The global ground support equipment market is forecasted to record a CAGR of 11.42% over the estimated years of 2022 to 2030. The market growth is primarily credited to the rise in air traffic, the increasing construction of terminals and airports, and the predicted growth in the number of air travelers.
Ground support equipment is found at airports, generally on the apron, characterized as the servicing region by the terminal. While the equipment is utilized to service the aircraft between flights, they also support its operations when on the ground.
As per the International Air Transport Association (IATA), growth in consumer expenditure on air travel is expected, on account of the depreciation in average one-way fares as well as surcharges, compared to recent years. Furthermore, the value of international trade shipped is projected to record a slow upward trend, registering promising progress during the forecast period. Low airfares across international airline firms have also contributed to the rise in global air traffic. Emerging economies spanning the Middle East and Asia-Pacific are presumed to observe substantial international passenger increment, followed by Latin America and Africa.
The global ground support equipment market growth assessment encompasses the evaluation of North America, Asia-Pacific, Europe, and Rest of World. The Asia-Pacific is anticipated to develop with the highest CAGR over the forecasting years. The regional market’s growth is attributable to the increasing investments in airport and terminal expansions, affordable air travel, and the surging population base.
The market is dominated by a few players, occupying the majority of the revenue share. As a result, the intensity of industry rivalry across the global ground support equipment market is likely to be high.
Some of the leading firms operating in the market are Aero Specialties Inc, Tronair, Textron Ground Support Equipment Inc, etc.
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- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
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- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
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