Europe Charter Jet Services Market: Key Facts and Forecast Predictions Presented and Forecast: 2022-2031

Japan, Japan, Wed, 30 Mar 2022 01:04:17 / Comserve Inc. / -- The European charter jet services market is expected to register a CAGR of over 3% during the forecast period.

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

- European charter jet service providers are witnessing significant growth, mainly due to the favorable ecosystem for business travel in Europe. Several European business jet companies reported significant Year-on-Year increase in terms of flight activity in the last two years. The improved condition for charter jets in the European region has led to various European charter companies being able to profit and also increase their fleet size in order to cope with the growing demand for charter services in the European region.
- The growth of air connectivity in Europe has been substantially supported by business aviation charter services over the past few years. Business aviation connects a higher number of city or area pairs than the commercial aviation inside Europe, which is also a factor that is driving the demand for the charter services in Europe.
- However, with Europe being one of the worst-hit regions by the COVID-19 pandemic, there was a significant drop in private jet flight activity across Europe. As of May 2020, business aviation flight activity in Europe became roughly one-third of its normal. Several airports in Europe were closed for private aviation flights, and with countries closing their international borders, charter service providers faced significant loss during the first five months of 2020.

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Key Market Trends

Charter Service Providers are Offering More Amenities to Attract Passengers

Over the years, the proliferation of various private jet charter service brands into 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 made the charter providers offer more discounts on the charter prices, to attract customers. Several private aviation companies are attempting to make private jet flying accessible to normal travelers, thereby increasing their customer base. In this regard, the charter service providers are offering more amenities at cheaper prices to attract passengers. 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. For instance, in 2018, VistaJet, a charter provider based in Europe, launched the business aviation's first end-to-end booking app, through which users can make charter service bookings through various membership programs. Such initiatives have helped the market to grow at a rapid pace in Europe over the years, and this is expected to continue during the forecast period.

Light Segment is Expected to Witness a Surge in Usage in Europe in 2020

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 an 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.

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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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