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).
Anticipated growth in the Asia-Pacific charter jet services market is driven by a surge in demand from high-net-worth individuals (HNWIs) for private jets, a rising preference for air charter services among business travelers, and an increasing need for charter jets in emergency medical and air ambulance services.
The rise in on-demand travel in the region further fuels the demand for chartered services. In response, service providers are expanding their offerings to new routes and introducing enticing membership schemes, bolstering the economic outlook for existing and new players in the Asia-Pacific charter jet services market.
While jet fuel prices hit historic lows in early 2020, they have since rebounded, soaring to record highs over the past two years. This surge is primarily attributed to ongoing geopolitical tensions, notably the Russia-Ukraine conflict, posing a potential challenge to the market's growth trajectory.
Conversely, challenges such as limited aviation infrastructure and stringent regulations are poised to impede the market’s growth.
Asia-Pacific Charter Jet Service Market Trends
Large Jet Aircraft Anticipated to Register the Highest CAGR During the Forecast Period
The segment encompasses heavy jets, ultra-long-range heavy jets, and executive liners/bizliners, all boasting spacious cabins for 10 or more passengers. Heavy jets can fly non-stop for up to nine hours, covering around 4,000 nautical miles, while their ultra-long-range counterparts extend this range to about 6,000 nautical miles.
Primarily favored for corporate travel and charters, these large jets are witnessing rising demand, especially with the emerging trend of ride-hailing charter jets. These larger aircraft, capable of accommodating up to 20 passengers, offer substantial cost savings. Notable aircraft in this segment include Dassault’s Falcon 7X/8X, ACJ 319, ACJ320neo, BBJ MAX 8, BBJ 787-9, Challenger 650, Legacy 650E, Falcon 2000LXS, Falcon 2000S, Falcon 900LX, Global 5000/6000/6500/7500, and Gulfstream G500/550/600/650/650ER.
With approximately one-third of the current business jet fleets exceeding a decade in service, operators and charter providers increasingly invest in fleet modernization to boost capabilities. For instance, in March 2024, Textron Aviation secured a contract from PT Smart Aviation (PT Smart) to deliver their inaugural Cessna SkyCourier order in Indonesia. The deal includes a SkyCourier passenger variant and four Cessna Grand Caravan EXs, with deliveries slated to commence in 2026. As of December 2023, Cessna dominated the regional market, commanding a 27% share of the active fleet. It was followed by Bombardier, Gulfstream, and Embraer, with active fleet shares of 22%, 15%, and 13%, respectively.
India to Showcase Remarkable Growth During the Forecast Period
India is poised to lead the Asia-Pacific charter jet service market’s growth over the forecast period. The surge in high-net-worth individuals (HNWIs) and a rising number of business jet deliveries fuel the Indian market’s expansion. However, infrastructure limitations, airspace constraints, and regulatory hurdles persist, hindering charter operators from reaching their aircraft utilization goals.
India has seen a notable uptick in its HNWI population, attributed to expanding business avenues, increased foreign investments, and the emergence of digital entrepreneurs. This shift is reshaping India's wealth management landscape. Projections indicate a further rise in the nation's ultra-high-net-worth individuals (UHNWIs). While the billionaire count in India dipped slightly from 167 in 2023 to 161 in 2022, the trend is expected to reverse in the forecast period. Despite these figures, India's UHNWI investment market remains largely untapped, hinting at significant growth potential.
India's business jet deliveries are on the rise. As per the Directorate General of Civil Aviation (DGCA), non-scheduled operators in India boasted a fleet of 330 charter aircraft as of April 2022. With a mounting appetite for unscheduled flights, charter providers are expanding their services to new routes and introducing enticing membership programs, setting the stage for substantial market growth ahead.
Asia-Pacific Charter Jet Service Industry Overview
The Asia-Pacific charter jet services market is fragmented, with various players vying for 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 growing demand for on-demand flights. In addition, service providers are introducing membership schemes and new packages to increase their regional market shares. The market's high potential has also attracted several charter service providers based in the United States and Europe to expand their services across Asia, which will lead to the market witnessing growth during the forecast period.
Asia-Pacific Charter Jet Service Market Leaders
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Club One Air
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Revesco Aviation Pty Ltd.
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Global Jet International
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Executive Jets Asia Pte Ltd.
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Deer Jet (Beijing) Co.,Ltd.
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Charter Jet Service Market News
- June 2023: Air Charter Service announced that it had invested further in its Singaporean operations, following another year of solid results for the Asia-Pacific market.
- February 2023: Lux Aviation announced that it was in the process of adding new aircraft to its fleet with plans to expand its presence across the Asia-Pacific market. Moreover, the company also added a Dassault Falcon 2000LX to its Australian charter fleet and 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
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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
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5.1 Aircraft Size
- 5.1.1 Light
- 5.1.2 Mid-size
- 5.1.3 Large
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5.2 Geography
- 5.2.1 China
- 5.2.2 India
- 5.2.3 Japan
- 5.2.4 South Korea
- 5.2.5 Australia
- 5.2.6 Singapore
- 5.2.7 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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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
- *List Not Exhaustive
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 services market is segmented based on aircraft size and geography. By aircraft size, the market is segmented into light, mid-size, and large aircraft. The report also offers the market sizes and forecasts for six countries across the region. For each segment, the market sizes and forecasts have been provided based on value (USD).
| Aircraft Size | Light |
| Mid-size | |
| Large | |
| Geography | China |
| India | |
| Japan | |
| South Korea | |
| Australia | |
| Singapore | |
| 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.
