Air cargo growth between the Middle East and Europe – the region’s largest air trade partner – is expected to average 4 per cent a year over the next 20 years, according to Boeing’s latest World Air Cargo Forecast released on Tuesday.
Global air freight growth until 2033 is meanwhile forecast to average 4.7 per cent a year. Cargo traffic is expected to more than double to 521.8 billion revenue tonne-kilometres, a key industry measure, in 2033 from 207.8 billion RTK in 2013.
"We see strong signs of a recovery as air-freight traffic levels continue to strengthen after several years of stagnation," said Randy Tinseth, vice president of marketing at Boeing. "The air cargo market is now growing at nearly the long-term rates."
The growth between the Middle East and Europe averaged 5.4 per cent a year between 2003 and 2013, representing 36.4 per cent of the region’s international air cargo market last year.
The report, however, warned that “direct flights connecting production centres in Asia and Europe pose some risk to air cargo traffic between the Middle East and Europe”.
The US aircraft maker said that the region will emerge as a cargo hub, which will be supported by government spending on associated infrastructure.
“All three of the largest cargo centres in the region, Dubai, Abu Dhabi and Doha, are expanding their cargo-handling capacity to meet growing passenger and cargo demand,” the report said.
Cargo volumes at Abu Dhabi International Airport were up 16 per cent year-on-year in the first six months of this year, with 377,885 tonnes handled during the period.
Etihad Airways' proposed new cargo terminal will help the airline meets its target to handle more than 2.5 million tonnes of freight by 2025. Last month Etihad said it was seeking contractors to build the new facility in close proximity to the airport.
Middle East airlines outperformed every other region except Latin America in terms of cargo growth in August, according to data provided by the International Air Transport Association.
The region’s carriers posted cargo growth of 7.8 per cent, while capacity increased by 6 per cent.
Boeing also said in yesterday’s report that carriers would buy 840 new freighter planes valued at US$240 billion in the next 20 years.
Airlines will also convert 1,330 passenger planes to freighter versions in that time, while 70 per cent of the 840 new air freighters are expected to be large planes, such as the 747-8 and 777, which can carry more than 80 tonnes of cargo in a single takeoff.
siyer@thenational.ae
* with Bloomberg News
Follow The National's Business section on Twitter
