Global Ground Support Equipment Market Size/Share Anticipated to Achieve USD 8,082.14 Million By 2032, at 4.6% CAGR: Polaris Market Research

NEW YORK, March 8, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Ground Support Equipment Market Share, Size, Trends, Industry Analysis Report, By Power Source (Non-Electric, Electric, Hybrid, Fuel Cell Vehicle, and Advanced GSE); By Ownership; By Platform; By Type; By Region; Segment Forecast, 2023-2032" published by Polaris Market Research in its research repository.

"According to research report, the global ground support equipment market size & share was valued at USD 5,184.50 Million in 2022 and is expected to reach USD 8,082.14 Million by 2032, growing at a CAGR of 4.6% during the forecast period."

What is Ground Support Equipment? How Big is Ground Support Equipment Market Size & Share?

• Overview

The main function of ground support equipment is to support on-ground operations between flights while the aircraft is parked at the gate in a hangar or remote area. It is used to service commercial and military aircraft. The rapidly rising demand for the ground support equipment market can be attributed to the fact that it is the key to ensuring a smooth turnaround and on-time departures, thus avoiding delays, costs, and inconvenience to passengers.

Expansion of aviation infrastructure globally, increasing air traffic and cargo transportation, and technological innovations in ground support equipment are some factors driving the market. With the rise in passenger numbers and choosing a flight to travel in place of other modes of transport, the demand for ground support equipment will increase. As per the International Air Transport Association (IATA), overall passenger numbers are expected to reach 2.4 billion in 2021 compared to 1.8 billion registered in 2020.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Key data covered in the market report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors.
• Provision of market value data for each segment and sub-segment.
• Indicates the region and segment that is expected to witness the fastest growth as well as dominate the market.
• Analysis by geography highlighting the consumption of products or services in the region as well as indicating the factors that are affecting the market within each region.
• Extensive company profiles comprising of company overview, company insight, product benchmarking, and SWOT analysis for major market players.

Some of the Top Market Players Are:

• John Bean Technologies Corporation
• Jungheinrich AG
• Weihai Guangtai Airport Equipment Co. Ltd.
• Tronair
• TK Elevators
• Sinfonia Technology
• Textron Ground Support Equipment Inc.
• Mallaghan
• Kalmar Motor
• Sojitz Aerospace Corporation
• AERO SPECIALTIES INC.
• Curtis Instruments Inc.
• Cavotec SA

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Key factors driving market growth

• The rise in expansion and development of airport infrastructure push the market

The rise in expansion and development of airport infrastructure is fuelling market growth. The ground support equipment market size is expanding due to the number of individuals preferring to travel by plane has been steadily increasing, resulting in the rise of global air traffic. As a result, airports have increased their capacity by adding new terminals, gates, passenger service equipment, and other infrastructure. Ground support equipment is needed at each air gate to meet the need for aircraft parked at the gate or apron.

Stringent regulatory norms are enabling industry players to significantly invest in efficient and greener aircraft ground-supporting equipment technologies. Ground support equipment market sales are soaring as industry players continuously invest in R&D and developing technologies for felicitating the development of greener AGSE for complying with stringent emissions and fuel norms. Moreover, airport authorities globally focus on replacing aging equipment with a modernized and efficient fleet to improve their business operations.

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Recent trends influencing the market

Eco-friendly processes and technologies to drive the market

• The aviation sector is continuously focusing on the adoption of greener products. Regulatory authorities are constantly working on implementing guidelines towards eco-friendly processes and technologies. The increasing awareness about environmental concerns will likely create a huge demand for greener and eco-friendly equipment in the market.
• Major airlines focus on the modernization and upgrade of ground support equipment. Airport GSE is paying attention to refurbishing old equipment to increase lifespan and add upgrades that help save costs. For instance, the London Luton airport uses a revolutionary system of collective pooling of ground support equipment such as aircraft stairs, belt loaders, and others. This saves high costs, reduces congestion, and improves aircraft turnaround and overall delays.

Segmentation assessment

• The non-electric segment accounted for the largest market share

Based on the power source, the non-electric segment accounted for the largest market share. Ground support equipment market demand is on the rise as it is driven by the wide presence of a variety of equipment at airports, including tractors, water service vehicles, belt loaders, and lavatory vehicles. Additionally, with the increasing penetration of cargo movement across several nations, the demand for efficient GSEs has gained high traction and is growing significantly.

• New sales segment dominated the market

Based on ownership, the new sales segment dominated the market with a significant revenue share. Ground support equipment market trends include increasing air travelers globally, increasing spending on the modernization and enhancement of airports, and extensive aviation industry expansion. In addition, introducing new and developed equipment by key market companies with lower emissions, higher efficiency, no carbon emissions, and other compliance with stringent regulatory norms is fuelling the adoption of new equipment and driving the product's sales.

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Ground Support Equipment Market: Report Scope

Geographic Overview

• Asia Pacific led the market

Asia Pacific held the largest ground support equipment market share due to rising investment in the aviation sector, especially amongst emerging economies such as India, China, and Indonesia, and rapid urbanization in the region. For instance, according to COMAC, a Chinese manufacturer of planes, China will become the world's largest aviation market by 2040 and will account for around 22% of the total global passenger aircraft fleet.

However, in North America, higher spending on research and development activities and increased focus on developing eco-friendly and greener ground support equipment through converting GSE fleets to electrical are key factors driving the marketing growth in the region.

Browse the Detail Report "Ground Support Equipment Market Share, Size, Trends, Industry Analysis Report, By Power Source (Non-Electric, Electric, Hybrid, Fuel Cell Vehicle, and Advanced GSE); By Ownership; By Platform; By Type; By Region; Segment Forecast, 2023-2032" with in-depth TOC:  https://www.polarismarketresearch.com/industry-analysis/ground-support-equipment-market    

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Recent Developments

• In March 2022, Textron Ground Support Equipment announced its new and latest collaboration with General Motors and Powertrain Control Solutions with an aim to expand its existing product offerings.

Polaris Market Research has segmented the ground support equipment market report based on power source, ownership, platform, type, and region:

By Power Source Outlook

• Non-Electric
• Electric
• Hybrid
• Fuel Cell Vehicle
• Advanced GSE

By Ownership Outlook

• New Sales
• Used Sales
• Rental/Lease

By Platform Outlook

• Commercial
• Military

By Type Outlook

• Mobile
• Fixed

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research