Chartered Air Transport Global Market Report 2024, The passenger chartered air transport market size has grown strongly in recent years. It will grow from $54.05 billion in 2023 to $58.05 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to corporate travel demand, luxury and premium travel, event and entertainment industry, time efficiency and flexibility, group travel and special occasions.

The passenger chartered air transport market size is expected to see strong growth in the next few years. It will grow to $74.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to corporate events and incentive travel, personalized travel experiences, rise of high-net-worth individuals, increased awareness and marketing, global events and expositions. Major trends in the forecast period include corporate and business charter services, customizable travel packages, environmental sustainability initiatives, partnerships with luxury service providers, health and wellness-focused amenities.

The increasing preference for private charters by ultra-high net worth individuals (UHNWI) is expected to drive the global passenger-chartered air transport market. Most UHNWI are inclined towards private charters rather than owning jets. In the Asia-Pacific, Australia leads the market with 57 charter jets for 27 billionaires, followed by Singapore, which has 30 charter jets for 28 billionaires. The prevalence of COVID-19 has also supported the growth of the market as the individual’s travelling had to maintain social distance and the UHNWIs were looking for safe and customised travel options. The growing preference for private charters has contributed to the growth of the passenger-chartered air transport market.

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The passenger chartered air transport market covered in this report is segmented –

1) By Type: Private Charter Services, Business Charter Services

2) By Size: Light Jets, Mid Sized Jets, Large Jets, Air Liner

3) By Capacity: Less than 10, 10-100, Greater than 100

A custom luxury vacation tour by chartered jet is a major trend gaining popularity in the global passenger chartered air transport market. People are prioritising travel, adventures, and unique experiences, and private chartered jet services are offering customised tours for groups of travellers on round-the-world tours as well. For instance, Abercrombie & Kent (A&K), a luxury travel company that provides round-the-world tours on all-first-class airliners, is now offering personalised tours through bizjet for up to 16 passengers.

The passenger chartered air transport market report table of contents includes: