The United Arab Emirates is on its way to becoming the world’s third largest spender on new aircrafts, with total orders valued at $223.9 billion in the next 20 years, a local newspaper reported Wednesday.
The Khaleej Times said the UAE would take delivery of 882 aircraft in the next 20 years, in a $4 trillion global market that is demanding 28,200 passenger and freighter aircraft of 100 seats or more between 2012 and 2031.
China heads the world’s top 10 aircraft markets with new orders worth $634 billion, followed by the U.S. at $544 billion. Indian will be fourth market with new aircraft orders valued at $173.7 billion, the newspaper said.
European aircraft maker Airbus, the world’s leading manufacturer of passenger jets, gave provided the data, saying that due to UAE’s increased focus on wide-bodied and higher priced aircraft, the country will rank seventh in the number of new aircraft deliveries.
The U.S. is expected to lead the market in number of aircraft delivered, with 5,289 new passenger jet delivers of by 2031, followed by China at 4,272 and India at 1,232.
The top 10 countries will account for 61 percent of the total new deliveries and 60 percent of the total business volume, Airbus said in its latest Global Market Forecast.