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Airport Ground and Cargo Handling Services Market 2024: Key Trends
Airport Ground and Cargo Handling Services Market 2024
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According to The Business Research Company's, The airport ground and cargo handling services market size has grown strongly in recent years. It will grow from $23.82 billion in 2023 to $25.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to safety and security measures, market competition, global trade trends, environmental concerns, air travel expansion.
The airport ground and cargo handling services market size is expected to see strong growth in the next few years. It will grow to $35.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to global trade dynamics, demand for specialized services, sustainability initiatives, focus on contactless solutions, air travel recovery. Major trends in the forecast period include strategic collaborations, product innovations, advanced material technologies, focus on efficiency and cost reduction, safety and security measures, airline alliances and partnerships.
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Market Drivers and Trends:
The increase in global trade is expected to boost the growth of the airport ground and cargo handling services market going forward. Global trade refers to the exchange of goods, services, and capital across international borders or territories. Global trade expansion leads to a surge in the movement of goods and merchandise across borders, resulting in higher cargo volumes that require efficient handling at airports. For instance, in September 2023, according to a report published by the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, maritime trade is anticipated to increase by 2.4% in 2023 and by more than 2% from 2024 to 2028. As pandemic constraints loosened, the oil and gas trades in the energy sector increased by 6.0% and 4.6%, respectively, in 2022. Therefore, the increase in global trade is driving the growth of the airport ground and cargo handling services market.
Major companies operating in the airport ground and cargo handling services market are developing innovative products such as services for battery-powered support equipment to meet larger customer bases, more sales, and increase revenue. Service for battery-powered support equipment refers to the provision of maintenance, repair, and operational support for equipment or vehicles that rely on battery power. For instance, in October 2022, UL Solutions, a US-based safety science company, launched a service and standard for assessing electric ground support equipment at airports that operate on lithium-ion batteries. The distinctive feature of this new service is its capability to align electric ground support equipment with the UL 5840:2022 Standard for electrical systems of battery-powered aviation ground support equipment. UL 5840 establishes clear safety requirements, specifically addressing fire, electric shock, and explosion hazards associated with lithium-ion battery-powered airport ground support equipment. Notably, it also provides guidelines for retrofitting lithium-ion batteries into traditional diesel-powered equipment during fleet upgrades. This unique service effectively addresses potential issues related to the utilization, installation, and maintenance of lithium-ion batteries in ground support equipment, facilitating ground handlers in expediting the adoption of battery-powered solutions and thereby reducing airfield emissions.
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Major Key Players of the Market:
Aviapartner N.V., Swissport International AG, Worldwide Flight Services Inc., Alvest Group Company Limited, Mallaghan Engineering Limited, MULAG Fahrzeugwerk GmbH & Co. KG, Weihai Guangtai Airport Equipment Co. Ltd., JBT AeroTech Corporation, Fraport AG Frankfurt Airport Services Worldwide, Airport Associates, John Bean Technologies Corporation, ADELTE Group SL, Cavotec SA, Vestergaard Company A/S, Cargotec Corporation, Dubai National Air Transport Association, Havas Ground Handling Company, AeroGround Flughafen München GmbH, Aeroporti di Roma S.p.A., Air France-KLM, Air India SATS Airport Services Private Limited, Air Serv Corporation, Alliance Ground International, Flightcare Global, Goldair Handling, Thai Airways International Public Company Limited, Transworld Aviation Limited, Turkish Ground Services A.Ş., United Ground Express Inc., Universal Aviation Aircraft Services Inc.
Airport Ground And Cargo Handling Services Market 2024 Key Insights:
• The airport ground and cargo handling services market size is expected to see strong growth in the next few years. It will grow to $35.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Surge In Air Freight Cargo Demand Fuels Growth Of Airport Ground And Cargo Handling Services Market
• Innovation In Airport Ground And Cargo Handling Services Market
• North America was the largest region in the airport ground and cargo handling services market share in 2023
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