Ground Support Equipment Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Ground Support Equipment Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Ground Support Equipment Market

The Ground Support Equipment Market size was valued at USD 518.46 billion in 2023, and the market is now projected to grow from USD 542.21 billion in 2024 to USD 886.80 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period of 2023-2030.

Demand for Ground Support Equipment declined throughout the world during COVID-19. International Air Transport Association (IATA) reported that the number of people travelling via air is expected to reach by 8.2 million by 2037, this situation is stating the need for efficient growing and cargo handling. The lockdown has hampered the Ground Support Equipment Market Growth, as the physical gathering with social distance work was nearly impossible to complete, with these conditions IATA reported that airlines might face huge losses of around USD 7 billion in 2022, considered to be a relief from USD 9.7 billion loss in 2021 and the USD 42 billion and USD 13.7 billion losses in 2020 and 2021, respectively. The total was reached to 150 billion in industry, however, the rising air traffic and cargo transportation will play the key driving factors for a global boost.

With the rising preference for air travel, to save time consumers’ choices are driving the aviation market and contributing to Ground Support Equipment Market Share. With increasing Air travel, Air Traffic, and Cargo Transportation, airports are widely adopting next-generation GSE. According to the report of the International Air Transport Association (IATA), the global air freight demand has increased by 18.7% in 2021, which is more than the previous year. The market data for total air traffic reported after measuring revenue passenger kilometres (RPKs) reached a 41.3% high, reported in November 2022, considered to be higher than in 2021, turn-out to be over 75% of pre-pandemic levels, with this market also highlighted the correlation between air travel expansion, increased air traffic, and overall market growth.

With the go-green moment, every industry is focusing on making their products more greener, such as the aviation sector. With an eco-friendly approach, aviation authorities all around the globe are implementing guidelines for greener processes and eco-friendly technologies, as a result, it is driving the demand for integration of these technologies into aircraft ground support equipment (AGSE). In February 2021, the agreement between Action Construction Equipment (ACE) Ltd. with Ware ESS settled to design, develop, and supply a 23kWh lithium Battery for 3-tonne forklift applications. These key market players deployed these forklifts at Chennai Airport, directly contributing to the market growth.

Comprehensive Analysis of Ground Support Equipment Market

The Ground Support Equipment Market and Aerospace & Defence industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the defence benefit management industry. These segmentations are methodically segregated By Type Analysis, By Power Source Analysis, and By Ownership Analysis. The types of analysis include, Tugs & Tractors (TT), Pushback Tractors (WT), Passenger Boarding Lift & Steps (PBS), Belt Loader (BL), Hi-Lift Loader (HL), De/Anti-Icing Vehicle (H), Water Service Vehicle (PW), Lavatory Service Vehicle (LS), & Others; type of power includeNon-Electric GSE, Electric GSE, Hybrid GSE, Fuel Cell Vehicle (FCV), & Advanced GSE; by type of ownership includes New sales, Used Sales, & Rental/Lease.

In 2022, North America reported a USD 2.30 billion market share, driven by the rising industrial power of the aviation sector, where players are investing hugely in the R&D of aviation GSE, with a large number of airports and airlines present there, eventually leading to market growth. The U.S. airlines known for its exceptional services is serving in 80 countries, with 28,000 flights, which flew more than 800 airports, connected nearly 2.5 million air travellers, and transported 28,000 tons of cargo daily.

The top players in the market play a crucial role in the Aerospace & Defence industry assuring industrial prospectus growth and setting market standards. These players include, 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.) these market players provide a level-playing competitive landscape.

October 2022— UL solutions, an America Safety Science Company, introduced a new standard and service in the market for evaluating electric ground support equipment integrated with the power of lithium-ion batteries at airports. This new service is likely to be align with the UL 5840:2022 standard for battery-powered aviation GSE of electric systems.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2031

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2031

Historical Period 2019-2021

Growth Rate CAGR of 6.03% from 2023-2031

Unit Value (USD Billion)

Segmentation Type; Power Source; Ownership; and Geography

By Type

Tugs & Tractors (TT)

Pushback Tractors (WT)

Passenger Boarding Lift & Steps (PBS)

Belt Loader (BL)

Hi-Lift Loader (HL)

De/Anti-Icing Vehicle (H)

Water Service Vehicle (PW)

Lavatory Service Vehicle (LS)

Others

By Power Source

Non-Electric GSE

Electric GSE

Hybrid GSE

Fuel Cell Vehicle (FCV)

Advanced GSE

By Ownership

New sales

Used Sales

Rental/Lease

By Geography

North America (By type, power source, ownership, Country)

- U.S. ( By type, power source, ownership)

- Canada ( By type, power source, ownership )

Europe ( By type, power source, ownership, Country )

- U.K ( By type, power source, ownership )

- Germany ( By type, power source, ownership )

- France ( By type, power source, ownership )

- Russia ( By type, power source, ownership )

- Rest of Europe ( By type, power source, ownership )

Asia Pacific ( By type, power source, ownership, Country )

- China ( By type, power source, ownership )

- Japan ( By type, power source, ownership )

- India ( By type, power source, ownership )

- Australia ( By type, power source, ownership )

- Rest of the Asia Pacific ( By type, power source, ownership )

Rest of the World ( By type, power source, ownership, Sub-Region)

- Middle East & Africa ( By type, power source, ownership)

- Latin America ( By type, power source, ownership )