Pune, India, May 02, 2023 (GLOBE NEWSWIRE) -- The ground support equipment market size was valued at USD 4.07 billion in 2021 and is estimated to rise from USD 4.23 billion in 2022 to USD 7.8 billion by 2030 at a 7.97% CAGR during the forecast period. Fortune Business Insights™ has deep-dived into these insights in its latest research report titled, “Ground Support Equipment Market, 2022-2030.”
According to the study, stakeholders are poised to further their investments in Ground Support Equipment (GSE) solutions to bolster aircraft passenger and cargo loading operations and mobility. A gradual uptick in cargo transportation and the demand for portable water storage could foster the industry outlook.
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Major Players Profiled in the Report:
- AERO SPECIALTIES INC. (U.S.)
- Cavotec SA (Switzerland)
- Curtis Instruments Inc. (U.S.)
- Guangtai (China)
- ITW GSE (U.S.)
- JBT (U.S.)
- Kalmar Motor AB(Sweden)
- Mallaghan(Ireland)
- Rheinmetall AG (Germany)
- SINFONIA TECHNOLOGY CO. LTD. (Japan)
- Sojitz Aerospace Corporation (Japan)
- Textron Ground Support Equipment Inc. (U.S.)
- TLD (France)
- Tronair (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2030 |
| Forecast CAGR | 7.97% |
| 2030 Value Projection | USD 7.82 Billion |
| Market Size in 2022 | USD 4.23 billion |
| Historical Data | 2017-2020 |
| No. of Pages | 150 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Ground Support Equipment Market Growth Drivers | Growing Air Traffic and Cargo Transportation to Boost Market Growth |
| Increasing Focus on Enhancement of Operational Efficiency to Augment Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/ground-support-equipment-market-101823
Segments
In terms of type, the market is segmented into pushback tractors, tugs & tractors, passenger boarding lift & steps, hi-lift loader, belt loader, de/anti icing vehicle, lavatory service vehicle, water service vehicle, and others.
Based on power source, the market is segregated into electric GSE, non-electric GSE, advanced GSE, fuel cell vehicle, and hybrid GSE.
With respect to ownership, the market is fragmented into used sales, new sales, and rental/lease.
On the basis of geography, the market is segmented into North America, Asia Pacific, Europe, and the Rest of the World.
COVID-19 Impact
Volatile Demand amidst Pandemic to Hamper Growth
OEMs and other stakeholders expect fluctuating demand for air travel could bring a tectonic shift in the global landscape. The IATA claims that 2020 witnessed approximately 60% reduction in passenger air travel compared to the preceding year. Meanwhile, bullish sentiments toward vaccinations have augured well for the industry outlook. The IATA projected net loss of the aviation industry to dip from USD 51.8 billion in 2021 to USD 11.6 billion in 2022.
Report Coverage
The report has been prepared through qualitative and quantitative analysis to provide a comprehensive view of the market. Prominently, a slew of primary interviews has been conducted with major stakeholders and suppliers. Primary data has been collated through emails, telephonic conversations, and questionnaires. Besides, the report also includes secondary sources, including SEC filings, press releases, and government websites. The report sheds light on bottom-up and top-down approaches to offer a comprehensive view of product mapping.
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Drivers and Restraints
Uptake in Cargo Transportation to Underpin Growth Prospects
Stakeholders envisage the ground support equipment market share to witness an appreciable gain from a surge in cargo and air traffic transportations. Prominently, watchdogs have exhibited bullishness towards air passengers’ travel forecasts. According to the IATA, the number of air travelers could be pegged at 8.2 billion by the end of 2037. The prevailing trend has prompted the aviation industry players to emphasize operational efficiency and turnaround time. Industry players expect the growth of underground GSE solutions to bode well for the global outlook.
However, lack of airport infrastructure for charging electric GSE could dent the industry growth in the ensuing period.
Regional Insights
North America to Witness Investments Galore with Infrastructural Developments
Leading companies project the North America market forecast to be strong in the wake of rising investments in research and development activities. Besides, the U.S. has observed an upsurge in infrastructural developments following the expansion of companies, such as JBT Corporation, Textron Inc., and ITW GSE.
The Europe ground support equipment market growth will witness an upward trajectory on the heels of a surge in air travel. Prominently, the U.K., France, and Germany have become replete with air travels and expansion of GSE portfolios. Major players are likely to boost investments in electric and advanced GSE to tap underpenetrated areas.
In a bid to overcome challenges, investors and other stakeholders are expected to seek portfolio expansion in Asia Pacific. For instance, burgeoning urbanization across China and India has acted as a catalyst for developing a passenger aircraft fleet. Notably, COMAC claims China to become the world’s largest aviation market by 2040. Current trends suggest market participants could expand their presence across the region.
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Competitive Landscape
Major Companies Focus on Strategic Expansion to Gain Ground
Leading companies are poised to infuse funds into product launches, mergers & acquisitions, R&D activities, and geographical expansion. Stakeholders expect leading companies to focus on technological advancements during the forecast period.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Aircraft Model and Required GSE
- Trends of GSE Manufacturers and Users
- Market Volatility with Factors
- Basic Information on Advanced GSE Ex. Mototok, TAXIBOT and others
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Ground Support Equipment Market
- Impact of COVID-19 on Global Ground Support Equipment Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response to COVD-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
- Global Ground Support Equipment Market Analysis, Insights and Forecast, 2017-2030
- Segmental Definitions
- Market Analysis, Insights, and Forecast – By Type
- Tugs & Tractors (TT)
- Pushback Tractors (WT)
- Passenger Boarding Lift & Steps (PBS)
- Belt Loader (BL)
- Hi-Lift Loader (HL)
- De/Anti Icing vehicle (H)
- Water Service vehicle (PW)
- Lavatory Service Vehicle (LS)
- Others
- Market Analysis, Insights and Forecast – By Power Source
- Non-Electric GSE
- Electric GSE
- Hybrid GSE
- Fuel Cell Vehicle (FCV)
- Advanced GSE
- Market Analysis, Insights, and Forecast – By Ownership
- New Sales
- Used Sales
- Rental/Lease
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued...!
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Key Industry Development
- May 2021: The U.S. Transportation Security Administration (TSA) inked USD 318 million contract with Raytheon Intelligence & Space (RIS) to install checked baggage screening equipment at all federal airports in the country.
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