The global ground support equipment market share is expected to experience significant growth by reaching USD 7,819.6 million by 2030. This growth is attributable to the increasing demand for refurbished ground support equipment and the presence of stringent emission control regulations that propels the demand for advanced GSE across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Ground Support Equipment Market Size, Share and COVID-19 Impact Analysis, By Type (Tugs & Tractors, Pushback Tractors, Passenger Boarding Lift & Steps, Belt Loader, Hi-Lift Loader, De/ Anti Icing Vehicle, Water Service Vehicle, Lavatory Service Vehicle, Others), By Power Source (Non-Electric GSE, Electric GSE, Hybrid GSE, Fuel Cell Vehicle, Advanced GSE), By Ownership (New Sales, Used Sales, Rental/ Lease), and Regional Forecast, 2020-2030.” The report further mentions that the market stood at USD 5,279.5 million in 2019 and is likely to exhibit a CAGR of 6.41% between 2020 and 2030.
Aviation Industry Facing Turbulent Time due to COVID-19
Air carriers across the globe are facing extreme financial implications and have cut capacity at unparalleled rates due to fewer passengers. Some airlines have shut down completely.
The aviation industry is going through a major downturn due to reduced flights and several restrictions amid COVID-19. This is expected to affect the market growth to some extent. However, the resumption of flights while adhering to social distancing norms is expected to bode well for the market growth.
List of Top Companies Profiled in the Global Ground Support Equipment Market:
- AERO SPECIALTIES INC. (The U.S.)
- Cavotec SA(Switzerland)
- Curtis Instruments Inc. (The U.S.)
- Guangtai (China)
- ITW GSE (The U.S.)
- Jalux Inc. (Japan)
- JBT (The U.S.)
- Kalmar Motor AB (Sweden)
- Rheinmetall AG (Germany)
- SINFONIA TECHNOLOGY CO. LTD. (Japan)
- Sojitz Aerospace Corporation (Japan)
- Textron Ground Support Equipment Inc. (The U.S.)
- TLD (France)
- Tronair (The U.S.)
What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies such as Porter’s Five Forces analysis to extract information about the current trends and industry developments that will drive the market growth between 2020 and 2030.
KEY DRIVING FACTORS
Increasing Demand for Refurbished GSE to Aid Growth
The growing modernization of airports is propelling the airlines to focus on utilizing refurbished ground support equipment. The increasing demand for refurbished materials is likely to reduce significant costs and improve the lifespan of the equipment. For instance, the London Luton airport adopts a revolutionary system of collective pooling of equipment such as aircraft stairs, belt loaders, and others. This aids in reducing congestion and saving costs, while preventing aircraft delays. Additionally, stringent emission norms imposed by government agencies is driving the demand for sustainable and eco-friendly equipment that will contribute to the global ground support equipment market growth in the forthcoming years.
Used Sales Segment Held 10.80% Market Share in 2019
The used sales segment, based on ownership, is expected to showcase considerable growth backed by the growing popularity amongst airlines for utilizing used GSE. The segment held a ground support equipment market share of about 10.80% in 2019.
North America to Remain at Forefront; Established Aviation Sector to Accelerate Growth
Among all the regions, North America is expected to hold the highest position in the global ground support equipment during the forecast period. This is attributable to the presence of an established aviation industry that propels the demand for advanced ground support equipment in the region between 2020 and 2030. North America stood at USD 1732.9 million in 2019.
The market in Rest of the World is expected to experience significant growth backed by the growing aviation industry and the increasing air traffic in the Middle Eastern countries such as Turkey, Saudi Arabia, and Israel.
Eminent Companies Focus on Product Innovations to Strengthen Their Market Positions
The global GSE market is fragmented by the presence of major companies that are striving to maintain their dominance by introducing innovative ground support equipment to cater to the growing aviation sector demand. Additionally, other key players are adopting organic and inorganic strategies that are likely to boost their positions in the global marketplace.
KEY INDUSTRY DEVELOPMENT
June 2020: JBT secured a seven-year contract with Continental Airlines to supply airport facility maintenance services for the 100-passenger boarding bridge and three baggage systems. The company, under the contract, will provide service to the George Bush International Airport (IAH).
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