DUBLIN--(BUSINESS WIRE)--The "Business Jet Ground Handling Services Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The business jet ground handling services market (henceforth, referred to as the market studied) is expected to register a CAGR of 8.90% during the forecast period.
- The market studied is primarily driven by the opening of the new airport and terminals for business jets. The increasing movements of business jets may further necessitate the need for fixed-base operators (FBOs) to enlarge their ground handling capabilities.
- Globally, charter activities are increasing and gaining momentum. The industry is flying high, due to growth in the demand from the downstream markets. The growth in the purchase of private and charter aircraft is expected to increase the demand for ground handling services in the years to come.
- However, in 2018, oil prices increased steeply and presented additional challenges for small FBO chains and independents, who are trying to cope with industry consolidation. With the rise in fuel prices, FBOs face difficulty to offer discounts. Smaller players suffer the most during such instances and can incur huge losses. This may challenge the growth of the market studied in the coming years.
Scope of the Report
The market studied includes the fixed base operator (FBO) services and ground handling services for all private and charter aircraft.
Key Market Trends
Increasing Demand for Business Jets Fueling the Market Growth
The business jet ground handling services market is primarily dependent on the growth in the frequency of business travel and the demand for business jets. Charter operators and fractional market are replacing their aging fleet with new and advanced jets and are introducing new routes, which may further fuel the growth of the business jet market. It is estimated that over the next decade, the demand for new business jets is expected to be over 3,500. In comparison to commercial air travel, business jet travel is a much smaller segment.
Nevertheless, it has a significantly positive economic impact as it generates jobs and indirectly stimulates commerce. Thus, the growth in the business jet market, which is being seen all over the world currently, is helping the market for business jet ground handling services.
Asia-Pacific to Become the Largest Market by 2024
As of 2018, North America holds a major share in the market studied, followed closely by Asia-Pacific. Asia-Pacific is projected to overtake North America to become the largest business jet ground handling market by 2024. The market is growing fast in the region. China, Australia, and India have the three largest charter fleets in the region. Meanwhile, China and India are notable for their economic growth and large populations. Australia is notable for having one of the most mature and well-developed business aviation environments in the region. Thus, the market in the region is projected to become the largest, during the forecast period.
The ground handling services market for the business jet is highly fragmented, with 40% market revenue share being held by local and smaller players in the market. However, mergers and acquisitions are expected to make the market studied more consolidated in the future. The last 10 years have witnessed numerous mergers and acquisitions activities in the market studied. In addition, partnerships with dealers and outsourcing activities are being done by companies to expand their global footprint. The Middle East and Asia-Pacific are projected to undergo numerous developments in the market studied. Hence, expanding to the regions either by partnerships or through mergers and acquisitions may help the existing players to further increase their revenues.
Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Challenges
4.4 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1.1 North America
5.1.4 Latin America
5.1.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 IGS Ground Services
6.2.2 BBA Aviation PLC
6.2.3 Jet Aviation
6.2.4 TAG Aviation
6.2.5 Aviation Services Management (ASM)
6.2.6 Atlantic Aviation
6.2.7 World Fuel Services Corporation
6.2.9 Dassault Falcon Service
6.2.10 Royal Jet
6.2.11 Universal Aviation
6.2.12 ExecuJet Aviation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/efv1x0