PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1481479
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1481479
The Ground Support Equipment market is estimated to grow from USD 7.4 billion by 2029, from USD 6.1 billion in 2024, at a CAGR of 3.9% from 2024 to 2029. The total Ground Support Equipment volume in the same forecast year is estimated to grow from 38,592 units in 2024 to 44,761 units in 2029. The growth of emerging markets, especially in regions undergoing rapid urbanization and economic development, presents significant opportunities for manufacturers and service providers in the ground support equipment (GSE) industry to broaden their reach. Additionally, the COVID-19 pandemic underscored the critical importance of resilience and adaptability in the aviation sector. GSE that can swiftly accommodate shifting operational needs and adhere to evolving health protocols emerge as indispensable assets for airports aiming to recover from the pandemic's impact and prepare for future challenges.
Scope of the Report | |
---|---|
Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By Platform, Point of Sale, Type, Autonomy, Power Source, Ownership and Regions |
Regions covered | North America, Europe, APAC, RoW |
"Commercial segment by platform is expected to hold the highest market share in 2024."
Based on platforms, the commercial segment is expected to have the highest market share in 2024. The increasing global demand for commercial aircraft drives the aircraft seating OEM market. Commercial airports, known for their substantial passenger and cargo traffic, require efficient management of aircraft turnaround times and baggage handling, driving demand for ground support equipment (GSE). Despite occasional downturns like economic recessions or global health crises, the aviation industry has shown consistent long-term growth, prompting airports to expand infrastructure and upgrade equipment to handle rising passenger and cargo volumes, further fueling demand for GSE.
"Electric GSE segment by power source is estimated to grow at highest CAGR in forecast period."
Based on Power Source, the Electric GSE segment is expected to grow highest during the forecast period. Electric ground support equipment (GSE) offers a compelling advantage in operating costs compared to diesel counterparts. Electric motors boast higher energy efficiency and demand less maintenance, leading to decreased fuel and upkeep expenses throughout the equipment's lifecycle. As airports prioritize operational cost optimization, the cost-effectiveness of electric GSE emerges as an appealing proposition.
"North America is expected to hold the highest market share in 2024."
North America's robust economic growth, consumer spending, and thriving business activity sustain strong air travel demand, driving ongoing investments in airport infrastructure and ground support equipment (GSE) procurement. This economic prosperity also empowers airports to allocate resources towards maintaining, repairing, and upgrading existing GSE fleets. Additionally, the North American aviation industry thrives on collaboration and partnerships among airports, airlines, GSE manufacturers, and service providers. These close relationships facilitate innovation, knowledge exchange, and the creation of customized GSE solutions tailored to the unique requirements of the region's airports and airlines.
Oshkosh Corporation (US), China International Marine Containers (Group) Ltd. (China), TCR Group (Belgium), Weihai Guangtai Airport Equipment Co., Limited (China), Textron Ground Support Equipment Inc. (US). These key players offer connectivity applicable to various sectors and have well-equipped and strong distribution networks across North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America.
In terms of platforms, the Ground Support Equipment market is divided into commercial and military. The type segment of the Ground Support Equipment market is fixed and mobile GSE.
The Autonomy segment includes conventional/manned GSE, remotely operated and autonomous.
Based on the Power source, the Ground Support Equipment market is further segmented into Non-electric, electric, and hybrid electric GSE. The point of sale segment is divided into equipment and maintenance. The ownership segment includes Airport, Airline, ground support operator and GSE Lessor.
This report segments the Ground Support Equipment market across six key regions: North America, Europe, Asia Pacific, the Middle East, Africa and Latin America along with their respective key countries. The report's scope includes in-depth information on significant factors, such as drivers, restraints, challenges, and opportunities that influence the growth of the Ground Support Equipment market.
A comprehensive analysis of major industry players has been conducted to provide insights into their business profiles, solutions, and services. This analysis also covers key aspects like agreements, collaborations, new product launches, contracts, expansions, acquisitions, and partnerships associated with the Ground Support Equipment market.
This report serves as a valuable resource for market leaders and newcomers in the Ground Support Equipment market, offering data that closely approximates revenue figures for both the overall market and its subsegments. It equips stakeholders with a comprehensive understanding of the competitive landscape, facilitating informed decisions to enhance their market positioning and formulating effective go-to-market strategies. The report imparts valuable insights into the market dynamics, offering information on crucial factors such as drivers, restraints, challenges, and opportunities, enabling stakeholders to gauge the market's pulse.