Rising growth in tourism industry paired with positive economic outlook to provide growth opportunities for helicopter tourism market
Latest market study on “Helicopter Tourism Market to 2027 by Tourism Type (General Tourism, Customized Tourism); Ownership Type (Fractional Ownership, Charter Service); – Global Analysis and Forecast”, the helicopter tourism market is estimated to reach US$ 1,253.9 Mn by 2027 from US$ 851.9 Mn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
The tourism sector is influenced by factors such as size of the economy, GDP growth, travel infrastructure development, population, industry mix, regulatory policies, and other factors. These factors vary from one country to another and affect the travel spending in that particular country. The tourism industry has spurred stupendously over the years and is at a constant rise. The demand for tourism among every class of society has led to the emergence of various types of tourism methods. Roadways tourism has dominated the industry for a long period, however, newer robust tourism methods are emerging in the recent years, such as waterways based tourism and aerial tourism.
The increase in disposable income among the masses in developed countries as well as developing countries has resulted in rise in aerial tourism through helicopter. This factor has positively impacted on the helicopter tourism market. Further, the global economic growth is strengthening in the fast few years owing to factors such as increasing global trade, improvements in the manufacturing sector, and economic improvements in developing countries such as Brazil, Argentina and Venezuela. As per the International Monetary Fund World Economic Outlook (April 2019), the global GDP annual percent change is expected to increase from 3.6% in 2018 to 3.7% in 2024. The global trade and investment scenario has been growing at stable pace. The GDP growth in developing countries such as China and India is expected to offer ample opportunities for the market in the coming years. With positive global economic outlook, investments in travel infrastructure, growth in SMEs, huge cross border trade volumes, and stabilizing political conditions, it is expected that the spending on tourism will accelerate over the next few years around the globe. With increasing globalization and cross border trade, the spending on tourism is also rising.
Geographically, North America region holds the largest share followed by the Europe and Asia Pacific region in the helicopter tourism market for the current year. Further Asia Pacific region is projected to witness the highest growth rate over the forecast period 2019 to 2027. Aerial tours make up a vital, yet small segment in the APAC commercial helicopter industry. Such operations incline to be focused in less number of countries across the region. The tourism market is widely established in New Zealand, Australia, and China, showcasing the availability of numerous aerial tours. Further, places such as Cambodia, where the availability of helicopters is less, considerable number of helicopters are dedicated to tourism for flights over locations such as Angkor Wat. However, countries such as South Korea and Taiwan exhibit limited emphasis on registering their fleets for air tour.
The market for helicopter tourism has been segmented on the basis of tourism type, ownership type, and geography. The helicopter tourism market based on tourism type is sub-segmented into general and customized. The customized tourism type segment is expected to hold the prime market share in the helicopter tourism market. The helicopter tourism market on the basis of ownership type is segmented into fractional ownership and charter service. The fractional ownership type led the helicopter tourism market and it is anticipated to continue its dominance during the forecast period.
The major companies offering helicopter tourism market include Accretion Aviation, Birds Eye View Helicopters, Chicago Helicopter Tours, Grand Canyon Helicopters, Helicopter Flight Services Inc., Liberty Helicopter, Maverick Helicopter, Sundance Helicopters, Zip Aviation, and Cape Town Helicopters among others. Several other companies are also offering these helicopter tourism services, which is facilitating the market to propel over the years.
The report segments the global helicopter tourism market as follows:
Global Helicopter Tourism Market – By Tourism Type
Global Helicopter Tourism Market – By Ownership Type
Global Helicopter Tourism Market - By Geography