Asia-Pacific Charter Jet Service Market Size
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 181.08 Million |
Market Size (2029) | USD 345.14 Million |
CAGR (2024 - 2029) | 13.77 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Charter Jet Service Market Analysis
The Asia-Pacific Charter Jet Service Market size is estimated at USD 181.08 million in 2024, and is expected to reach USD 345.14 million by 2029, growing at a CAGR of 13.77% during the forecast period (2024-2029).
The increased demand for private jets from high-net-worth individuals, the growing popularity of air charter services among business travelers in the Asia-Pacific region, and the increasing demand for charter jets for emergency medical services and air ambulance transportation are expected to lead to market growth shortly.
The development of on-demand travel in the region fosters the demand for chartered services. This has encouraged chartered service providers to enhance their services on new routes and launch attractive membership schemes, enhancing the economic prospects of active players and entrants in the Asia-Pacific charter jet services market.
On the other hand, the limited aviation infrastructure and stringent regulations are expected to hinder the market's growth.
Asia-Pacific Charter Jet Service Market Trends
Light Aircraft is Anticipated to Grow with the Highest CAGR During the Forecast Period
The light aircraft segment is expected to grow significantly during the forecast period. Light private jets provide fast and comfortable transport for as many as seven passengers looking to travel to regional destinations. With the flexibility to land at nearly any airport, these aircraft are often the choice for family vacations, making ideal business jets.
According to the Air Charter Report of 2022, regarding the size category, the Asia-Pacific market shifted away from larger-sized charter jets. Although long-range charter aircraft have been witnessing significant growth in the past few years, light charter aircraft, which were primarily used for domestic flying, has been seen as being the most popular category since 2020. In addition, the previous COVID-19 outbreak and the subsequent travel restrictions followed changes in charter operators’ fleets in many Asia Pacific countries, namely the shrinking of large jet charter fleets and the expansion of light jet charter fleets. Thus, the growth of light charter jets in various countries in the Asia-Pacific is expected to boost the market significantly during the forecast period.
India Will Showcase Remarkable Growth During the Forecast Period
India is projected to show the highest growth during the forecast period. The increasing number of high-net-worth individuals, coupled with the growing number of business jet deliveries in India, is driving market growth across the country. However, infrastructure status, airspace limitations, and regulations throughout the country are often the paramount challenges that make it difficult to attain the aircraft utilization targets for the charter operators in the long run.
In India, the percentage of High-Net-Worth Individuals (HNI or HNWI) has gone up in recent times owing to a surge in business opportunities, foreign investments, and new-age digital entrepreneurs. This has led to a tectonic shift in the wealth management industry. The ranks of India's ultra-high-net-worth individuals (UHNWI) are estimated to rise in the coming years. In addition, the billionaire population of India has witnessed growth from 161 people in 2022 to 145 people in 2021, and it is also expected this trend will change during the forecast period. Moreover, the Indian market for UHNWI investments is still very nascent and yet to be explored to its full potential.
India is witnessing growth in terms of business jet deliveries. According to the aviation regulator Directorate General of Civil Aviation (DGCA), non-scheduled operator permit holders in India had a fleet of 330 charter aircraft as of April 2022. Moreover, for airlines in India, demand for different types of private charter flights witnessed a significant increase in December 2021 after India reopened following a strict, six-month-long Covid lockdown, and this will lead to a positive outlook and growth for charter jets market within India during the forecast period.
Asia-Pacific Charter Jet Service Industry Overview
The Asia-Pacific charter jet service market is fragmented, with various market players holding most of the market share. Some of the major players in the market are Deer Jet (Beijing) Co., Ltd., Club One Air, Revesco Aviation Pty Ltd., Global Jet International, and Executive Jets Asia Pte Ltd.
The key players in the market are focused on providing advanced air charter services to their customers. Moreover, charter service providers are now looking forward to increasing their fleet size to cater to the increasing demand for on-demand flights. In addition, membership schemes and new packages are being introduced by service providers to increase their market shares in the region. The high potential of the market has also attracted several charter service providers based in the United States and Europe to expand their services across Asia, and this will lead to the market witnessing growth during the forecast period.
Asia-Pacific Charter Jet Service Market Leaders
Club One Air
Revesco Aviation Pty Ltd.
Global Jet International
Executive Jets Asia Pte Ltd.
Deer Jet (Beijing) Co.,Ltd.
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Charter Jet Service Market News
June 2023: Air Chater Service, the leading specialist in air charter service, announced that they have invested further in its Singapore operations, following another year of strong results for the Asia-Pacific region.
February 2023: Lux Aviation announced that they are in the process of adding new aircraft to their fleet because the company plans to expand its presence into the Asia-Pacific region. Moreover, the company has also recently acquired a Dassault Falcon 2000LX to its Australian charter fleet, as well as a pair of Bombardier Global 6000s, one of which will be available for charter.
Asia-Pacific Charter Jet Service Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Aircraft Size
5.1.1 Light Aircraft
5.1.2 Mid-size aircraft
5.1.3 Lage Aircraft
5.2 Asia-Pacific
5.2.1 China
5.2.2 Australia
5.2.3 India
5.2.4 Singapore
5.2.5 South Korea
5.2.6 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Deer Jet (Beijing) Co., Ltd.
6.2.2 AUSTRALIAN CORPORATE JET CENTRES
6.2.3 Club One Air
6.2.4 Revesco Aviation Pty Ltd.
6.2.5 Asian Aerospace Corporation
6.2.6 Pacific Flight Services
6.2.7 Phenix Jet International LLC.
6.2.8 Executive Jets Asia Pte Ltd.
6.2.9 Global Jet International
6.2.10 China Minsheng Investment Group.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Asia-Pacific Charter Jet Service Industry Segmentation
A charter flight is an unscheduled flight that is not part of a regular airline route, is planned explicitly for an individual, and is booked and organized following the standards of private aviation.
The Asia-Pacific charter jet service market is segmented based on aircraft size and geography. By aircraft size, the market is segmented into light aircraft, mid-size aircraft, and large aircraft. By geography, the market is classified into China, Australia, India, Singapore, South Korea and Rest of Asia-Pacific. The report offers the market sizes and forecast values (USD) for all the above segments.
Aircraft Size | |
Light Aircraft | |
Mid-size aircraft | |
Lage Aircraft |
Asia-Pacific | |
China | |
Australia | |
India | |
Singapore | |
South Korea | |
Rest of Asia-Pacific |
Asia-Pacific Charter Jet Service Market Research FAQs
How big is the Asia-Pacific Charter Jet Service Market?
The Asia-Pacific Charter Jet Service Market size is expected to reach USD 181.08 million in 2024 and grow at a CAGR of 13.77% to reach USD 345.14 million by 2029.
What is the current Asia-Pacific Charter Jet Service Market size?
In 2024, the Asia-Pacific Charter Jet Service Market size is expected to reach USD 181.08 million.
Who are the key players in Asia-Pacific Charter Jet Service Market?
Club One Air, Revesco Aviation Pty Ltd., Global Jet International, Executive Jets Asia Pte Ltd. and Deer Jet (Beijing) Co.,Ltd. are the major companies operating in the Asia-Pacific Charter Jet Service Market.
What years does this Asia-Pacific Charter Jet Service Market cover, and what was the market size in 2023?
In 2023, the Asia-Pacific Charter Jet Service Market size was estimated at USD 156.15 million. The report covers the Asia-Pacific Charter Jet Service Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Charter Jet Service Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Charter Jet Service Industry Report
Statistics for the 2024 Asia-Pacific Charter Jet Service market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Charter Jet Service analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.