Press release
Strong Growth Ahead: Ground Support Equipment Market Size To Grow At Arecord 8.7% Cagr By 2029
Ground Support Equipment
What Is the Projected Growth of the Ground Support Equipment Market?
In recent years, the market size of ground support equipment has seen considerable growth. It is expected to increase from $9.14 billion in 2024 to $9.95 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.9%. Factors contributing to this growth during the historic period include the impact of globalization, increased demand for innovation, expansion of airport infrastructure, enhancements in safety and ergonomics, and environmental regulations.
The market size of ground support equipment is projected to experience robust expansion in the upcoming years. It is forecasted to escalate to $13.87 billion in 2029, with a compound annual growth rate (CAGR) of 8.7%. The expected growth during this period is due to factors such as green initiatives and regulations, smart and IoT-enabled equipment attention towards safety and ergonomics, improvement and replacement cycles, and integration of autonomous systems. Noteworthy trends anticipated during this period comprise the adoption of electric and hybrid GSE, smart GSE solutions, emphasis on autonomous GSE, sustainable and eco-friendly strategies, as well as modular and customizable equipment.
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What Are the Emerging Segments Within the Ground Support Equipment Market?
The ground support equipment market covered in this report is segmented -
1) By Type: Powered Ground Support Equipment, Non-Powered Ground Support Equipment
2) By Power Source: Non-Electric Ground Support Equipment, Electric Ground Support Equipment, Hybrid Ground Support Equipment, Fuel Cell Vehicle (FCV), Advanced Ground Support Equipment
3) By Platform: Commercial, Military
4) By Application: Aircraft Handling, Passenger Handling, Cargo Handling
Subsegments:
1) By Powered Ground Support Equipment: Electric Tugs, Battery-Powered Equipment, Hydraulic Equipment, Towbarless Tractors, Baggage Tractors, Cargo Loaders, Aircraft Refueling Trucks
2) By Non-Powered Ground Support Equipment: Manual Tugs, Dollies, Chocks, Carts, Stairs And Ramps, Towbars, Hand Tools
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What Long-Term Drivers Are Shaping Ground Support Equipment Market Trends?
The surge in air passengers and freight transportation is anticipated to drive the growth of the ground support equipment market. An air passenger can be defined as an individual who commutes via air, typically using a commercial airline as a mode of transport, while freight transportation is the process of shipping goods from one location to another. Ground support equipment is critical in streamlining operations such as aircraft fuelling, baggage handling, and loading and unloading freight, facilitating the management of the soaring quantity of aircraft, passengers, and cargo. For example, as reported by the Asian airlines magazine, an independent civil aviation magazine in Australia, airlines in Asia-Pacific led the pack with a phenomenal year-on-year demand increase of 27.0% in July 2024. The capacity also saw a growth of 26.0% compared to the previous year, and the load factor advanced to 81.6%, a rise of 0.6 percentage point from May 2023. Hence, the substantial escalation in air passengers and freight transportation is propelling the ground support equipment market.
Who Are the Top Competitors in Key Ground Support Equipment Market Segments?
Major companies operating in the ground support equipment market include John Bean Technologies (JBT) Corporation, Rheinmetall AG, Textron Ground Support Equipment Inc., Weihai Guangtai Airport Equipment Co. Ltd., Mallaghan Engineering Ltd., AERO SPECIALTIES INC., Cavotec SA, Tronair Inc., TLD Group, ITW GSE, Kalmar Motor AB, GATE GSE, Jungheinrich AG, Lektro Inc., Advanced Charging Technologies, Cobus Industries GmbH, ALVEST Group, Flightline Support Ltd., Aeroservices Ltd, Dabico Airport Solutions, ADELTE GROUP SL., 247GT Ltd., Mulag Fahrzeugwerk Heinz Wössner GmbH u. Co. KG, TUG Technologies Corporation, Powervamp Ltd., TCR International, Aviaco GSE
What Ground Support Equipment Market Trends Are Gaining Traction Across Different Segments?
One notable trend observed in the ground support equipment market is the rise in technological innovations. Key businesses in the market are incorporating advanced technology in their ground support equipment and services to maintain a strong market presence. A demonstrative instance of this was when Textron Ground Support Equipment Inc., an American ground support equipment manufacturer, introduced the Intellimix technology to their Safeaero 220 single-operator deicer, ground support equipment in September 2022. This technology boosts the deicing process's effectiveness by establishing an ideal heat and fluid combination. The Intellimix technology offers the benefit of a unified system where a single operator manages and performs the deicing operations from a singular cab, enhancing efficiency. This introduction significantly improves the Safeaero 220's functionality, making the deicing process more effective, safe, and reliable.
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Which Regions Are Becoming Hubs for Ground Support Equipment Market Innovation?
North America was the largest region in the ground support equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the ground support equipment market report during the forecast period. The regions covered in the ground support equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Ground Support Equipment Market?
2. What is the CAGR expected in the Ground Support Equipment Market?
3. What Are the Key Innovations Transforming the Ground Support Equipment Industry?
4. Which Region Is Leading the Ground Support Equipment Market?
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