Private Jet Charter Services Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 15.27 Billion |
| Market Size (2029) | USD 29.30 Billion |
| CAGR (2024 - 2029) | 13.92 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Private Jet Charter Services Market Analysis
The Private Jet Charter Services Market size is estimated at USD 15.27 billion in 2024, and is expected to reach USD 29.30 billion by 2029, growing at a CAGR of 13.92% during the forecast period (2024-2029).
A charter flight is an unscheduled flight that does not follow a regular airline route. A charter flight allows users to rent a complete aircraft and choose departure and arrival times and locations. Unlike scheduled flights, seats can be purchased separately from a charter firm or as a part of a trip package by tour operators.
Moreover, with an air charter, a user can rent an all-inclusive aircraft and determine the arrival and departure time at their convenience. The surge in demand for shipment related to oversized cargo through flights and the additional challenges concerning logistics are fueling the demand for cargo charters.
However, the hike in demand is one of the core components driving the growth of the air charter services market. Elements like last-minute capacity, lack of time, and unprecedented applications have also led to the adoption of air charter. Hence, the air charter services market is expected to witness significant growth during the forecast period.
Furthermore, the growth in interest in aircraft rental and the advent of membership programs in the air charter service industry are expected to provide profitable prospects for the leading players in the air charter services market going forward.
Private Jet Charter Services Market Trends
Mid-Size Jets Segment is Expected to Show Highest Growth During the Forecast Period
The mid-size jets segment will showcase remarkable growth during the forecast period. Mid-size jets typically have a range of four-five hours of flight for up to eight passengers. With a greater range and higher performance than the light Jet, the mid-size jets remain an economical choice in luxury travel for jet charter needs.
Mid-size jets feature larger cabin space as compared to light jets. These jets combine transatlantic capability with the speed and comfort of a wide-body, high-altitude aircraft. Some of the popular and widely used models of mid-size jets are Learjet 75, Phenom 300, Hawker 800XP/900XP, Citation Excel, and others.
Many mid-size jets, such as the Hawker 900XP and the Cessna Citation Excel, can accommodate up to 8-12 passengers comfortably, with configurations that can be customized to meet specific needs. Mid-size private jets are equipped with the latest technology and safety features, ensuring a smooth and secure flight experience. Modern avionics systems, such as the Garmin G5000 and Collins Pro Line Fusion, provide pilots with comprehensive and intuitive flight information, while fly-by-wire controls enhance aircraft stability and responsiveness.
Flexjet, Magellan Jets, NetJets, Nicholas Air, OneFlight, Star Jets, and VistaJet each offer aircraft-specific options with guaranteed availability and fixed rates that cover midsize, including super mid private jets. Super mid-size jets have gained higher popularity as they are mostly selected due to many of the perks of a Heavy Jet, but not the added price. With intra-continental capabilities, an entire group can fly comfortably for 5-8 hours without refueling. These jets can have a fully equipped galley and oversized restroom and offer larger baggage capacity. Such benefits will continue to attract more customers to opt for mid-size jets for charter flights.
North America to Dominate the Market During the Forecast Period
North America holds the highest shares in the market and continues its domination during the forecast period. Factors such as the presence of many HNWIs, increasing demand for newer generation aircraft, and the evolution of new aircraft ownership models have propelled the business prospects of the market players in the US.
According to the Global Wealth Report conducted by Credit Suisse, as of the end of 2020, there were 21.95 million millionaires in the US, and it is expected to grow by 28% to 28.06 million by 2025. According to Forbes, the number of US billionaires rose from 614 in 2020 to 724 in 2021. Thus, the demand for private jet charter services will be driven by the presence of millionaires and billionaires in the country.
XO Global LLC, a leading charter service provider based in the US, deploys turnkey solutions to offer an asset-light alternative to full jet ownership and the rigid, non-refundable jet card and fractional jet ownership models. The company operates a fleet of 116 owned aircraft and 1,500 partner operator aircraft to provide a distinguished level of service even while booking single seats on shared flights. In April 2022, Wheels Up, the leading brand in private aviation in the US, announced that it officially closed its acquisition of Air Partner plc, a UK-based global aviation services group with operations in 18 locations and four continents.
Such developments are envisioned to drive the business prospects of the players in the North American charter jet services market in the upcoming period.
Private Jet Charter Services Industry Overview
The private jet charter services market is fragmented, with several global and local players holding significant shares in the market. Some of the key players in the market are Air Charter Service Group Limited, Thai Airways International Public Company Ltd. (Thai), NetJets IP LLC, Xojet Aviation, and Gama Aviation PLC.
To provide a personalized experience, aircraft charter operators are leveraging state-of-the-art innovative solutions to provide a complete suite of flight offerings from fixed-price charters to customized membership programs.
Charter operators are trying to attract customers by launching different schemes that enhance convenience, dependability, and efficiency. For instance, in October 2022, Gama Aviation's joint venture with Bond Helicopters received its first contract to support the offshore operations of an international oil & gas firm. The contract will support offshore operations in the southern North Sea for five years commencing January 2024. Under the contract, the venture will supply, operate, and maintain five helicopters to support the transportation of personnel and equipment to and from offshore installations.
Private Jet Charter Services Market Leaders
XOJET Aviation
NetJets IP, LLC
Air Charter Service Group Limited
Gama Aviation PLC
Thai Airways International Public Company Ltd. (THAI)
*Disclaimer: Major Players sorted in no particular order
Private Jet Charter Services Market News
February 2023- Gama Aviation received a seven-year contract worth USD 79.99 million (GBP 65 million) to operate and maintain WAAC's primary fleet of four Airbus H145 helicopters, which fly from bases in Cardiff, Caernarfon, Dafen, and Welshpool. The operations will start from 1 January 2024. Under the contract, Gama Aviation will also maintain the charity's backup H145 helicopter.
May 2022- Jet Aviation announced that it signed a completion contract for a BBJ MAX 9. The design was created by an external designer and will be engineered, crafted, installed, and certified in-house at Jet Aviation.
Private Jet Charter Services 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 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Aircraft Size
5.1.1 Light
5.1.2 Mid-size
5.1.3 Large
5.2 By Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.2 France
5.2.2.3 Germany
5.2.2.4 Spain
5.2.2.5 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.3.4 Australia
5.2.3.5 Rest of Asia-Pacific
5.2.4 Latin America
5.2.4.1 Mexico
5.2.4.2 Brazil
5.2.4.3 Rest of Latin America
5.2.5 Middle East and Africa
5.2.5.1 United Arab Emirates
5.2.5.2 Saudi Arabia
5.2.5.3 South Africa
5.2.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 NetJets IP, LLC
6.2.2 Wheels Up Experience Inc.
6.2.3 XOJET Aviation
6.2.4 Flexjet, LLC
6.2.5 Jet Edge International
6.2.6 Paramount Business Jets
6.2.7 Jet Linx Aviation, LLC
6.2.8 Prime Jet LLC
6.2.9 JetOptions Private Jets, LLC
6.2.10 Luxury Aircraft LLC
6.2.11 Desert Jet
6.2.12 Air Taxi Service and Support LLC, d/b/a Linear AIr
6.2.13 Magellan Jets
6.2.14 Sentient Jet
6.2.15 Jettly, Inc.
6.2.16 Air Charter Service Group Limited
6.2.17 PrivateFly
6.2.18 Victor
6.2.19 Gama Aviation PLC
6.2.20 Jet Aviation Inc. (General Dynamics Corporation)
6.2.21 Lux Aviation Group
6.2.22 Globe Air AG
6.2.23 Luna Jet (Luna Aviation Group)
6.2.24 Jet Class
6.2.25 Executive Aviation Group (ExecuJet)
6.2.26 VistaJet
6.2.27 DeerJet
6.2.28 Club One Air
6.2.29 Executive Jets Asia Pte Ltd
6.2.30 Thai Airways International Public Company Ltd. (THAI)
6.2.31 Singapore Air Charter
6.2.32 Eastindo
6.2.33 Ojets Pte Ltd
6.2.34 MetroJet
6.2.35 Australian Corporate Jet Centers
6.2.36 Revesco Aviation Pty Ltd
6.2.37 Grupo Aereo Monterrey S.A (Magni Charter)
6.2.38 Flapper Technologia S.A
6.2.39 Argentina Jets
6.2.40 Royal Jet Group
6.2.41 JetEx
6.2.42 Global Jet Center
6.2.43 Insijets Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Private Jet Charter Services Industry Segmentation
A charter flight allows users to rent a complete aircraft and choose departure and arrival times and locations. Unlike scheduled flights, seats can be purchased separately from a charter firm or as a part of a trip package by tour operators. Moreover, with the use of an air charter, a user can rent an all-inclusive aircraft and determine the time of arrival and departure at their convenience.
The private jet charter services market is segmented by aircraft size and geography. By aircraft size, the market is segmented into light, mid-size, and large. The report also covers the market sizes and forecasts for the private jet charter services market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
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Private Jet Charter Services Market Research Faqs
How big is the Private Jet Charter Services Market?
The Private Jet Charter Services Market size is expected to reach USD 15.27 billion in 2024 and grow at a CAGR of 13.92% to reach USD 29.30 billion by 2029.
What is the current Private Jet Charter Services Market size?
In 2024, the Private Jet Charter Services Market size is expected to reach USD 15.27 billion.
Who are the key players in Private Jet Charter Services Market?
XOJET Aviation, NetJets IP, LLC, Air Charter Service Group Limited, Gama Aviation PLC and Thai Airways International Public Company Ltd. (THAI) are the major companies operating in the Private Jet Charter Services Market.
Which is the fastest growing region in Private Jet Charter Services Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Private Jet Charter Services Market?
In 2024, the North America accounts for the largest market share in Private Jet Charter Services Market.
What years does this Private Jet Charter Services Market cover, and what was the market size in 2023?
In 2023, the Private Jet Charter Services Market size was estimated at USD 13.14 billion. The report covers the Private Jet Charter Services Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Private Jet Charter Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Private Jet Charter Services Industry Report
Statistics for the 2024 Private Jet Charter Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Private Jet Charter Services analysis includes a market forecast outlook to for 2024 to (2024to2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
