Private Charter Aircraft Sector Expecting Record-Breaking Year in 2024

The private charter sector is expected to grow significantly in 2024, driven by events such as the opening of the Ram temple and the upcoming general elections. The demand for charter aircraft is on the rise, with only 65% of the growing demand currently being met by supply. Elections for the 18th Lok Sabha early in 2024 are expected to further boost demand, with Prime Minister Narendra Modi seeking reelection to a third term in power.

Industry leaders such as Club One Air and Flying Birds Aviation are gearing up to meet the increased demand, with a focus on expanding their fleet to cater to the forthcoming Lok Sabha elections. However, the two-year wait times for new private planes and helicopters are adding pressure to the charter industry, making it challenging to meet the growing demand.

The demand for charter aircraft during election seasons and for events such as family charters and weddings has been steadily increasing, driven by High Net Worth Individuals' (HNWI) VIP travel. Despite the higher cost, many travelers are opting for charters over commercial jets, especially for long-range trips and destinations such as the UK. As a result, industry leaders anticipate a thriving private charter market in 2024.

Overall, the private charter aircraft sector is preparing for a record-breaking year in 2024, with a strong demand for charter aircraft driven by significant events and elections. Industry leaders are gearing up to meet the increased demand, but challenges such as wait times for new aircraft and supply mismatches remain key concerns for the sector.