Airport Ground Support Vehicles Market Overview
The ground support vehicles market is forecasted to grow at a CAGR of more than 5% during the forecast period (2021-2026). The ground support vehicles market is driven by the increasing demand to enhance the operational efficiency of the airports witnessing an increase in cargo and passenger traffic. The availability of equipment leasing options, like that of aircraft engines, also makes this a lucrative investment wherein a particular CAPEX is capable of reaping long-term benefits. However, the sophisticated nature of the equipment renders the market too capital intensive to operate in and the short technological lifecycle of such products means a current flagship product wherein a huge chunk of money has been invested may be outdated within a short span of time, or maybe superseded by a competitive product with similar or better performance characteristics at the same or even lower price point. Innovations in existing electric and diesel ground support equipment are envisioned to offer growth opportunities for the manufacturers of this equipment.
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Airport Ground Support Vehicles Market - Geographical Overview
The Asia-Pacific region is expected to generate the highest demand for airport ground support vehicles market during the forecast period.
Asia’s rapid growth in the commercial aviation sector has positioned the region as the largest and fastest-growing in the world. The region is expected to register the highest growth rate in terms of air passenger traffic. However, aviation infrastructure is not keeping pace with this growth. Several airports in Asia are already operating above their planned capacity. Consequently, congestion-related delays are increasing at most Asian hubs. In order to cope with the rising demand for air travel, several airports in the Asia-Pacific region are significantly investing in enhancing their airport infrastructure. Several airport construction and expansion projects are currently underway in countries, like India, China, the Philippines, Vietnam, and Australia. The expansion of airports in major cities with huge passenger traffic has created an opportunity for the manufacturers to introduce and offer their advanced ground support vehicles.
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Key Highlights of the Airport Ground Support Vehicles Market
- The market of airport ground support vehicles is fragmented in nature, some of the prominent players in the market are John Bean Technologies Corp, Textron Inc. (Textron Ground Support Equipment Inc.), Vestergaard Company, Tronair Inc., and Mallaghan Engineering Ltd. The development of new technologies, like electric aircraft tugs and electric GPUs, among others, are anticipated to support the companies and attract new customers (airlines as well as airport operators).
- In September 2021, Aviator Airport Alliance, a part of Avia Solutions Group, signed a new partnership agreement with Norway’s largest airline Norwegian for de-icing services at the Bergen, Bodø, Bardufoss, Tromsø and Trondheim Airports until September 2024.
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List of Key Players in the Airport Ground Support Vehicles Market
- John Bean Technologies Corp.
- Textron Inc. (Textron Ground Support Equipment Inc.)
- GATE GSE
- Mallaghan Engineering Ltd
- Vestergaard Company
- Tronair Inc.
- TIPS d.o.o.
- Ground Support Specialists LLC
- COBUS Industries GmbH
*List Not Exhaustive
Mordor Intelligence has segmented the global airport ground support vehicles market on the basis of power source, type, and geography:
- Power Source (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- Tugs and Tractors
- Passenger Buses
- De-icing Vehicles
- Ground Power Units
- Type (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- Geography (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- Rest of Asia-Pacific
- North America
- United States
- United Kingdom
- Rest of Europe
- Latin America
- Rest of Latin America
- Middle-East and Africa
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of the Middle-East and Africa
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