Air travel has taken off in APEJ like never before, spurred on by rising affluence and a greater disposable income amongst consumers in this dynamic region. This is anticipated to require additional ground support equipment ensuring that the aircraft ground support equipment market grows at a healthy rate for the foreseeable future. Future Market Insights in its upcoming report titled ‘Aircraft Ground Support Equipment Market: Global Industry Analysis (2012 - 2016) and Opportunity Assessment (2017 - 2027)’ predicts that the aircraft ground support equipment market could record a robust CAGR of 6.5%.
Equipment – Aircraft Service Segment Key in Aircraft Ground Support Equipment Market
The aircraft service segment had a market share of more than half by equipment type in the aircraft ground support equipment market at the end of 2017 and is projected to grow this share by 30 BPS going forward. This is largely at the expense of cargo loading and passenger service. Aircraft service segment is greatly benefited by the high cost of different products such as aircraft tractors, de-icing, and fire fighting vehicles that explains its dominance in the aircraft ground support equipment market.
Power – Electric Power Provides Spark in Aircraft Ground Support Equipment Market
The electric segment is the most popular in the aircraft ground support equipment market and has seen rapid adoption in airport buses, de-icing vehicles, and aircraft tractors because of its reliability, support, and battery performance. Furthermore, advanced infrastructure in a number of airports in Europe and the US has led to electric chargers becoming commonplace fuelling the growth of the electric power segment in the aircraft ground support equipment market. The electric power segment is expected to cross a value of more than US$ 7.5 billion by end 2027, larger than the non-electric and hybrid segments combined.
Region – APEJ to Double Market Share in Aircraft Ground Support Equipment Market
In terms of value, APEJ is predicted to double its market share during the course of the decadal study. Explosive growth in passenger traffic in China and India is largely responsible for this with the former contributing to the bulk of it. In addition to this, open sky agreements such as that recently signed between India and Japan should further the prospects of the APEJ aircraft ground support equipment market.
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Ownership – Rental Gaining Popularity in Aircraft Ground Support Equipment Market
The rental/lease segment is gaining greater acceptance in the aircraft ground support equipment market because of the high cost associated with it. There is a definite shift in focus of airline companies and airport management towards rental ownership as this saves capital, resources, and time. The rental/ lease segment is estimated to witness a CAGR of 7% for the forecast period.
Application – Defence Unlikely to Topple Commercial Segment in Aircraft Ground Support Equipment Market
The commercial segment holds a lion’s share in the aircraft ground support equipment market by application and is on track to lose 70 BPS till 2027. However, it has a two-third share of the market in 2017 on account of substantial movement of commercial aircraft, requiring evermore aircraft ground support equipment units. An incremental dollar opportunity of approx. US$ 4.8 billion from 2017 to 2027 makes the commercial segment large enough for all stakeholders in the aircraft ground support equipment market.
Competition Dashboard in Aircraft Ground Support Equipment Market
The companies profiled in the report are JBT Corporation, ALVEST Group, Air T, Alberth Aviation Ltd., Cavotec SA, Clyde Machines Inc., Textron, Weihai Guangtai Airport Equipment Co., China International Marine Containers (Group) Co., Kalmar Motor AB, HYDRO Systems KG, Nepean Engineering & Innovation Pty Ltd., Tronair, Lektro, Charlatte Of America Inc., Schopf Maschinenbau GmbH, Mulag Fahrzeugwerk Heinz Wössner GmbH, Mallaghan Engineering Limited, SEMMCO, and DENGE Airport Equipment.
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APEJ has immense potential in the long-term because of skyrocketing passenger traffic and companies would do well to focus their attention on this continent. Western companies should shift their production bases there to take advantage of lower cost coupled with manufacturing expertise. Companies must develop efficient products that have minimal maintenance and innovations in power technologies could provide the necessary breakthroughs.