Yahoo Finance Middle-East and Africa Business Jet Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The Middle-East and Africa Business Jet Market is projected to register a CAGR of 13.83%. Key Highlights. Largest Market by Body Type - Large Jet : The increasing popularity of large jets because of their comfort, convenience, and ability to travel long distances is projected to drive the demand for large jets in the region.
New York, Jan. 30, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Middle-East and Africa Business Jet Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381494/?utm_source=GNW
Fastest-growing Market by Body Type - Large Jet : The consumers’ preference for high premium quality and convenient jets, which offers large and personalized space, is driving the adoption rate for large jets.
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
Large Jet is the largest segment by Body Type.
Middle East & Africa accounted for around 3% of the global business jet deliveries from 2016 to 2021. After the pandemic, the demand for business jets in the region surged by 113% in 2021, specifically in the large business jet segment.
The large jet segment dominates the current operational fleet, accounting for 293 aircraft out of the total 588 aircraft. The UHNWIs are the dominant users of large business jets in the region.
In 2021, air charter service providers witnessed high demand in the entire region, with a surge in new memberships for business aviation. For instance, in 2021, the UAE-based air charter service provider VistaJet registered a growth of around 100% in new memberships during January and June 2021 compared to the first half of 2020.
Bombardier was the leading OEM, with 23% of the current operational fleet size, followed by Gulfstream and Boeing, with 21% and 14%, respectively, in the Middle Eastern business jet fleet as of July 2022. In Africa, Bombardier was the leading player in terms of the current operational fleet, with 22% of the jets, followed by Cessna, BAE, and Gulfstream with 21%, 15%, and 13% of the current fleet, respectively. The surge in UHNWIs in the region is expected to aid the business jet segment in the country. Around 200+ aircraft are expected to be delivered during 2022-2028.
Qatar is the largest segment by Country.
The Middle East & African region accounted for around 3% of the global business jet deliveries in 2021. After the pandemic, business jet demand in this region surged 113% in 2021 compared to 2020, specifically in the large business jet segment. The number of first-time flyers in private jets increased after the pandemic. The companies also witnessed increased long-distance travel from the Middle East to the United States and European countries.
Adopting large jets is more prevalent in the Middle East & Africa. In terms of the current operational fleet, the large jets accounted for around 50% of the overall Middle East business jet fleet and 36% in the Africa region of July 2022. Bombardier emphasizes growth opportunities in this region with their large jet offerings such as Global 7500.
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. For instance, in 2021, UAE-based air charter service provider vista jet registered a growth of around 100% in new memberships in January and June 2021 as compared to the 1st half of 2020.
Bombardier is the leading original equipment manufacturer with 23% of the current operational fleet size, followed by Gulfstream and Boeing with 21% and 14% in the Middle East business jet fleet as of July 2022. Similarly, in Africa, Bombardier is the leading player in terms of the current operational fleet, with 22% of the jets, followed by Cessna, BAE, and Gulfstream, with 21%, 15%, and 13% of the current fleet. The surge in UHNWI individuals in the region is expected to aid the business jet in the region, and around 200 business jets are expected to be delivered during 2022-2028
Competitive Landscape
The Middle-East and Africa Business Jet Market is fairly consolidated, with the top five companies occupying 99.21%. The major players in this market are Airbus SE, Bombardier Inc., Dassault Aviation, General Dynamics Corporation and Pilatus Aircraft Ltd (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/p06381494/?utm_source=GNW
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