Major companies in the chartered air transport services market include Atlas Air Worldwide Holdings, TUI Airways, NetJets, Garuda Indonesia, Air Transport Services Group, Jet edge International, Air Partner, Gama Aviation, and Thai Airways International Public Co. Ltd.
The global chartered air transport market is expected to grow from $71.67 billion in 2021 to $78.7 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. The market is expected to grow to $109.44 billion in 2026 at a compound annual growth rate (CAGR) of 8.6%.
The chartered air transport services market consists of sales of chartered air transportation services and related goods by entities (organizations, sole traders, and partnerships) that use aircraft, such as airplanes and helicopters, to provide chartered (non-scheduled) air transportation services for passengers and/or cargo at a toll per mile or hour for the charter of the aircraft.
The main types in the chartered air transportation market are passenger chartered air transport, freight chartered air transport, and other chartered air transport.Passenger chartered air transport use airplanes and helicopters to provide chartered (non-scheduled) air transportation services for passengers.
The market is also segmented by application into private charter, affinity, single entity, and public charter and by end-use into wealthy individuals, sports teams, and large corporations.
North America was the largest region in the chartered air transport services market in 2021.Asia Pacific was the second largest region in the chartered air transport services market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Technology is expected to be a continued driver of the chartered air transportation services market growth during the forecast period.Sectors such as transportation services will benefit from the greater efficiencies offered by technological advances.
Technologies such as aircraft telematics relay engine information via satellite to manufacturers and maintenance teams on the ground to minimize time on the tarmac reducing flight turnaround times and increasing the efficiencies of airlines.Several technologies such as big data, machine learning, and predictive analytics are also being used to increase efficiencies, and align business strategies.
Big data uses a combination of real-time information, historical trends, and clever algorithms, to translate car speeds, weather conditions, and sources of acceleration and deceleration for road operators. Adoption of technology will drive the chartered air transportation services market going forward
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the chartered air transportation market in 2020.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak harmed businesses throughout 2020 and 2021.
However, it is expected that the market will recover from the shock.
Airlines are actively making use of wearable technology to enhance operational efficiency, maintenance, and to provide add-on entertainment to the passengers.Wearable technology includes the use of smartphones, personal electronic devices, smart glasses, smartwatches, near-field communication (NFC), and Bluetooth technology to improve and simplify the passenger experience.
These technologies help passengers to improve safety and efficiency, receive updates and information related to their flight.They are capable of helping pilots, crew members, and maintenance teams to monitor gas concentrations, levels of noise, and temperature to avoid mishaps.
Smartwatches allow passengers to upload their ticket-related information on these devices.About 77% of the 6,000-plus passengers surveyed in a study said they would be comfortable with the use of wearable technology to help them during their journey.
Some companies making use of such wearable technologies include Virgin Atlantic, Japan Airlines, EasyJet, and British Airways.
The countries covered in the chartered air transport services market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.