North America Charter Jet Services Market Size

North America Charter Jet Services Market Analysis

The North America Charter Jet Services Market size is estimated at USD 11.87 billion in 2024, and is expected to reach USD 18.35 billion by 2029, growing at a CAGR of 9.10% during the forecast period (2024-2029).

The increase in the per capita income levels of the middle-class population in the region is enabling them to opt for charter services for tours and travel. This encourages charter service providers to expand their fleets to cover new routes in response to the rising demand and serve a larger market.

The emerging aviation emission norms and the diversified requirement of the clientele to personalize their travel experience have bolstered the demand for newer-generation aircraft. Also, the presence of a large high net-worth individual (HNWI) clientele in North America has positively affected the market's demand-side dynamics. At the same time, the associated ownership benefits, in terms of evolving fractional ownership or private jet card programs, have been a decisive factor in promoting market growth in the region. According to the Global Wealth Report 2022, the United States ranked highest, with over 140,000 ultra-high-net-worth individuals (with wealth above USD 50 million) in 2021, followed by China with 32,710 individuals.

Furthermore, the growth in interest in aircraft rental and the advent of membership programs in the charter jet service industry are expected to provide profitable prospects for the leading players in the market. At the same time, the high cost of services and the absence of skilled pilots hamper the market's growth.