Major companies in the chartered air transport market include Xojet; Netjets; Vistajet; Onesky Jets and Bluestar Jets. The global chartered air transport market is expected to grow from $54.
New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Chartered Air Transport Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025325/?utm_source=GNW
98 billion in 2020 to $59.07 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $75.98 billion in 2025 at a CAGR of 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 per hour for the charter of the aircraft. The chartered air transportation market is segmented into passenger chartered air transport; freight chartered air transport and other chartered air transport.
North America was the largest region in the global chartered air transport market, accounting for 32% of the market in 2020. Asia Pacific was the second largest region accounting for 30% of the global chartered air transport market. Africa was the smallest region in the global chartered air transport market.
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 use of smart phones, personal electronic devices, smart glasses, smart watches, 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 pilot, crew members and maintenance team to monitor gas concentrations, levels of noise and temperature to avoid mishaps. Smart watches 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 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 is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Technology is expected to be a continued driver of the chartered air transportation services market growth during the forecast period. Sectors such as the 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.
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