Boeing Forecasts a $730 Billion Aircraft Market in Middle East Over the Next 20 Years
Boeing is predicting that the Middle East will require 3,180 new aircraft over the next two decades, which translates into roughly $730 billion.
The U.S. aircraft manufacturer sees 70% of that demand driven by “rapid fleet expansion in the region.”
Boeing’s forecast predicts that that the largest share of future demand will be in single-aisle aircraft, such as its 737 MAX, estimating that Middle East carriers will need approximately 1,140 of those aircraft.
In its announcement, Boeing expresses, “These new airplanes will continue to stimulate growth for low-cost carriers and replace older, less-efficient airplanes.”
“Traffic growth in the Middle East continues to grow at a healthy rate and is expected to grow 6.2 percent annually during the next 20 years,” said Randy Tinseth, Vice President, Marketing, Boeing Commercial Airplanes.
“About 80 percent of the world’s population lives within an eight-hour flight of the Arabian Gulf. This geographic position, coupled with diverse business strategies and investment in infrastructure is allowing carriers in the Middle East to aggregate traffic at their hubs and offer one-stop service between many city pairs that would not otherwise enjoy such direct itineraries.”