The global ground support equipment Industry 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 Industry, 2023-2031."
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/industry-reports/ground-support-equipment-market-101823
Leading Players Featured in the Research 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.)
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: Ground Support Equipment Industry
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, theground support equipment industry 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 ground support equipment 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 the 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: Ground Support Equipment Industry
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.
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.
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.
List of Key Players Profiled in the Ground Support Equipment Industry Report:
Aero Specialities Inc. (U.S.)
Cavotec SA (Switzerland)
Curtis Instruments Inc. (U.S.)
Weihai Guangtai Airport Equipment (China)
ITW GSE (U.S.)
JBT Corporation (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.)