(MENAFN- America News Hour) The middle-east and africa charter jet services market
is anticipated to grow at a CAGR of over 3% during the forecast period.
– The increase in per capita income of the middle-class population in the region is enabling them to opt for charter services for satiating their exquisite tourism needs. This is encouraging charter service providers to expand their fleet 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 growing High Net-worth Individual (HNWI) clientele in the region has had a positive effect on the demand-side dynamics of the market, while the associated ownership benefits, in terms of evolving fractional ownership or private jet card programs, has been a decisive factor promoting the growth of the market in the region.
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Key Market Trends
Infrastructure Development Projects Bolstering Growth Prospects
The preference for luxury travel has been growing rapidly in the Middle-East mainly due to the presence of many HNWIs in this region. As per the 2019 Capgemini Financial Services Analysis, there are around 694,740 HNWIs in the region. To provide a personalized experience, aircraft charter operators are leveraging state-of-the-art innovation to offer a complete suite of flight solutions—from fixed-price charter to customized membership programs. Besides, the growth of the charter jet services sector is being supported by several infrastructure development projects underway in the region. For instance, the new airport in Oman has allocated space for operating private and charter jets. Meanwhile, Kuwait and Bahrain are constructing new business aviation facilities. Also, the airport expansion projects at both the Riyadh and Jeddah airports have allocated more space for private and charter jets. Such developments are envisioned to create further business prospects for the players in the Middle-East and Africa charter jet services to expand their operations in the upcoming period.
Saudi Arabia is Anticipated to Dominate the Market
Saudi Arabia is anticipated to dominate the market in focus during the forecast period. Currently, the business jet fleet in Saudi Arabia constitutes around 23% of the regional fleet. Certain 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 country.
Furthermore, to fulfill the demand of consumers in this region, air-charter operations have undertaken a fleet-modernization initiative, which has resulted in the dispersal of several contracts for procuring new business jets. Besides, the regional operators are actively vying to obtain operational certificates in other countries. Such developments are envisioned to bolster the growth prospects of the market in focus in Saudi Arabia during the forecast period.
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Competitive Landscape
The Middle-East and Africa Charter Jet Services Market is highly fragmented and not a single company holds a dominant share. There are around 50 or more charter service providers in the region. While some of these operate on select routes, some operate a vast fleet and support both national and international travel. The market is highly dependent on technological advancement and product innovation, and hence mid-size to smaller companies are increasing their market presence by securing new membership contracts and by tapping new markets by operating on new routes. However, the demand for light jets in the region has been slightly lower than anticipated partly due to the widespread reluctance to fly in a turboprop aircraft on account of the existing safety concerns regarding the performance reliability of such aircraft.
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