Europe Charter Jet Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Europe Charter Jet Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The European charter jet services market is expected to register a CAGR of over 3% during the forecast period (2022 - 2027).

The COVID-19 pandemic had an overall negative impact on the Europe Charter Jet Services market. Owing to the global transportation halt, along with stringent lockdown and social distancing norms implemented across the globe meant that the need for transportation was reduced.

However, the pandemic in some situations necessitated the use of charter jet services in the event of emergencies, leading to a small amount of revenue influx into the market during the pandemic. However, the increasing number of High-Net-Worth-Individuals (HNWI), combined with the increasing number of charter jet services being offered across the globe are expected to revive the market during the forecast period. The region's favorable ecosystem for business travel in Europe is expected to drive demand for the market.

Several European business jet companies reported a significant year-on-year increase in terms of flight activity in the last two years. The improved condition for charter jets is expected to lead various charter companies to be able to profit and increase their fleet size to cope with the growing demand for charter services in the European region.

Key Market TrendsHigh Number of Amenities Offered by Service Providers Driving the Demand

Over the years, the proliferation of various private jet charter service brands in Europe has led to an increase in the competition in the market. In the region, the number of charter service providers is increasing every year, which increased the number of options for the customers. This has driven the charter service providers to offer an increased number of amenities to the customers utilizing these services. The introduction of new aircraft charter programs and innovatively new schemes for passengers like the introduction of membership-based business aircraft programs and flight-sharing are making business aviation more accessible and affordable in Europe. In addition, several charter providers have introduced high-tech, user-friendly booking, and payment platforms in the last five years, which has helped the younger, millennial generation to adopt business travel platforms based on affordability. The high number of High-Net-Worth Individuals (HNWI) present in the European region contributes to a large revenue in the European Charter Jet Services market. The presence of global business centers like Germany, London, and Paris within the region makes the operations of charter jets services absolutely necessary to facilitate business transport for the corporates that have headquarters and business activities across the region. This accounts for a major source of revenue for the market in the region.

Light Segment is Expected to Witness Significant Growth Rate During the Forecast Period

In terms of flight activity, light jets are witnessing a growth in usage across Europe. Most of the intra-European business aviation trips that occur take 4-6 persons on average, with trip distances not exceeding 600-800 nautical miles. The vast majority of city-pairs in Europe are under 1,000nm apart, and a light jet offers the opportunity for time-efficient travel with fewer costs for such city-pair journeys. The increase in the number of shorter journey requirements has made Europe a lucrative market for light jets, despite the fact that none of the 4 to 8-passenger aircraft that are suited to 1,000 nm business trips are manufactured in Europe. However, due to the ongoing shutdowns and international travel bans following the outbreak of the COVID-19 pandemic, several charter jet operators in Europe have limited their operations. For instance, GlobeAir, a charter provider based in Austria that operates a fleet of Cessna Mustang very light jets, announced that it is limiting its charter operations to provide flights only within the United Kingdom, Switzerland, France, The Netherlands, Austria, Belgium, Germany, Spain, and Luxembourg. Charter operators in the region are preferring light jets like the Honda jet and Cessna Citation Mustang, as they can cater to the short-distance charter requirements of the customers at minimal operational costs as compared to a large or a mid-size jet for the same distance. Such factors are expected to help the growth of the market for light jets in Europe in the years to come.

Competitive Landscape

Luxaviation, Jet Aviation, PrivateFly, Globe Air, and Vistajet are some of the prominent players in the market. The acquisition of the local players can help global players gain market share while improving their market presence and reach. 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 propelled several charter service providers based in North America to enter the European market, thereby increasing the competition in the region.

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