Market Trends of Southeast Asia Charter Jet Services Industry
This section covers the major market trends shaping the Southeast Asia Charter Jet Services Market according to our research experts:
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 2020 - 2025. 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.
