UAE set to place $224bn worth of plane orders to 2031
The UAE is forecast to emerge as the world’s third single biggest market for new aircraft deliveries with total orders worth $223.9bn to 2031, Airbus said on Wednesday.
The European aircraft maker said the UAE would take delivery of 882 aircraft in the next 20 years while globally there would be a demand for 28,198 passenger and freighter aircraft between 2012 and 2031 worth nearly $4trn.
China will top the world’s aircraft markets with new orders worth $634bn, followed by the US at $544bn.
Over 1,700 Very Large Aircraft like the A380 will have been delivered by 2031, valued at $600bn, of which 23 percent will be ordered by Middle East operators.
The Airbus report also showed that Dubai is currently the world's busiest airport for A380s, followed by Singapore and Frankfurt.
Airbus' latest Global Market Forecast reconfirmed an upward trend in the pace of new aircraft deliveries.
It also said passenger traffic will grow at an average annual rate of 4.7 percent in the next 20 years, during which some 10,350 aircraft will be replaced by new efficient models.
By 2031 the world's passenger fleet will have expanded by 110 percent from slightly over 15,550 today to over 32,550.
In the same period, the world's freighter fleet will almost double from 1,600 to 3,000 aircraft.
Emerging economic regions will represent more than half of all traffic growth in the next 20 years. Increasing urbanisation and the doubling of the world's middle classes to five billion people is also driving growth, Airbus said.
"Aside from growth in international traffic, by 2031 four of the world's biggest traffic flows will all be domestic US, China, Intra Western Europe and India and these account for a third of world traffic," said John Leahy, Airbus chief operating officer Customers.
"In 20 years from now, China's domestic passenger traffic will overtake the US domestic traffic to become the number one traffic flow in our forecast. Aviation is not just essential for international commerce, but also for domestic economies too," he added.
Asia Pacific will account for 35 percent of all new aircraft deliveries, followed by Europe and North America with 21 percent each.