Leading airplane manufacturer, Boeing recently cited the rise in opportunities in Africa’s aviation space. According to CNN, the company has found its order book filled with an increasing number of African clients in recent years.
“Right now the African market for the airlines is quite small,” said Van Rex Gallard , the company’s Vice President of Sales for Africa. “African airlines only have around 2% of the total of revenues of the traffic between Africa and the rest of the world, so to me the potential is huge,” he added.
According to the International Air Transport Association (IATA) in February 2011, Africa is now the second fastest growing market in the world in commercial aviation second only to China.
Airbus’ Global Market Forecast predicts that sub-Saharan Africa alone will require at least 542 new aircraft by 2020 to meet rising passenger numbers.
“The numbers, if everything stays the way it is right now … without the African airlines growing faster and the way they should, it would be around 800 airplanes for the next 20 years (and) worth around 100 billion dollars,” Gallard added.