The global airport ground support vehicle market size is expected to experience considerable growth in the forthcoming years. Fortune Business Insights in its upcoming report, titled, “Airport Ground Support Vehicle Market, 2022-2029.”, observes that the increasing focus on airport expansion activities and the rising air traffic are expected to boost the product’s demand during the forecast period. Moreover, increasing adoption of advanced technologies will bode well for the growth of the market. For instance, in February 2021, ThorDrive showcased how the LIDAR sensors are adopted to power their cargo and baggage ground support tractors at the Cincinnati International Airport. Built under its autonomous vehicle program, the sensor can aid in automatically transport baggage and cargo to and from aircraft and facilities at any given time of the day.
The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
Impact of Russia-Ukraine War Implication
The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement. There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.
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Based on the power source, the global market for airport ground support vehicle is trifurcated into electric vehicles, non-electric vehicles, and hybrids. On the basis of application, the market is bifurcated into commercial and military & defense. Lastly, based on the region, the market is segregated into Asia-Pacific, Europe, North America, and Rest of the World.
Increasing Focus on Airport Expansion to Promote Growth
Although the COVID-19 pandemic led to fewer numbers of airlines operating worldwide, the number of flyers is about to rise significantly in the coming years. For instance, several governments are investing in airlines to ensure positive turnaround for the aviation industry. Furthermore, according to the report by the Economic Times, by 2030 it is estimated that India will have around 855 million air travelers. The growing number of air passengers is expected to propel the airport authorities to expand the facilities and to provide an enhanced travel experience for the passengers. Therefore, the increasing focus on airport expansion is expected to boost the global airport ground support vehicle market growth in the forthcoming years.
North America – The region is likely to remain at the forefront and will hold the largest global airport ground support vehicle market share in the forthcoming years. This is attributable to the increasing investment in the expansion of airports in countries such as the U.S.
Europe – The market in the region is expected to experience considerable growth backed by the increasing government focus to develop advanced and smart airports in countries such as Germany, France, and Spain that will propel the adoption of advanced airport ground support vehicles between 2021 and 2028.
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Facility Expansion by Prominent Companies to Amplify Their Market Positions
The global market for airport ground support vehicle is consolidated by the presence of major companies that are focusing on expanding their facilities to cater the growing aviation industry demand. In addition to this, other key players are striving to maintain their presence by adopting strategies such as collaboration, partnership, and merger and acquisition that will bode well for the market growth.
- February 2021 – Oslo Airport introduced the Vestergaard Elephant e-BETA, a new electrically operated deicing unit. The airport aims to provide efficient aircraft de-icing operation and further lower carbon footprint through the Menezes Aviation operated vehicle.
List of the Companies Operating in the Global Market:
- JBT Corporation (The U.S.)
- Tug Technologies Corporation (Textron GSE) (The U.S.)
- Tronair (US)
- Guangtai (China)
- Rheinmetall AG (Germany)
- Cavotec (Switzerland)
- MULAG Fahrzeugwerk (Germany)
- ITW GSE (Denmark)
- Teleflex Lionel-Dupont (France)
- Mallaghan (UK)
- Among others
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