According to the research report titled ‘Global Air Charter Services Market Size study with COVID-19 impact, by Type (Private Charter Services, Business Charter Services), by Application (Charter Passenger, Charter Freight) and Regional Forecasts 2020-2027’, available with Market Study Report, global air charter services market was worth USD 26.6 billion in 2019 and is slated to register an appreciable growth rate of 4% during 2020-2027.
 

Rising demand for cargo charters, innovations in charter service portals, growing number of high net worth individuals (HNI), and increasing procurement of new-gen commercial aircrafts are stimulating global air charter services market growth, cites the study. 
 

For instance, Beijing Daxing International Airport under construction, is anticipated to be operational by 2029 with 7 runaways to accommodate 620,000 flights and 100 million passengers annually. Hence, construction of new airports and expansion of existing ones are likely to boost the demand for air charter services in the upcoming years.
 

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For the uninitiated, a charter is a commercial flight that isn't a part of a usual airline schedule. These flights can be rented by a customer with arrival/departure locations as per their desire.  Unlike scheduled flights, charter flight seats can be exclusively reserved by tour operators as a part of certain travel package or by a charter company. Travelers can also avail a whole charter for an individual or group. These flights offer air transit of cargo and passengers over routine channels and on a regular basis.
 

On the contrary, high maintenance costs of these carriers may hamper global air charter services market trends. Moreover, with the global Covid-19 crisis, restrictions pertaining to movement of goods & services, and people has negatively impacted the entire aviation industry, hence arresting the market growth.
 

As per the regional analysis, global air charter services industry is partitioned into Asia Pacific, Europe, North America, Latin America, and Rest of the World. North America currently leads the industry growth due to high popularity of air charters and easy accessibility to private aircrafts.
 

Meanwhile, Asia-Pacific air charter services market is slated to grow significantly during the forecast timeframe, driven by improving disposable income and increasing establishments of airports throughout the region.
 

Leading industry players are GlobeAir AG, Deer Jet Co. Ltd., Gama Aviation plc, Delta Private Jets Inc., Corporate Flight Management Inc., Jet Aviation AG, TMC Jets, Air Partner plc, Luxaviation Group, and VistaJet.