Middle-East and Africa Freighter Aircraft Market: Growth Analysis By Size, Share, News, Demand, Opportunity and Forecast: 2022-2031

Japan, Japan, Thu, 31 Mar 2022 23:40:39 / Comserve Inc. / -- The Middle-East and Africa freighter aircraft market is expected to register a CAGR of over 4% during the forecast period.

The Middle-East and Africa freighter aircraft market is expected to register a CAGR of over 4% during the forecast period.

- Cargo carriers from the Middle-East and Africa are benefitted from the geographic positioning of the region that connects Asia, Europe, and Africa, and the support offered by the governments in terms of infrastructure to generate air cargo growth in the region.
- In addition, for the carriers in the Middle-East and Africa region, the revenue through cargo is a necessary and valuable measure of overall performance, due to which they are expanding their routes and adding new freighter aircraft to generate more profits by catering to the growing global air freight demand.

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Key Market Trends

Middle-East and Africa is Becoming an Important Hub for Air Freight

In the Middle-East and Africa region, the demand for air cargo is growing. The region accounted for nearly 16% of the global air freight demand in the world in 2019. African region recorded a strong 2019 full-year performance, which saw its air freight volumes expand by 7.4%, and air freight capacity increased by 13.3%, primarily driven by the strong capacity growth and investment linkages with Asia region. However, Middle-Eastern carriers witnessed a decline in demand of 4.8% in 2019 with a slight annual capacity increase of 0.7%, due to a weaker global trade in 2019, together with airline restructuring in the region. Nevertheless, airlines in the Middle-East have witnessed huge demand for cargo services in Q1 2020 as the need to transport food and medicine is increased amid the COVID-19 pandemic. The growing demand for air freight is expected to bolster the market prospects during the forecast period.

Derivative of Non-Cargo Aircraft Segment is Anticipated to Register the Highest CAGR During the Forecast Period

The Derivative of Non-Cargo Aircraft segment accounted for the largest market share in 2019 and is anticipated to register the highest CAGR during the forecast period. This is mainly due to the increasing presence of the airlines in the region which offer both air cargo transport and passenger transport. Several passenger airlines in the region are entering the cargo freight business due to which they are preferring the conversion of their existing aircraft into the freighter models to reduce the costs incurred in buying new freighter aircraft, as the converted models are far cheaper than newly built freighters. For instance, in 2018, EgyptAir announced that it will be increasing its focus on its cargo segment. EgyptAir Cargo, through fleet renewal and expansion of its Cairo cargo hub, expected a boost in its cargo capacity by 30%. Also, the airline took delivery of the first A330-200 passenger-to-freighter conversion from Elbe Flugzeugwerke GmbH (EFW), the joint venture between ST Engineering Aerospace and Airbus in 2018, and two more such aircraft in 2019. Such developments are expected to propel the growth of the segment during the forecast period.

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Competitive Landscape

Some of the prominent players in the market are The Boeing Company, Airbus SE, ATR, Textron Inc, and Israel Aerospace Industries. The market consists of players like the aircraft OEMs, third-party contractors, or independent companies that enter into cooperation agreements with the OEMs and third-party contractors that develop their conversion solutions independently. However, OEMs are now enjoying a higher preference from the customers, both for dedicated and derivative models, due to their manufacturing expertise, full and cost-effective component support, and easier regulatory acceptance. However, the conversion providers are working towards providing cost-effective conversion offerings, thereby attracting new customers that help them to increase their market share in the region.

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