POISED FOR GROWTH

The Middle East stands as one of the fastest-growing aviation markets globally, with an annual regional fleet expansion of 5.1 per cent over the next decade

- AYUSHEE CHAUDHARY

BUSINESS AVIATION HAS BEEN A GROWING MARKET AFTER COVID-19 in many parts of the world. While the fluctuations have impacted even the private aviation market, it has more or less seen better days than commercial aviation. The global business aviation sector was valued at $42.14 billion in 2022 and is poised for significant growth. Forecasts indicate an increase from $43.97 billion in 2023 to an impressive $62.66 billion by 2030. This surge is driven by a notable rise in high-net-worth tourists, escalating the demand for private aviation and propelling global business aircraft sales.

The Middle East has been seeing significant growth, further driven by tourism and global events being organised. In the Middle East Aviation Market, valued at $60 billion in 2023, RationalStat analysis predicts substantial growth at a CAGR of 3.9 per cent from 2023 to 2030. Despite a 6 per cent year-over-year decline, the sector is 47 per cent ahead of 2019, with Al Maktoum International Airport in Dubai standing out, surpassing its last year’s activity by 4 per cent. The Middle East demonstrates resilience, with certain hubs like Dubai maintaining robust activity. Business jet growth in the Middle East has been strong in recent years and is expected to continue. According to Aviation Week Network’s 2024 Business Aviation Fleet & MRO forecast, the private jet fleet in the region is projected to grow by 141 (reaching 480 in-service aircraft) over the 10 years from 20242032, with a sales value of $9.1 billion. The region primarily sees a dominance of long and ultra-long-range jets, aligning with travel profiles to Europe, Asia, or North America.