NEW YORK, May 5, 2021 /PRNewswire/ --
The "Airport Handling Services Market by Service and Geography - Forecast and Analysis 2020-2024" report has been added to Technavio's offering.
The airport handling services market is poised to grow by USD 43.06 billion between 2020-2024, progressing at a CAGR of over 5% during the forecast period.
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To increase the efficiency of ground handling operations, a collective pooling method is used which helps to procure airport equipment and store them centrally to lease them to ground handling service providers as per requirement. Ground handling equipment for different airport ground handling services is leased or owned by ground handlers and stored at airport terminals. When the number of stored ground handling equipment becomes greater than the actual requirement the storage costs for vendors increases. Hence, to ensure cost and capacity efficient airport operations, airports, airlines, and ground handlers are taking up initiatives such as collective pooling of airside equipment. Various benefits, including reduction of storage, maintenance and equipment purchasing expenditure, terminal stands congestion, and flight delays due to the unavailability of equipment can be enjoyed by the vendors by collective pooling of airside equipment. These factors will boost the growth of the airport handling services market.
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52% of the market's growth will originate from APAC during the forecast period. China is the key market for airport handling services market in APAC. Market growth in this region will be faster than the growth of the market in other regions. The airport handling services market growth in APAC can be attributed to the increasing preference for air travel.
Know About the Key Opportunities and Growth of Airport Handling Services Market in Airport Services Industry
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The airport handling services market is segmented by service (GSHS and CHS) and geography (APAC, North America, Europe, MEA, and South America).
Between the time of aircraft arrival and its departure, ground handling services comprise many services related to it. These services include passenger services, check-in services, airport lounges, shower and smoking facilities in selected lounges, internet connectivity, entertainment, and VIP handling services. Market growth in this segment will be slower than the growth of the market in the CHS segment.
The airport handling services market is concentrated and the vendors are deploying growth strategies such as product differentiation to compete in the market.
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