– Demand for nearly 3,000 commercial jets valued at $765 billion over next 20 years
– Widebodies account for 43% of Middle East demand, highest proportion of any region
– Aftermarket commercial services such as maintenance and repair worth $275 billion
With air travel and tourism continuing to drive Middle Eastern economic growth, Boeing [NYSE:BA] said today that the regions passenger traffic and commercial fleet are projected to more than double over the next two decades. The company announced its estimate in the 2022 Boeing Commercial Market Outlook (CMO), a forecast of 20-year demand.
Middle Eastern carriers have successfully managed through challenges brought on by the pandemic by adjusting their business models and increasing usage of freighters to maximize revenue. Looking ahead, the regions fleet is forecasted to expand to 3,400 airplanes to serve fast-growing passenger traffic as well as cargo demand, Boeing said.
The Middle East region, a popular connection point for international travelers and trade, is also growing as a starting point and destination for business and leisure passengers, said Randy Heisey, Boeing managing director of Commercial Marketing for the Middle East and Africa, and Russia and Central Asia Regions. The region will continue to require a versatile fleet that meets the demands of airline and air-cargo business models.
Middle East airlines will require 2,980 new airplanes valued at $765 billion to serve passengers and trade. More than two-thirds of these deliveries will enable growth, while one-third will replace older airplanes with more fuel-efficient models such as the Boeing 737 MAX, 787 Dreamliner and 777X.
Notably, air cargo traffic flown by Middle East carriers has continued its substantial growth of recent years; two of the worlds top five cargo carriers by tonnage are based in the region. To serve future demand, the Middle East freighter fleet is projected to reach 170 by 2041, more than doubling the pre-pandemic fleet.
The 2022 Middle East CMO also includes these projections through 2041:
- Passenger traffic is expected to grow at 4% annually.
- Passenger widebody aircraft demand continues to be robust, with 1,290 deliveries supporting a growing network of international routes.
- The Middle East single-aisle market will more than double, reaching 1,650 jets to serve regional and international destinations.
- Demand for aftermarket commercial services including maintenance and repair valued at $275 billion.
- The region also will require 202,000 new aviation personnel, including 53,000 pilots, 50,000 technicians and 99,000 cabin crew members in the next 20 years, according to Boeings 2022 Pilot and Technician Outlook.
The complete CMO forecast is available at http://www.boeing.com/commercial/market/commercial-market-outlook/
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