Press release
Ground Support Equipment Market Expected to Reach USD 8.90 Billion by 2034, Growing at a CAGR of 3.8%
Ground Support Equipment Market
Market Introduction:
Ground support equipment is the foundation of aviation operations, enabling airlines and airports to operate productively. Flight catering vehicles designed with accuracy and productivity in mind play an important part in loading and unloading food and beverages onto the aircraft. In the ground service equipment, the efficacious motioning of luggage in airports is a crucial factor for sanctioning a seamless travel experience. The towable baggage conveyor is an adaptable and economical solution that provides a smooth perspective for conveying luggage from the terminal to the aircraft.
Maintenance and security are crucial elements of the aircraft to sanction their maximal performance and lessen the probabilities of accidents and failures. The truck-mounted manlift is distinguishable for its steadiness, approach, and security. This important instrument affixed to a strong truck base provides a steady and flexible platform for sustenance chores.
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Market Growth Trends:
Growth in Global Air Travel: The rise in worldwide air travel has caused elevated demand for productive ground handling solutions entailing the augmentation and facelift of airport frameworks. Airports globally are funding contemporary terminals, runaway maintenance equipment, and reinforcing spaces to harbor the growing aggregate of passengers and aircraft movements. For instance, in March 2024, the Prime Minister of India launched 15 airport projects involving 12 contemporary terminals covering varied airports, boosting the ground support equipment market demand.
Technological Progressions: The market is encountering notable growth due to technological inventions targeted at improving functional efficacy and sustainability. The combination of progressive technologies involving automation, telematics, and the Internet of Things is modifying airport operations.
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Leading Market Players:
Ground support equipment focuses on business expansion through contracts with various airlines across different countries. Major companies are noted below:
• Aero Specialties Inc.
• Cavotec Group
• Global Ground Support LLC
• JBT Corporation
• JCB
• Jungheinrich AG
• Komatsu Ltd.
• Mallaghan
• Oshkosh Aerotech LLC
• Textron Inc.
• TLD Group
• TREPEL Airport Equipment GmbH
• Toyota Material Handling, Inc.
• Tronair
• Weihai Guangtai Airport Equipment Co., Ltd.
Ground Support Equipment Market Developments:
• August 2024: TLD Group launched its first manufacturing facility in India through a collaboration with Millennium Aero Dynamics Private Limited and the Maini Group. This facility is set to produce environmentally sustainable ground support equipment designed to be both leaner and greener, serving both the Indian and international markets.
• July 2024: Mallaghan entered into a partnership with CATRION, an aircraft catering company, to supply 85 catering trucks over the next four years. These trucks will be deployed at airports across Saudi Arabia as part of CATRION's in-flight catering strategy, focusing on enhancing customer experience while ensuring sustainability and operational efficiency.
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Regional Analysis:
North America holds the largest market share due to its confirmed aviation industry and ongoing technological progressions. The region's strong airport framework and the existence of prominent GSE makers support this dominance.
Asia Pacific is emerging as rapidly growing market due to nations such as India venturing extensive projects to harbor growing passenger traffic, causing elevated demand for progressive GSE. The region's concentration on mechanization and technological progressions is additionally driving the acquisition of contemporary GSE solutions to improve functional productivity.
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Segmental Analysis:
By Power Source Outlook (Revenue-USD Billion, 2020-2034)
• Non-Electric
• Electric
• Hybrid
• Fuel Cell Vehicle
• Advanced GSE
By Ownership Outlook (Revenue-USD Billion, 2020-2034)
• New Sales
• Used Sales
• Rental/Lease
By Platform Outlook (Revenue-USD Billion, 2020-2034)
• Conventional
• Military
By Type Outlook (Revenue-USD Billion, 2020-2034)
• Mobile
• Fixed
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Ground Support Equipment
Global Ground Support Equipment Industry
Global Ground support equipment market is accounted for $11.8 billion in 2015 and is expected to reach $20.06 billion by 2022 growing at a CAGR of 11.0%. Increasing number of air passengers and high expenditure by airport authorities on eco friendly ground support equipment to improve their operational efficiency are some of the factors driving the market. However, usage of worn equipment is restricting the market…
