The Southeast Asia charter jet services market is projected to grow with a CAGR of more than 2% during the forecast period.
– The growth in demand from the tourism segment and increasing investments to enhance the business aviation infrastructure in the countries are driving the demand for charter jet services in the region.
– With the increasing demand for unscheduled flight services, the charter service providers are enhancing their services on new routes and are launching attractive membership schemes. Also, to capture growth opportunities, new players are entering the market, which is further expected to increase the competition in the market in the coming years.
– The stringent regulations of the government regarding business aviation can hinder the growth of the market in Southeast Asia During the forecast period.
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Key Market Trends
Increasing Investments in Infrastructure Development Projects
In recent years, governments in the region have been allocating resources to develop the aviation industry. With the current trend of increasing business travel and charter jet services in the region due to increasing high-net-worth individuals, governments are enhancing general aviation airport infrastructure development projects. For instance, in April 2018, Airports of Thailand Plc (AoT) announced its plan to demolish the old terminal and build a new one at the Don Mueang International Airport. The construction of the new terminal is scheduled to be opened by 2021. This plan is a part of THB 34 billion megaprojects to expand Don Mueang airport during the period of 2022-2031. The new expansion plan will increase the passenger handling capacity of the airport from chartered flights along with LCC airlines. Such infrastructure development projects are expected to increase charter services in the country.
Singapore is Expected to Witness Significant Growth During the Forecast Period
Singapore is one of the major business aviation hubs in the Asia Pacific. With the growth in high-net-worth individuals in the region, the charter jet service providers are providing services to major business hubs in the Asia-Pacific region like China and Japan. As of 2018, there were about 13 charter jets with seven charter operators in the country. Further to cater to the growing charter demand, charter service companies have been increasing their fleet of business jets. For instance, in October 2019, a new Bombardier Global 5000 jet was added to the fleet of charter aircraft of OJets. Currently, the company’s fleet includes four Global 6000, one Global 5000, and one Challenger 650 aircraft. To support business aviation, the airport operator, Changi Airport Group (CAG) has been investing in the development of infrastructure. In November 2018, a new terminal was opened at the Seletar Airport to handle scheduled commercial flights as well as chartered business flights and private jets. Later in July 2019, a business aviation center was introduced in the airport for private drop-off area, a lounge, dedicated immigration security screening along with other personalized services. The aforementioned factors are expected to drive the growth of the charter services in the country during the forecast period.
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The market of Southeast Asia charter jet services is highly fragmented with many charter providers in the market that provide charter services to their clients that provide transportation to various destinations. Some of the prominent players in the Southeast Asia charter jet services market are Thai Airways, Singapore Air Charter, Eastindo, Advance Aviation Jet, and OJets Pte Ltd. However, the fragmentation in the market is expected to further increase in the coming years due to the entry of new players in the market. For instance, in May 2019, as a part of business diversification, Garuda Indonesia announced its plan to launch an application called Avia Mall that offers aircraft charter and leasing services to provide unscheduled flight services. Also, to further enhance their services, the charter provides are offering better amenities like inflight catering to their customers, which will help them attract new customers and further increase their presence in the market.
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