The global helicopter tourism market size is expected to witness an elevated market state owing to rising popularity of air travel alongside a subsequent increase in aircraft helicopters according to Fortune Business Insights™, in its report, titled, “Helicopter Tourism Market 2022-2029”.
Helicopter tourism has picked up quite the pace in terms of gaining market share due to a higher demand of air travel due to growing reliability and rising integration of air routes among the most popular destinations across the global scale. The rising popularity can also be attributed to a union of attributes such as easy accompaniment of travelers suffering from disabilities that make standard air travel difficult and advanced maneuverability measures.
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Impact of Russia-Ukraine War Implication
The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement. There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.
On the basis of tourism type, the global market can be divided into general tourism and customized tourism. On the basis of ownership type, the global market can be broken down into fractional ownership, charter service, joint ownership agreements, and others. On the basis of application, the global market can be segregated across individual tourism, family tourism, group tourism, and others. In terms of region, the market is categorized into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
The study aims to inspect the sales, value, status and the forecast of the global helicopter tourism market growth by partly focusing on the market share and expansion plans in the future. Furthermore, it assists a shared vision defining, expressing, and analyzing the competitive landscape condition based on the ongoing trends and opportunities surrounding the market. Also, it lists the potential lucrative opportunities for the market by scanning the primary regions, challenges & threats, and the potential risks. Highest growing market segments and expansions & acquisitions, prominent upcoming business practices, and the latest product launches are also noted.
Drivers & Restraints
Regular Reduction in Crude Oil Prices to Welcome Higher Market Value
Factors pertaining to an inflow of travelers to charming places, ideal mode of transport for malady prone travelers, and the low flying capabilities giving the rider an ability to not impede a finer bird’s eye view will give rise to low-cost flights. These factors are expected to contribute a higher retention rate for consumers to choose helicopters as their preferable choice of travel solution. A cutback in crude oil prices and stepping progress in commercial helicopter exertion applications will open new revenue opportunities for the global helicopter tourism market.
However, the ongoing pandemic has imposed a higher restriction on international travel, which is bound to harm the value of the market in a negative format. Additionally, higher maintenance and stringent operational costs will hinder the market growth to a certain extent.
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North America to Dominate Market Expectation During Forecast Period
The region of North America will witness the largest market share during the advent of the forecast period owing to the soaring number of service firms and declining crude oil prices to name a few. Furthermore, sizeable user base is expected to migrate to the U.S. and the Canadian province as limitations on intercontinental travel are alleviated. These factors will spiral the growth of the market in the region towards a beneficial prospect.
Asia Pacific will occupy the fastest growing CAGR in the market. Expanding rotorcraft tourism in the region is responsible for an incremental growth of market during the forecast.
Air Fare to Emerge as the Frontrunner
A higher adoption of inexpensive air travel will help integrate larger sales figures for the helicopter tourism market share during the forecast duration. Added functionality due to merging of advanced technologies such as Internet of Things (IoT) and Artificial Intelligence (AI) will back the rising consumer demands for convenient and secure characteristics. Furthermore, a surging commercial sector is expected to skyrocket the growing demand for the market. For example, in December 2020, Maverick Helicopters recently launched two new scenic routes to their roster which feature the Las Vegas and Red Canyon aerial sightseeing pathways.
- August 2020: Advantage Capital recently collaborated with Maverick Helicopter by announcing a cash infusion of USD 2.5 million due to the hardships faced in terms of alleviating COVID-19 damages and employee retention measures.
- August 2020: While announcing the conclusion of their business in the Las Vegas region, Sundance Helicopters declared that they will be presuming Charter Services due to a lower tourist base from domestic and global outlook.
List of Key Players Present in the Market
- Bird Eye View Helicopters LLC (U.S.)
- Sundance Helicopters Inc. (U.S.)
- Sydney Helicopters Pyt. Ltd (Australia)
- Cape Town Helicopters (South Africa)
- Maverick Aviation Group (U.S.)
- Grupo Sodarca (Portugal)
- it Srl (Italy)
- Liberty Helicopters (U.S.)
- Midwest Aviation LLC (U.S.)
- Niagara Helicopters Limited (Canada)
- Helipstas SI (Spain)
- Kaikoura Helicopters Ltd (New Zealand)
- Bravo Helicopters LLC (U.S.)
- Heli-Jet Aviation Ltd (U.K.)
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