(MENAFN- America News Hour) The asia-pacific charter jet services market
is anticipated to achieve a CAGR of over 3% during the forecast period.
– 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.
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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 2023-2033, 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 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. They can make it difficult to attain the aircraft utilization targets for the charter operators.
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The market is highly competitive and fragmented. Deer Jet, Club One Air, and Australian Corporate Jet Centres are the regional players with the maximum fleet size. Charter service providers are increasing their fleet size to cater to the increasing demand for on-demand flights. Membership schemes and new packages are being introduced by service providers to increase their market shares in the region. The high potential of the market has also attracted several charter service providers based in the United States and Europe to expand their services across Asia.
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