North America Charter Jet Services Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 12.66 Billion |
| Market Size (2029) | USD 18.46 Billion |
| CAGR (2024 - 2029) | 7.84 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Charter Jet Services Market ANalysis
The North America Charter Jet Services Market size is estimated at USD 12.66 billion in 2024, and is expected to reach USD 18.46 billion by 2029, growing at a CAGR of 7.84% during the forecast period (2024-2029).
The rising per capita income among the region's middle class is fueling a shift toward charter services for travel. In response to this growing demand, charter service providers are expanding their fleets and exploring new routes to tap into an expanding market.
There is a heightened demand for next-gen aircraft with emerging aviation emission standards and a clientele increasingly seeking personalized travel experiences. North America's substantial high net-worth individual (HNWI) base significantly influences this market dynamics. Additionally, evolving ownership models like fractional ownership and private jet card programs are pivotal in driving regional market growth. The Global Wealth Report 2023 highlighted the United States as the leader with respect to HNWIs, boasting over 225,000 ultra-high-net-worth individuals (with wealth exceeding USD 30 million) in 2023.
As interest in aircraft rentals and membership programs surges in the charter jet industry, market leaders are poised for lucrative opportunities. However, challenges such as high service costs and a shortage of skilled pilots impede the market's growth trajectory.
North America Charter Jet Services Market Trends
The Large Jet Segment is Expected to Showcase Remarkable Growth During the Forecast Period
Large jets boast spacious cabins, offering ample room for passengers to work, relax, and even sleep, alongside a generous luggage capacity. These jets are the pinnacle of comfort and performance, especially favored for long-haul charter flights. Clocking speeds of up to 530 mph and boasting a range of around 4,000 miles, large jets outpace their smaller counterparts. The primary allure of owning a large private plane lies in its flexibility and convenience. Travel plans can be customized to the traveler's schedule, eliminating the hassles and delays often associated with commercial air travel.
Despite their size, large jets are agile enough to operate from airports that major airlines might find inaccessible. These jets have lavish amenities, including a private lavatory, stereo DVD, satellite phone, external baggage compartments, fax services, and a fully equipped galley. Moreover, the presence of onboard flight attendants elevates the in-flight experience, ensuring safety and comfort and offering gourmet catering and entertainment services.
The United States is Anticipated to Dominate the Market During the Forecast Period
During the forecast period, the United States is poised to maintain its market dominance, propelled by a surge in high-net-worth individuals (HNWIs), a rising appetite for next-gen aircraft, and the emergence of novel ownership models. In the historical context, jet models like Cirrus Aircraft's Vision SF50 G2, Cessna's citation CJ3+, CJ4 Gen2, M2, Embraer Phenom 300E, and Phenom 300 stood out as the most sought-after. These choices were primarily influenced by their competitive pricing, reduced maintenance needs, economical operational costs, and minimal take-off distance requirements.
Moreover, in response to the region's evolving demands, air charter operators have initiated fleet modernization efforts, awarding numerous contracts for new business jet acquisitions. For example, XOJET Aviation, a prominent US-based charter service, has introduced innovative solutions, offering a lighter asset ownership model than traditional full ownership, jet cards, or fractional ownership. With a fleet comprising 116 owned aircraft and an additional 1,500 from partner operators, XOJET ensures a premium experience, even for passengers booking individual seats on shared flights.
In 2022, Honeywell International Inc.'s 31st annual Global Business Aviation Outlook projected a significant uptick in the business jet industry. The report estimated that there would be nearly 8,500 new business jet deliveries, valued at USD 274 billion, over the next decade. This marks a 15% increase in both deliveries and spending compared to the previous year's forecast. With a rising appetite for jets, driven by diverse business travel and leisure applications, the US market is expected to continue its upward trajectory.
North America Charter Jet Services Industry Overview
The North American charter jet services market is fragmented, with several players holding significant shares. Some of the key players in the market are NetJets IP LLC, XOJET Aviation, Gama Aviation PLC, Delta Airlines Inc., and PrivateFly LLC. There were around 964 registered aircraft charter operators in the United States. While some operate on selected routes, some use a vast fleet and support national and international travel.
In 2023, Cirrus Aircraft led the market, delivering 79 light business jets, outpacing Cessna's 60 and Embraer's 46 deliveries. Cirrus's VISION SF50 G2+ stood out as the top model, with 78 units sold. Its appeal lies in a competitive price, reduced maintenance, economical operations, and a shorter take-off distance. Noteworthy competitors included Embraer's Phenom 300E, Cessna's Citation M2 GEN2, and Pilatus's PC-24. Technological advancements and product innovations are pivotal in this market. Consequently, smaller and mid-sized players are bolstering their market presence. They are achieving this by securing new membership contracts and exploring fresh routes to tap into emerging markets.
North America Charter Jet Services Market Leaders
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NetJets IP, LLC.
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XOJET Aviation
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Gama Aviation PLC
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Delta Airlines, Inc.
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PrivateFly LLC
*Disclaimer: Major Players sorted in no particular order
North America Charter Jet Services Market News
September 2023: Textron Aviation and NetJets agreed to acquire 1,500 Cessna Citation Jets over 15 years, resulting in a total value of up to USD 30 billion. The agreement will enable NetJets to expand its fleet of aircraft by incorporating the Cessna Citation Ascend, Citation Latitude, and Citation Longitude models.
March 2023: Canada Jetlines Operations Ltd inked a deal to supply aircraft and crew services for five months, commencing at the end of March 2023. The contract entailed daily flights and was extended until early September 2023. Notably, the company executed nearly 50 charter and ACMI flights as of January 2023, with plans for several more charters in the pipeline.
North America Charter Jet 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
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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 United States
- 5.2.2 Canada
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Delta Airlines Inc.
- 6.1.2 Executive Jet Management Inc.
- 6.1.3 Fly Victor Limited
- 6.1.4 Gama Aviation PLC
- 6.1.5 Jettly Inc.
- 6.1.6 Magellan Jets LLC
- 6.1.7 NetJets IP LLC
- 6.1.8 VistaJet Group Holding Limited
- 6.1.9 PrivateFly LLC
- 6.1.10 Stratos Jet Charters Inc.
- 6.1.11 XOJET Aviation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
North America Charter Jet Services Industry Segmentation
In a charter business model, users rent aircraft for tailored operations. The charter service provider, accredited and licensed, supplies pilots and operates the flights. Individuals, corporations, VIPs, and government officials can opt for charter services, agreeing on terms with the operator. Also, charter aircraft can be adapted for medical emergencies, cargo transport, or equipment delivery.
The North American charter jet services market is segmented by aircraft size and country. By aircraft size, the market is segmented into large, mid-size, and light. The report also offers the market sizes and forecasts for two regional countries. For each segment, the market size and forecast are provided in terms of value (USD).
| Aircraft Size | Light |
| Mid-size | |
| Large | |
| Geography | United States |
| Canada |
North America Charter Jet Services Market Research FAQs
How big is the North America Charter Jet Services Market?
The North America Charter Jet Services Market size is expected to reach USD 12.66 billion in 2024 and grow at a CAGR of 7.84% to reach USD 18.46 billion by 2029.
What is the current North America Charter Jet Services Market size?
In 2024, the North America Charter Jet Services Market size is expected to reach USD 12.66 billion.
Who are the key players in North America Charter Jet Services Market?
NetJets IP, LLC., XOJET Aviation, Gama Aviation PLC, Delta Airlines, Inc. and PrivateFly LLC are the major companies operating in the North America Charter Jet Services Market.
What years does this North America Charter Jet Services Market cover, and what was the market size in 2023?
In 2023, the North America Charter Jet Services Market size was estimated at USD 11.67 billion. The report covers the North America Charter Jet Services Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Charter Jet Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Charter Jet Services Industry Report
Statistics for the 2024 North America Charter Jet Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Charter Jet Services analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
