Unveiling the 6.8% CAGR Potential in Aircraft Ground Support Equipment Market

The Aircraft Ground Support Equipment Market is currently experiencing significant growth, primarily attributable to the escalating demand for air travel and the subsequent surge in air traffic. As passenger volumes and flight frequencies continue to rise, airports are confronted with a pressing imperative: the need for highly efficient and dependable ground support equipment to facilitate essential aircraft servicing, luggage handling, refueling, and other critical ground operations. Moreover, this demand for advanced ground support equipment is further amplified by the continuous expansion of airline fleets and the inauguration of new routes.

Projections indicate that the global aircraft ground support equipment market is poised to attain a substantial valuation of approximately US$ 11.0 million by the year 2023. This remarkable growth is propelled by the ongoing expansion and modernization initiatives at airports worldwide. Looking ahead to 2033, the market is anticipated to reach a noteworthy milestone, with an estimated valuation of US$ 21.2 billion. This trajectory reflects a commendable Compound Annual Growth Rate (CAGR) of 6.8% from 2023 to 2033.

In essence, the escalating demand for air travel and the consequent upsurge in air traffic stand as primary catalysts propelling the demand for aircraft ground support equipment. As passenger numbers and flight frequencies continue their upward trajectory, airports find themselves in need of highly efficient and dependable ground support equipment to seamlessly manage a spectrum of operations including aircraft servicing, baggage handling, refueling, and various other ground-based functions. Furthermore, the growth in airline fleets and the expansion of route networks further underscore the imperative for advanced ground support equipment in the aviation industry.

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The global expansion and modernization of airports necessitates the deployment of cutting-edge ground support equipment. As airports commit to ambitious infrastructure development projects, encompassing runway extensions, terminal expansions, and entirely new airport facilities, a commensurate requirement arises for the integration of state-of-the-art ground support equipment to meet evolving operational demands. This imperative underscores the imperative adoption of automated systems, electric-powered machinery, and advanced technologies, all aimed at optimizing efficiency and elevating the overall passenger experience.

The Asia-Pacific region is currently a focal point of substantial growth within the aviation sector. This growth is propelled by the burgeoning demand for air travel and the simultaneous expansion of airport infrastructure. Notably, nations including China, India, and various Southeast Asian countries have borne witness to a remarkable upsurge in air traffic. This meteoric rise in demand underscores the pressing need for advanced ground support equipment, critical for sustaining efficient ground operations and ensuring the seamless servicing of aircraft.

Key Takeaways from the Market Study

From 2018 to 2022, the aircraft ground support equipment market demand expanded at a CAGR of 6.4%
Based on equipment, the aircraft service segment accounts for a CAGR of 6.7%
By ownership, the rental segment is expected to expand at a CAGR of 6.5% during the forecast period
North America to emerge as a promising aircraft ground support equipment market, capturing a CAGR of 6.7%
The aircraft ground support equipment market in the United Kingdom is predicted to capture a market share of 35.2%
Asia Pacific to be an opportunistic aircraft ground support equipment market, expected to capture a CAGR of 6% during the forecast period.

Competitive Landscape

The global aircraft ground-supporting equipment market exhibits a notable degree of fragmentation, characterized by the presence of numerous significant players ranging from large corporations to medium-sized enterprises. Within this competitive landscape, industry leaders are actively engaging in strategic partnerships and agreements as part of their concerted efforts to secure and expand their market share.

Prominently, key players in the aircraft ground-supporting equipment sector include:JBT Corporation

Air T, Inc.
Textron, Inc.
China International Marine Containers (Group) Co., Ltd
Weihai Guangtai Airport Equipment Co., Ltd.
Cavotec SA,
ALVEST Group
MulagFahrzeugwerk Heinz Wössner GmbH u. Co. KG
Tronair, Inc.
Lektro Inc.

Textron ground support equipment has focused on developing electric ground support equipment to meet sustainability goals. They have introduced electric towbarless aircraft tractors, electric belt loaders, and electric ground power units (GPU) that provide cleaner and quieter operations.

JBT Corporation has been investing in advanced technologies for their ground support equipment products. They have developed automated guided vehicles (AGVs) for baggage handling, autonomous tow tractors, and intelligent ramp management systems that optimize aircraft parking and movement on the ground.

TLD Group has been actively involved in developing electric ground support equipment solutions. They have introduced electric aircraft pushback tractors, electric baggage tractors, and electric GPUs to reduce emissions and noise levels. They also offer advanced GSE management systems that enable real-time monitoring and optimization of ground operations.

Know More About What the Aircraft Ground-Supporting Equipment Market Report Covers

Future Market Insights offers an unbiased analysis of the global aircraft ground-supporting equipment market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the aircraft ground-supporting equipment market, the market is segmented based on equipment, power, application, and application across five major regions.

Aircraft Ground Support Equipment Market by Category

By Equipment: