Demand for Airport Catering Trucks to Surpass 3 Billion Units by 2028; Increasing Adoption in Commercial Airports Creating Opportunities

The airport catering truck market continues to witness steady growth, as growing demand for aircraft ground support creates sustained opportunities for stakeholders. Airport authorities and airline companies continue to invest in infrastructure development, which in turn is augmenting demand for airport catering trucks around the globe, finds a new study.

Driven by increasing development of airports across developed and emerging economies, the airport catering trucks market is likely to expand at a CAGR of 5.7% in terms of value, reveals a new study compiled by Fact.MR. In terms of volume, the report expects over 3 billion airport catering trucks to be sold by 2028.

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Developed Economies Continue to be at the Forefront of Demand

With growing expenditure on aviation infrastructure in developed counties of North America and Europe, the sales volume of airport catering trucks is expected to remain concentrated in the United States, Germany, the United Kingdom and Russia. North America region is at the vanguard of global demand, followed by European countries - surging popularity of air travel in developing countries is complementing demand.

Growing emphasis on enhancing airport infrastructure, coupled with increasing number of airports in emerging economies of India and China has been instrumental in driving sales in these regional markets. China is likely to ramp up demand for airport catering trucks - the Government of China plans to develop 136 new airports by 2025. Sales are also likely to be resurgent in Oceania and India.

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Pricing Pressures Continue to Fuel Demand for Non-refrigerated Trucks vis-à-vis Refrigerated Variants

Refrigeration has always been a major factor of concern, when it comes to transportation of food products. Refrigeration incurs high costs, which consequently increases the overall pricing of airport catering trucks. Preference for airport catering trucks without refrigeration has conventionally remained higher owing to pricing pressures, and the status quo is likely to remain unaltered during the period of assessment, 2018-2028.

Hybrid Airport Catering Trucks Sales Nearly 19x of its Electric Counterpart

The report finds that hybrid catering trucks continues to remain the preferred option among end-users. Hybrid airport catering truck market valuation is about 19 times more than electric catering trucks. With increasing end user demand for flexibility in fuel consumption and economy, coupled with engine robustness and power, hybrid airport catering trucks continue to be an economically-feasible option for end-users.
However, with increasing environmental concerns and environmental safety regulations laid by EPA (Environment Protection Act) regarding carbon dioxide emissions, electric catering trucks are expected to witness significant demand and are poised to expand at a higher value CAGR, albeit from a low base.

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The report finds that participants are focusing on launching electric catering trucks to fulfil their increasing demand. In addition, manufacturers are aiming to consolidate their position in the airport catering trucks business, particularly in the emerging economies given their significant potential for growth.

Some of the leading players include Alvest Group, Global Ground Support Equipment LLC, Mallaghan Engineering Ltd., DOLL Fahrzeugbau GmbH, Eagle Industries DWC-LLC, Jiangsu Tianyi Airport Special Equipment Co., Ltd., Cartoo GSE, WEIHAI Guangtai Airport Equipment Co., Ltd., and Sovam.

Higher Consumer Preference to Augment Demand

Air travel continues to gain high momentum with a growing number of people opting for air travel mode, either for leisure activities or business travel, albeit with higher costs associated with air travel.

According to IATA (International Air Transport Association), based on a 3.6 percent year-on-year growth, more than 7 billion passengers are expected to adopt air travel by 2036.

This has influenced aircraft manufacturers to enhance their production capacities to cater to this anticipated growing demand for air travel. With an increasing number of aircraft, consumption of food products is expected to showcase a cumulative growth, in turn mushrooming the demand for airport catering services and ground support, such as airport catering trucks.

In addition, the increasing popularity of sports has also augmented the adoption of air travel. So say, Japan is expected to showcase a significant opportunity from an investment standpoint, as the country is looking forward to enhancing its airport infrastructure for the 2020 Olympics and hopes to attract around 40 million tourists.

International Air Transport Association anticipates that the country will attract more than 60 million overseas visitors by 2030 with probable tourism receipts to exceed US$ 130 billion. The growing development of infrastructure in the country is expected to augur well for airport catering trucks during the period of forecast.

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