Asia-Pacific Charter Jet Service Market Size, Status and Industry Outlook 2020 to 2025

Asia

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Asia-Pacific Charter Jet Service Market – Growth, Trends And Forecast (2020 – 2025)

Jul 20, 2020 (Market Insight Reports) — The report provides a unique tool for evaluating the Asia-Pacific Charter Jet Service Market, highlighting opportunities, and supporting strategic and tactical decision-making. This report recognizes that in this rapidly-evolving and competitive environment, up-to-date marketing information is essential to monitor performance and make critical decisions for growth and profitability. It provides information on trends to identify emerging technologies and development and focuses on market capacities and on the changing structure of the Asia-Pacific Charter Jet Service Industry.

The Asia-Pacific charter jet services market is anticipated to achieve a CAGR of over 3% during the forecast period.

Top Companies: Deer Jet, Australian Corporate Jet Centres, Club One Air, Revesco Aviation Pty. Ltd., Asian Aerospace Corporation, Pacific Flight Services, Phenix Jet International, Executive Jets Asia Inc., Global Jet International, Business Aviation Asia Ltd. (Yalian Business Jet Co., Ltd.

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Market Overview:

The growth of on-demand travel in the region is fostering the demand for chartered services. This has encouraged chartered service providers to enhance their services on new routes and launch attractive membership schemes, thereby enhancing the economic prospects of both the active players and the entrants in the Asia-Pacific charter jet services market. However, limited aviation infrastructure and stringent regulations hinder the growth of the market. Furthermore, the presence of an increasing HNWI population is expected to have a positive influence on the future prospects of the market.

Key Market Trends

Large Jets Segment to Grow with the Highest CAGR During the Forecast Period

The inherent ability to travel long distances without requiring to stop for refueling has encouraged the adoption of large business jets in Asia-Pacific. However, chartered operators procure a new aircraft post conducting a detailed cost analysis to estimate the cost recovery period for an operational route. Thus, during 2016-2018, around 84 new jets were added to the Asia-Pacific business jet charter market. Overall, the large-size business jet fleet grew by 16 aircraft, whereas, the mid-size category experienced a net decrease in the charter fleet by four aircraft.

Around one-third of the existing charter fleets in Asia-Pacific comprises large jets. Also, to bolster sales in the region major charter jet manufacturers are investing in aftermarket support capabilities. For instance, in January 2019, Dassault Aviation acquired the worldwide maintenance, repair, and overhaul (MRO) business of ExecuJet, a Luxaviation subsidiary. According to the company, the acquisition of ExecuJet’s MRO operations will ensure that current and future Falcon customers will continue to receive aftersales service.

China to Dominate the Market During the Forecast Period

The Chinese government plans to increase the number of operational airports from 220 to 260 by the end of 2020. The gradual liberalization of the Chinese airspace has significantly reduced the time required to obtain landing permits for a foreign registered aircraft. The application process is now easier with sponsor letter requirement no longer in place for most operations in the country. China’s fleet largely comprises large-cabin, long-range jets. The large, long-range, and corporate airline categories account for nearly 4/5th of the total fleet. The air charter service market is expected to prosper in China due to the rising demand from corporations who are increasing their international activities. Subsequently, an increased market awareness for charter services would help business jet owners to realize the true running costs of owning an aircraft, persuading them to opt for charter services to minimize the cost incurred.

Another reason contributing to the growth of the market is an increase in the population of high net worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs). However, infrastructure status, airspace limitations, and regulations throughout the country are often the paramount challenges when operating a charter and can make it difficult to attain the aircraft utilization targets for the charter operators.

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Significant Features that are under Offering and Key Highlights of the Reports:

-Detailed overview of Asia-Pacific Charter Jet Service Market
-Changing Asia-Pacific Charter Jet Service market dynamics of the industry
-In-depth market segmentation by Type, Application, etc.
-Historical, current and projected Asia-Pacific Charter Jet Service market size in terms of volume and value
Recent industry trends and developments
-Competitive landscape of Asia-Pacific Charter Jet Service Market
-Strategies of key players and product offerings
-Potential and niche segments/regions exhibiting promising growth.

Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours. Please connect with our sales team (sales@marketinsightsreports.com).

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