While the global commercial aviation fleet is projected to increase by a staggering 28% over the next decade, reaching 36,400 aircraft by 2034, the Middle East is poised for an even more impressive 51% surge, expanding its fleet from 1,472 to 2,227 aircraft. This remarkable growth signifies the region's strategic location, established aviation players, and the emergence of new airlines, further fueled by ambitious economic diversification plans across the Gulf Cooperation Council (GCC) countries.
The Middle East serves as a vital global aviation hub, connecting continents and facilitating trade. Renowned airlines like Emirates and Qatar Airways have established a strong global presence, attracting travelers worldwide.
The emergence of new airlines further strengthens the region's aviation ecosystem. Bold economic diversification plans across the GCC countries are creating new travel opportunities, boosting demand within the region.
The report also explores the broader aviation landscape, with key takeaways including global recovery, shift towards narrowbody aircraft etc.
After weathering the COVID-19 storm, the global aviation industry has recovered to pre-pandemic levels. However, future growth is anticipated to be slower at 2.5% annually compared to pre-pandemic projections.
The global fleet composition is shifting towards narrowbody aircraft, driven by the resurgence of domestic air travel. This segment is expected to rise from 61% to 63% of the global fleet by 2034.
For the first time, India is projected to surpass China as the industry's growth champion, with its fleet expanding by nearly 13% in the first five years and almost 10% over the entire decade.
The global MRO (Maintenance, Repair, and Overhaul) sector is expected to witness a near 3% growth in 2024, reaching $104 billion, followed by an annual average growth of 1.8% through 2034. The Middle East's MRO market is expected to outperform the global average, growing at 2.3% annually, driven by local capability development efforts.
