Shibuya-ku, Tokyo, Japan, Japan, Mar 25, 2022, 05:07 /Comserve / -- Middle-East Aviation Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The Middle-East Aviation Market was valued at USD 13.19 billion in 2020 and is projected to reach USD 23.07 billion in 2026 with a CAGR of 7.86% during the forecast period (2021-2026).

Aviation passenger traffic in Middle-East increased every year over the past decade until 2019. However, the passenger traffic growth decreased in 2019 compared to 2018 and the advent of the COVID-19 pandemic has further slashed the passenger traffic in 2020. The region is home to some of the prominent full-service carriers operating long-haul routes like Emirates, Etihad, Qatar Airways, among others, which witnessed huge losses due to the closure of international borders.

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In addition, with the international passenger traffic projected to recover slower than domestic travel, several full-service carriers in the region have canceled or deferred their aircraft orders in 2020. Nevertheless, the advent of new budget carriers like Air Arabia Abu Dhabi and Wizz Air Abu Dhabi is expected to propel the demand for new narrow-body aircraft in the years to come.

Key Market Trends

Growing demand for Business Jets will Drive the General Aviation Segment During the Forecast Period

Middle-East has been a lucrative market for both the business and private aviation verticals, due to the presence of large high net worth and ultra-high net worth individual (HNWI/UHNWI) population in the region. There is a high demand for large-cabin and long-range business jets in the Middle-East due to their high luxury and comfort. Though there is a single business jet delivery in the region in 2020, the business jet demand is expected to grow in the coming years in the region, after a downfall for several years. Due to the growing concerns regarding the spread of the COVID-19, first-class and corporate travelers are expected to prefer general aviation options for safer and quicker transport, which is expected to drive the segment in the years to come. Business jet manufacturers have also shifted their focus onto the region and are considering the Middle-East as a high potential region for future business jet sales, as several companies in the United States and Europe are cutting back on frills like the corporate plane charter in an attempt to save money and appease investors. Also, the growth in demand for charter operations is driving the segment. For instance, in 2019, Qatar Airways this week confirmed an order valued at USD 1 billion for 18 Gulfstream aircraft to be operated by Qatar Executive, the business jet subsidiary of Qatar Airways. The deliveries are expected to be completed by 2022. Such orders are expected to drive the growth of the segment during the forecast period.

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Saudi Arabia is Expected to Dominate the Market During the Forecast Period

In the Middle-Eastern aviation market, Saudi Arabia currently accounts for a major market share. The country is undergoing a progressive change to become a key aviation-related industry in the region and is witnessing an increase in the number of developments related to the market. Saudi Arabia has long recognized the aviation sector as a means to drive economic growth. Privatization of the airports has played a major role in increasing the growth of the aviation industry in Saudi Arabia. Moreover, since the last two decades, the aviation market in Saudi Arabia has witnessed significant growth in terms of airport infrastructure. Prior to the advent of the pandemic, the increasing number of air passengers in Saudi Arabia has led to an increase in the number of aircraft orders. In 2019, Saudi Arabian Airlines, the kingdom's national airline, announced that it had ordered 65 A320neo-type aircraft from Airbus, worth more than USD 7.4 billion at list prices. In addition, as of March 2021, Saudia is reportedly considering a massive aircraft order from both Airbus and Boeing. The airline plans to buy 70 aircraft in total, including the A321, 777, and 787 aircraft. With the air passenger traffic showing signs of recovery and the government offering financial aid, it is unlikely that there will be further aircraft order cancellations or deferrals in the coming future.

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Competitive Landscape

Lockheed Martin Corporation, Bombardier Inc., The Boeing Company, Airbus SE, and Textron Inc. are some of the prominent players in the Middle-East aviation market. Various initiatives, as well as product innovations, have led the companies to strengthen their presence in the market. For Airbus and Boeing, Middle-East has been a major demand generating region for wide-body aircraft over the years. However, this is expected to change due to the emergence of new LCCs and the slump in the demand for long-haul flights. Despite a fall in deliveries in 2020, the Middle-East still remains a lucrative market for business jets in the years to come. Additionally, as the countries look to strengthen their aerial combat capabilities, several military aircraft orders are expected from this region over the next decade. Therefore, the rivalry among the existing players in the market is expected to intensify further in the coming years.

1 INTRODUCTION
1.1 Study Deliverables
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION (Market Size by Value - USD billion)

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