DUBLIN–(BUSINESS WIRE)–The “Freight Chartered Air Transport Global Market Report 2021: COVID-19 Impact and Recovery to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global freight chartered air transport market is expected to grow from $18.05 billion in 2020 to $20.1 billion in 2021 at a compound annual growth rate (CAGR) of 11.4%.
Major players in the freight chartered air transport services market are Air Charter Service, Air Transport Services Group, Inc., Stratos Jet Charters, Inc., Cargo Air Chartering, Cathay Pacific Airways Ltd., Air Partner, and Fliteline.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $29.67 billion in 2025 at a CAGR of 10.2%.
The freight chartered air transport services market consists of sales of freight chartered air transportation services by entities (organizations, sole traders, and partnerships) that use aircraft, such as airplanes and helicopters, to provide chartered (non-scheduled) air transportation services for cargo at a toll per mile or hour for the charter of the aircraft. Only goods and services traded between entities or sold to end consumers are included.
High prices associated with charter cargo flight services are expected to hinder the freight chartered air transport market. The cost of the cargo charter depends on many factors such as origin and destination points, type of commodity shipped, dimensions, and weights. For instance, the freight and logistics prices are above $500,000 for an Asia-Europe A330 charter and above $21 per kilogram on transatlantic routes for some urgent shipments.
Additionally, the cost of B777 or B747 carrying 100 tonnes of cargo was $470,000 earlier, which is now costing between $850,000 and $1 million for a round trip with e-commerce goods and general cargo from Europe to China. Therefore, the skyrocketing cost of freight charter services is expected to hinder the market.
The freight chartered air transport market covered in this report is segmented by cargo type into time-critical cargo, heavy and outside cargo, dangerous cargo, animal transportation, others, by application into private use, commercial use.
The growing need for urgent shipment of dangerous goods and hazardous materials is expected to drive the freight chartered air transport market. Sensitive freights with dangerous and hazardous goods including explosives, highly inflammable, gases, radioactive materials, military items, toxic and infectious substances require a special skill set and expert knowledge for shipping the goods. These goods are transported through chartered cargo to avoid explosions and contaminations.
For instance, the Federal Aviation Administration (FAA) of the USA, granted the authority for chartered cargo services along with training for all employees, in the form of a part-135 certificate, to operate on demand under FAA approved hazardous materials program. Urgent shipment of dangerous goods and hazardous materials is therefore expected to drive the market growth.
Key Topics Covered:
1. Executive Summary
2. Freight Chartered Air Transport Market Characteristics
3. Freight Chartered Air Transport Market Trends and Strategies
4. Impact of COVID-19 on Freight Chartered Air Transport
5. Freight Chartered Air Transport Market Size and Growth
5.1. Global Freight Chartered Air Transport Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Freight Chartered Air Transport Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Freight Chartered Air Transport Market Segmentation
6.1. Global Freight Chartered Air Transport Market, Segmentation by Cargo Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Time Critical Cargo
- Heavy and Outside Cargo
- Dangerous Cargo
- Animal Transportation
6.2. Global Freight Chartered Air Transport Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Private Use
- Commercial Use
6.3. Global Freight Chartered Air Transport Market, Segmentation by End Use, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Wealthy Individuals
- Sports Teams
- Large Corporations
7. Freight Chartered Air Transport Market Regional and Country Analysis
7.1. Global Freight Chartered Air Transport Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Freight Chartered Air Transport Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Air Charter Service
- Air Transport Services Group Inc.
- Stratos Jet Charters Inc.
- Cargo Air Chartering
- Cathay Pacific Airways Ltd.
- Air Partner
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