PUBLISHER: The Business Research Company | PRODUCT CODE: 1409464
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409464
“Ground Support Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on ground support equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for ground support equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The ground support equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Ground support equipment (GSE) comprises the machinery and equipment utilized to support aircraft during ground operations, facilitating efficient and safe ground handling activities such as maintenance, passenger boarding, and cargo loading and unloading.
The main types of ground support equipment include powered ground support equipment and non-powered ground support equipment. Powered ground support equipment encompasses a variety of machinery and equipment powered by electricity, fuel, or other forms of energy to support ground operations in the aviation industry. This category includes non-electric ground support equipment, electric ground support equipment, hybrid ground support equipment, fuel cell vehicles (FCVs), and advanced ground support equipment. These technologies operate in both commercial and military contexts, serving applications such as aircraft handling, passenger handling, and cargo handling.
The ground support equipment market research report is one of a series of new reports from The Business Research Company that provides ground support equipment market statistics, including ground support equipment industry global market size, regional shares, competitors with ground support equipment market share, detailed ground support equipment market segments, market trends and opportunities and any further data you may need to thrive in the ground support equipment industry. This ground support equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The ground support equipment market size has grown strongly in recent years. It will grow from $8.54 billion in 2023 to $9.32 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed in the historical period can be attributed to various factors, including the impact of globalization, increased demand for innovative features in ground support equipment, expansions in airport infrastructure, efforts to enhance safety and ergonomics, and compliance with environmental regulations.
The ground support equipment market size is expected to see strong growth in the next few years. It will grow to $13.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be attributed to green initiatives and regulations, the adoption of smart and IoT-enabled equipment, a heightened focus on safety and ergonomics, regular upgrading and replacement cycles, and the integration of autonomous technologies. Major trends expected in the forecast period include the adoption of electric and hybrid ground support equipment (GSE), the implementation of smart GSE solutions, a focus on autonomous GSE, the promotion of sustainable and eco-friendly solutions, and the development of modular and customizable equipment.
The anticipated growth in the number of air passengers and cargo transportation is set to drive the ground support equipment market in the future. Air passengers, individuals utilizing commercial airlines for transportation by air, and cargo transportation, the movement of goods between locations, are integral aspects of aviation. Ground support equipment plays a pivotal role in streamlining processes such as aircraft fueling, baggage handling, and cargo loading/unloading, facilitating the efficient management of increased aircraft volume, passengers, and cargo. In September 2022, the International Air Transport Association (IATA) reported a 57.0% increase in overall passenger traffic compared to September 2021. The global traffic level reached 73.8% compared to September 2019, with a substantial 122.2% rise in international passenger traffic from September 2021. Hence, the notable surge in air passengers and cargo transportation is a driving force for the ground support equipment market.
The expected rise in defense spending is poised to propel the growth of the ground support equipment market. Defense spending entails financial allocations by governments or nations to fund military forces, defense infrastructure, and related activities. Increased defense spending contributes to the expansion and modernization of ground support equipment, enhancing military operational capabilities and readiness through the acquisition of advanced technologies and reliable maintenance infrastructure. The Stockholm International Peace Research Institute reported a record-high world military expenditure of $2,240 billion in 2022, representing a 3.7% increase in real terms from the previous year. The United States, China, and Russia were the top three spenders, collectively accounting for 56% of the world's total military spending. With the U.S. leading at $877 billion, constituting 39% of global military spending, the surge in defense spending is a significant driver for the ground support equipment market.
Technological advancements have become a prominent trend gaining traction in the ground support equipment market. Major companies in this sector are actively introducing technologically advanced ground support equipment products and solutions to fortify their market position. Textron Ground Support Equipment Inc., a U.S.-based manufacturer, introduced Intellimix™ technology for its Safeaero™ 220 single-operator deicer in September 2022. This technology optimizes the deicing process by delivering an ideal combination of heat and fluid, enhancing efficiency with a single operator controlling, maneuvering, and deicing the aircraft from a single cab.
Companies in the ground support equipment market are intensifying their focus on introducing advanced electric ground support vehicles to gain a competitive advantage. These vehicles are cutting-edge, environmentally friendly transportation solutions designed to boost efficiency and sustainability in aviation ground operations. Webasto, a Germany-based company, collaborated with JBT AeroTech in October 2023 to launch the AmpCart, a towable charging station designed for electric airport ground support equipment. Equipped with Webasto's advanced MVS chargers, the AmpCart facilitates on-the-ramp power access for electric GSEs, setting a new standard for GSE electrification.
In November 2021, OEM Group Pty Ltd., a U.S.-based industrial machinery manufacturing company, acquired AMS GSE Pty Ltd., a Tasmanian-based ground support equipment manufacturer. This strategic move aims to expand OEM Group's product and service offerings, providing high-quality solutions to the international aviation ground support sector. AMS GSE produces aircraft access stairs, lifts, deicing units, and baggage trollies, complementing OEM Group's growth strategy.
Major companies operating in the ground support equipment market report are John Bean Technologies (JBT) Corporation, Rheinmetall AG, Textron Ground Support Equipment Inc., Weihai Guangtai Airport Equipment Co. Ltd., Mallaghan Engineering Ltd., AERO SPECIALTIES INC., Cavotec SA, Tronair Inc., TLD Group, ITW GSE, Kalmar Motor AB, GATE GSE, Jungheinrich AG, Lektro Inc., Advanced Charging Technologies, China International Marine Containers (Group) Co. Ltd., Cobus Industries GmbH, ALVEST Group, Flightline Support Ltd., Aeroservices Ltd, Curtis Instruments Inc., JALUX Inc., Dabico Airport Solutions, ADELTE GROUP SL., 247GT Ltd., Mulag Fahrzeugwerk Heinz Wossner GmbH u. Co. KG, TUG Technologies Corporation, Powervamp Ltd., TCR International, Aviaco GSE .
North America was the largest region in the ground support equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the ground support equipment market report during the forecast period. The regions covered in the ground support equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the ground support equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The ground support equipment market consists of baggage tugs, fuel trucks, belt loaders, cargo loaders, ground power units, lavatory trucks and pushback tractors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.