Ground Support Equipment Market Expected to Attain $13.32 Billion by 2031 | Demonstrating a 6.03% CAGR
The Ground Support Equipment Market Covered Major Segments Size, Share & COVID-19 Impact Analysis, Share and Global Trend 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, and Others) By Power Source (Non-Electric GSE, Electric GSE, Hybrid GSE, Fuel Cell Vehicle, and Advanced GSE), By Ownership (New Sales, Used Sales, and Rental/Lease), and Regional Forecast, 2023-2031.
Ground Support Equipment Market
Pune, India, Oct. 12, 2023 (GLOBE NEWSWIRE) — The global ground support equipment market size was valued at USD 7.14 billion in 2022 and is predicted to accentuate from USD 8.34 billion in 2023 to USD 13.32 billion by 2031, exhibiting a CAGR of 6.03% during the forecast period.
Ground support equipment (GSE) is essential equipment used in airports to provide various services to aircraft during the intervals between flights. Its primary purpose is to ensure the safe and efficient operations of aircraft before departure and after arrival. GSE plays a crucial role in supporting airport operations, particularly in servicing aircraft within the terminal’s apron area. Fortune Business Insights™ presents this information in their report titled “Global Ground Support Equipment Market, 2023-2031.”
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Leading Players Featured in the Research Ground Support Equipment Market Report:
- AERO SPECIALTIES INC. (U.S.)
- Cavotec SA (Switzerland)
- Curtis Instruments Inc. (U.S.)
- Guangtai (China)
- ITW GSE (U.S.)
- JBT (U.S.)
- Kalmar Motor AB(Sweden)
- Mallaghan(Ireland)
- Rheinmetall AG (Germany)
- SINFONIA TECHNOLOGY CO. LTD. (Japan)
- Sojitz Aerospace Corporation (Japan)
- Textron Ground Support Equipment Inc. (U.S.)
- TLD (France)
- Tronair (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2031 |
| Forecast CAGR | 6.03% |
| 2031 Value Projection | USD 13.32 Billion |
| Market Size in 2023 | USD 8.34 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 333 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Ground Support Equipment Market Growth Drivers | Increased Focus on Operational Efficiency Enhancement to Accentuate Market Growth |
| Increase in Post-Pandemic Travel to Drive Ground Support Equipment Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/toc/ground-support-equipment-market-101823
COVID-19 Impact:
Global Airlines Grappled Severe Financial Pressures Due to Reduced Number of Passengers
Airline companies globally experienced extraordinary financial strain and implemented drastic capacity reductions as a result of significantly reduced passenger numbers. Several carriers were forced to suspend operations entirely, with the possibility of permanent closure looming for some. These factors decreased the ground support equipment market share.
Segmentation:
Robust Market Growth for High-Capacity Lift Loaders to Meet Rising Demand in Cargo Transportation
Based on type, the market is classified into belt loaders, de/anti-icing vehicles, hi-lift loaders, lavatory service vehicles, passenger boarding lifts & steps, pushback tractors, tugs & tractors, water service vehicles, and others. Increasing R&D investments and growing cargo transportation drive market growth for high-capacity lift loaders.
Electric Vehicles Surges in Response to Environmental Concerns and Government Initiatives
The GSE market is divided into electric, hybrid, fuel cell vehicles (FCV), non-electric, and advanced GSE based on the power source. The electric segment is poised for growth owing to increasing demand for low-carbon emission products and the government’s green initiatives.
Rising Demand for Cost-effective Solutions Propels the Growth of the Rental/Lease Segment
By ownership, the market is divided into new sales, used sales, and rental/lease. The rental/Lease segment is anticipated experience strong growth due to increased affordability and a surge in airport operations.
Geographically, the market is studied across North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
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Drivers & Restraints:
Underground GSE Reduces Turnaround Time and Enhances Operational Efficiency in Airports
Airports are continually striving to optimize their operations by minimizing turnaround time and improving overall efficiency. The implementation of underground GSE has proven to be instrumental in reducing operational duration and alleviating equipment congestion at airports. The adoption of advanced GSE solutions plays a pivotal role in driving the growth of the market.
However, the absence of proper charging stations and maintenance facilities can impede the widespread adoption and utilization of electric GSE and limit ground support equipment market growth.
Regional Insights
North America Dominates the Market Due to Thriving Aviation Industry
North America emerges as the dominant market owing to its flourishing aviation industry, significant investments in research and development, and the presence of a multitude of airports. Asia Pacific is projected to experience the highest growth. The region benefits from increasing investments from emerging economies and the rapid pace of urbanization.
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Competitive Landscape
OEMs Expand Global Presence through Airline Contracts
Original equipment manufacturers (OEMs) strategically pursue business expansion by securing contracts with airlines from various countries. For instance, in March 2023, Nexus Capital Management (U.S.) acquired Aviation Ground Equipment Corp. The acquired company will be integrated as a new entity under HDT Global.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Aircraft Model and Required GSE
- Trends of GSE Manufacturers and Users
- Market Volatility with Factors
- Basic Information on Advanced GSE Ex. Mototok, TAXIBOT and others
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Ground Support Equipment Market
- Impact of COVID-19 on Global Ground Support Equipment Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response to COVD-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
- Global Ground Support Equipment Market Analysis, Insights and Forecast, 2017-2030
- Segmental Definitions
- Market Analysis, Insights, and Forecast – By Type
- Tugs & Tractors (TT)
- Pushback Tractors (WT)
- Passenger Boarding Lift & Steps (PBS)
- Belt Loader (BL)
- Hi-Lift Loader (HL)
- De/Anti Icing vehicle (H)
- Water Service vehicle (PW)
- Lavatory Service Vehicle (LS)
- Others
- Market Analysis, Insights and Forecast – By Power Source
- Non-Electric GSE
- Electric GSE
- Hybrid GSE
- Fuel Cell Vehicle (FCV)
- Advanced GSE
- Market Analysis, Insights, and Forecast – By Ownership
- New Sales
- Used Sales
- Rental/Lease
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…!
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Key Industry Development:
- November 2021- Rushlift GSE, a subsidiary of Doosan Industrial Vehicles U.K., signed a six-year agreement with Menzies Aviation, an airport ground services company, to supply GSE equipment. Under the agreement, the company leased 650 brand-new vehicles to Menzies Aviation’s ground handling operations at Gatwick and Heathrow airports.
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