DUBLIN–(BUSINESS WIRE)–The “Middle East Aviation Market – Growth, Trends, Impact of COVID-19 and Forecast (2021-2026)” report has been added to from ResearchAndMarkets.com offer.
Middle East Aviation Market was valued at USD 13.19 Billion in 2020 and is projected to reach USD 23.07 Billion by 2026 at a CAGR of 7.86% during the forecast period (2021-2026) .
The Boeing Company
Dassault Aviation SA
General Dynamics Society
Cirrus Aircraft Corp.
Honda Aircraft Company
Lockheed Martin Company
Main market trends
Rising demand for business jets will drive the general aviation segment over the forecast period
The Middle East has been a lucrative market for the business and private aviation verticals, due to the presence of a large high net worth and high net worth individuals (HNWI/UHNWI) population in the region. There is a high demand for large-cabin, long-range business jets in the Middle East due to their luxury and comfort. Although there is only one business jet delivered to the region in 2020, demand for business jets is expected to increase in the coming years in the region, after a multi-year decline. Due to growing concerns over the spread of COVID-19, first class and business travelers are expected to prefer general aviation options for safer and faster transportation, which is expected to boost the segment in the coming years. to come.
Business jet manufacturers have also focused on the region and see the Middle East as a region with high potential for future business jet sales, as several companies in the United States and Europe reduce frills like chartering corporate jets in an attempt to save money and appease investors. Additionally, growth in demand for charter operations is driving the segment. For example, in 2019, Qatar Airways this week confirmed a $1 billion order for 18 Gulfstream jets to be operated by Qatar Executive, the business jet subsidiary of Qatar Airways. Deliveries are expected to be completed by 2022. These orders are expected to drive the growth of the segment over the forecast period.
Saudi Arabia is expected to dominate the market over the forecast period
In the Middle East aviation market, Saudi Arabia currently accounts for a significant market share. The country is undergoing a gradual transformation to become a key aviation-related industry in the region and is witnessing an increase in the number of market-related developments. Saudi Arabia has long recognized the aviation sector as a means to stimulate economic growth. The privatization of airports has played a major role in increasing the growth of the aviation industry in Saudi Arabia. In addition, over the past two decades, the aviation market in Saudi Arabia has experienced significant growth in terms of airport infrastructure. Before the onset of the pandemic, the growing number of air passengers in Saudi Arabia led to an increase in the number of aircraft orders. In 2019, Saudi Arabian Airlines, the kingdom’s flag carrier, announced it had ordered 65 A320neo aircraft from Airbus, worth more than $7.4 billion at list price. Additionally, from March 2021, Saudia is reportedly considering a massive order of aircraft from Airbus and Boeing.
The airline plans to buy 70 aircraft in total, including the A321, 777 and 787. With passenger air traffic showing signs of recovery and the government offering financial aid, there are unlikely to be more cancellations or postponements of aircraft orders in the near future. On the other hand, military aviation in Saudi Arabia is experiencing significant growth and change. Saudi Arabia is expanding its military aviation fleet, for which it has already placed orders for several military aircraft. The continuing rivalry between Saudi Arabia and Iran could be the main driver, likely to lead to growth, in terms of military aircraft acquisitions in Saudi Arabia. In March 2021, Lockheed Martin subsidiary Sikorsky announced that it had been awarded a $53.87 million contract amendment to produce four UH-60M Black Hawk helicopters for Saudi Arabia. Deliveries will be completed by June 2022. Saudi Arabia is also a lucrative general aviation market in the Middle East region. The only business jet delivered to the Middle East region in 2020 was delivered to a customer in Saudi Arabia. Furthermore, the country’s high wealth is also expected to boost the general aviation market in the country during the forecast period.
Main topics covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Constraints
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION (Market Size by Value – USD Billion)
5.1 Aircraft type
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information on this report, visit https://www.researchandmarkets.com/r/905b5d