New aircraft demand of $730 billion in Middle East
70 percent of the demand is expected to be driven by rapid fleet expansion in the region.
According to the Boeing Current Market Outlook (CMO), single-aisle airplanes such as the 737 MAX will command the largest share of new deliveries, with airlines in the region needing approximately 1,410 airplanes.
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."
Twin-aisle aircraft will account for a little under half of the region's new airplane deliveries over the 20-year period, compared to 23 percent globally.
This is demonstrated by the strong order book and deliveries for the 787 and 777, underlining how Boeing is meeting customer demand in the region by focusing on enhancing passenger experience and improving operating economics and capability. ■