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Middle East and Africa General Aviation Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The Middle East and Africa General Aviation Market is projected to register a CAGR of 11.01%. Key Highlights. Largest Market by Sub-Aircraft Type - Business Jets : The presence of a large number of High Net-worth Individuals (HNWIs) in the region is a major driver for the market growth.
New York, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Middle East and Africa General Aviation Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381542/?utm_source=GNW
Fastest-growing Market by Sub-Aircraft Type - Business Jets : Frequent traveling requirements to attend business and private affairs of HNWIs and their lifestyle is prompting them to acquire more expensive private planes.
Largest Market by Body Type - Large Jet : The consumers’ preference for large jets across the region is driving the demand. Therefore, manufacturers offer consumers a wide range of products according to their convenience.
Largest Market by Country - Qatar : Procuring large jets by various companies or individuals across various sectors drives the country’s market growth.
Key Market Trends
Business Jets is the largest segment by Sub Aircraft Type.
Middle East & Africa accounted for around 3% of global business jet deliveries in 2021. Turboprop and piston aircraft accounted for 6.3% and 2.3% of global deliveries.
The COVID-19 pandemic adversely impacted the general aviation sector of the region. The global restrictions on travel and pandemic-induced lockdown affected the demand in the general aviation sector. The deliveries in the overall general aviation aircraft segment declined by 36% in 2020.
The HNWIs and UHNWIs prefer private jets and helicopters for personal or business travel. The rising number of HNWIs in the region is boosting the procurement of aircraft in the general aviation sector. The UHNWI population increased from 2,146 in 2016 to 2,489 in 2021 in Africa and from 4,452 in 2016 to 9,717 in 2021 in the Middle Eastern countries.
Gulfstream was the leading OEM in terms of aircraft deliveries, with around 29 aircraft, followed by Embraer and Bombardier, with 14 and 13 deliveries in the Middle East during 2016-2021. Similarly, in Africa, Bombardier was the prominent player with nine deliveries, followed by Dassault, Gulfstream, and Cessna, with around seven, five, and five deliveries.
The growing demand for business aviation services in oil-rich economies is expected to boost the general aviation sector in the Middle East & Africa. Around 1,160 aircraft comprising business jets, helicopters, turboprops, and piston aircraft are expected to be delivered in the region during the forecast period.
Qatar is the largest segment by Country.
The Middle East & Africa accounted for around 3% of global business jet deliveries in 2021. Similarly, turboprop and piston aircraft accounted for 6.3% and 2.3% of the global deliveries in their category.
In 2021, air charter service providers witnessed high demand in the whole Middle East & African region with the surge in new memberships for business aviation. The HNWIs and UHNWIs prefer private jets and helicopters for personal or business travel. The rise in the number of HNWI individuals in the Middle East & African region has aided in procuring aircraft in the general aviation sector. From 2016 to 2021, the HNWI population in the Middle East region increased from 176,000 in 2016 to 754,000 in 2021, and in the African region, it increased from 45,000 in 2016 to 128,000 in 2021.
After the pandemic, business jet demand in this region surged 113% in 2021, specifically in the large business jet segment. In terms of the current operational fleet, large jets accounted for around 50% of the overall Middle East business jet fleet and 36% in the Africa region of July 2022, as large jets are more prevalent in the Middle East & Africa region. During the pandemic, air charter service providers witnessed high demand in the Middle East & Africa region.
The growth in demand for business aviation services in oil-rich economies is expected to boost the demand for the general aviation sector in the Middle East & African region. Around 1,160 aircraft comprising business jets, helicopters, turboprops, and piston aircraft are expected to be delivered in the Middle East and Africa region during the forecast period.
Competitive Landscape
The Middle East and Africa General Aviation Market is fairly consolidated, with the top five companies occupying 78.70%. The major players in this market are Airbus SE, Bombardier Inc., Dassault Aviation, General Dynamics Corporation and Leonardo S.p.A (sorted alphabetically).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06381542/?utm_source=GNW
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