Airbus report says future demand for the region's fleet is valued at $600 billion
The fleet size of carriers in the Middle East is forecast to more than double from 1,250 to 3,320 aircraft over the next two decades, according to the Airbus Global Market Forecast.
The Middle East will need 2,590 new aircraft by 2036, for replacement of 520 older generation aircraft, and 2,070 aircraft for growth, 730 are expected to remain in service over the period.
This demand includes 1,080 for twin-aisle aircraft, with the same number of single-aisle aircraft (1,080), and 430 very large aircraft, said Airbus.
It added that future demand for the Middle East’s fleet is valued at $600 billion from a total market value $5.3 trillion.
The current orders from Middle East-based carriers stand at 1,319 aircraft, of which 687 are single-aisle, 409 twin-aisle and 162 very large aircraft.
The report said passenger traffic to from and within the Middle East will grow 5.9 percent annually until 2036, well above the global average of 4.4 percent.
While traffic between traditional markets will grow at a steady rate, the highest growth is expected to be on routes to Latin America (8.5 percent per year to 2036).
Global freight traffic will see an annual 3.8 percent increase to 2036. Freight traffic growth from the region is expected to be highest between the Middle East and the Asia-Pacific, with 4 percent annual growth to 2036.
“The region’s proximity to the world’s population and growth markets has been a key in its aviation success and Airbus is proud to have been a partner in its development from day one,” said John Leahy, chief operating officer customers, Airbus Commercial Aircraft.