Market Trends of Middle East And Africa Freighter Aircraft Industry
Turbofan Segment Dominates the Market During the Forecast Period
- The turbofan aircraft segment currently holds the largest market share and is expected to maintain its dominance throughout the forecast period. This growth can be attributed to the increased expenditure on procuring new dedicated freighter aircraft and a growing emphasis on converting passenger aircraft into freighters. Notably, Middle Eastern carriers saw a 1.4% year-on-year rise in cargo volumes in August 2023, according to data from the International Air Transport Association (IATA).
- Airbus introduced the latest freighter, A350F, tailored for the large cargo market, incorporating cutting-edge innovations from the A350 series, resulting in reduced fuel consumption and CO2 emissions. Catering to mid-size and long-haul segments, the A330-200F, another new-generation cargo aircraft from Airbus, addresses the requirements of the cargo industry. Moreover, the conversion of passenger aircraft into freighters, such as the A330P2F and A321P2F, offers end-users a cost-effective and highly efficient option.
- For instance, in February 2022, Qatar Airways inked a USD 20 billion contract with the Boeing Company for the procurement of B777X freighter aircraft. The agreement involves the delivery of 34 Boeing B777-8 cargo aircraft (the freighter variant of the B777X model), with an additional commitment for 16 others in the future. Such developments are poised to propel market growth across the region throughout the forecast period.
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United Arab Emirates Holds Highest Shares in the Market
- The United Arab Emirates is expected to dominate the freighter aircraft market across the region due to a surge in domestic and international trade. Emirates experienced a 32% increase in total passenger and cargo capacity, reaching 48.2 billion ATKMs in 2022-23 as the airline reinstated passenger services across its network. For instance, in June 2023, Israel Aerospace Industries (IAI) announced the expected opening of its new Abu Dhabi passenger-to-freighter conversion (P2F) facility in the second half of that year. This facility is projected to convert up to 100 Boeing B777-300ERSFs.
- Moreover, thousands of UAE-based shoppers have utilized Emirates Delivers, the e-commerce platform of Emirates SkyCargo, to make purchases from US retailers since its launch in 2019. Additionally, in November 2021, Emirates SkyCargo, a leader in the global airfreight industry, announced plans to add two new Boeing B777Fs to its fleet in 2022 and convert four of the airline’s Boeing B777-300ER passenger aircraft into freighters between 2023 and 2024. These developments are contributing to an increased demand for freighter aircraft and greater investment in aircraft conversion facilities, driving market growth across the country in the coming years.
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