Japan, Japan, Fri, 08 Apr 2022 05:59:57 / Comserve Inc. / -- The Middle-East and Africa general aviation market is projected to grow with a CAGR of more than 3% during the forecast period.
The Middle-East and Africa general aviation market is projected to grow with a CAGR of more than 3% during the forecast period.
- Growth in the number of high net-worth individuals has changed the preference of passengers towards private aircraft in the region is currently driving the growth of the market.
- Increasing travel and tourism in the Middle-East and Africa region is driving the general aviation market growth in the region by attracting more passengers to the region.
- However, fluctuations in oil prices may pose a threat to the general aviation market in the region, as most of the countries in the Middle East are oil-based economies.
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Key Market Trends
Business Jet Segment will Continue to be the Largest Market in the Forecast period
The business jet segment is the major revenue-generating segment for the market as of 2019.In the Middle East region, there is a high demand for large-cabin and long-range business jets in the region owing to their high luxury and comfort. The business jet segment is expected to experience rapid growth in the coming years in the region, after a downfall for several years, mainly due to the economic downturn. Business jet manufacturers have also shifted their focus 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 segment demand is propelled by charter service providers. For instance, in October 2019, Gulfstream Aerospace Corp. announced Qatar Airways as the launch customer for the Gulfstream G700, the new Gulfstream flagship, for its charter service, Qatar Executive. According to Qatar Executive's the latest agreement with Gulfstream is for the purchase of 10 G700 aircraft in addition to their additional orders for Gulfstream G500 and G650ER aircraft. Earlier, in June 2019, Qatar Executive received delivery of two Gulfstream jets, the delivery included one G650ER and one G500 aircraft.
Saudi Arabia is the Largest Market for General Aviation in the Region as of 2019
In 2019, Saudi Arabia was the biggest market for business aviation activity in the Middle East region, accounting for more than one-third of the total business aircraft in the Middle-East region. The high wealth in the country makes its a lucrative market for general aviation. However, UAE, another wealthy nation in the region, is expected to grow at a high CAGR in the years to come. General aviation is witnessing tremendous growth in the United Arab Emirates and the growth can be traced to the increase in the presence of general aviation players in the region. The country is currently enhancing its business aviation infrastructure. Dubai is projected to be a major destination in the Middle-East during the forecast period, both for business travel purposes and tourist purposes. These factors are anticipated to help the growth of the UAE general aviation market.
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The market is currently consolidated, with around ten players catering to the general aviation customers in the Middle-East & Africa region. Textron Inc., Embraer SA, Bombardier Inc., General Dynamics Corporation (Gulfstream), and The Boeing Company are the main players in the market. New aircraft models, such as Global 7500 (by Bombardier), G500 aircraft (by Gulfstream Corporation), and Cessna Denali (by Textron Inc.), etc., have gained a lot of attention, recently, which may help these companies to stand out amid the competition, and increase their presence in the fast-growing markets in the region. To meet the growing demand charter jet companies are increasing their fleet for instance in July 2019, ExecuJet, a part of the Luxaviation Group, added a second Pilatus PC-24 to their African fleet. Also, in early 2020, Embraer Executive Jets was approved Type Certificate by ANAC (National Civil Aviation Agency of Brazil), EASA (European Union Aviation Safety Agency), and the FAA (Federal Aviation Administration) for its new Phenom 300E. As the Middle-East is the company's fourth-largest market and with the new certification from regulatory bodies, the company will launch its new models in the region to boost its sales.
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