Asia-pacific Ground Support Equipment Market Forecast 2022-2030

Asia-pacific Ground Support Equipment Market Forecast 2022-2030

KEY FINDINGS

The Asia-Pacific ground support equipment market is predicted to progress with a CAGR of 12.17% over the forecasting years, 2022 to 2030. The market growth of the region is fueled by the surging investment in airport and terminal expansions, population growth, increased disposable income, and affordable air travel.

MARKET INSIGHTS

The Asia-Pacific ground support equipment market growth evaluation comprises the assessment of China, South Korea, Indonesia, Australia & New Zealand, Vietnam, India, Thailand, Japan, and Rest of Asia-Pacific. India’s civil aviation industry has emerged as one of the fastest-growing markets across the country over recent years. India has also become the third-largest domestic aviation market worldwide, projected to overtake the United Kingdom and become the third largest air passenger market by 2024.

Although the country’s passenger traffic accounted for 115.37 million in FY21, international and domestic passenger traffic depreciated at a CAGR of -28.64% and -9.02%, respectively, from FY16 to FY21. The decline was primarily attributed to COVID-19-related restrictions on flights in FY21.

Conversely, in South Korea, the Incheon International Airport Corp (IIAC)’s planned $5.4 billion investment from 2022 to 2025 in preemptive preparedness for post-COVID air traffic demand is likely to remain intact. This is regardless of debt surge as well as reduced revenue from ongoing standstill in terms of passenger travel. Hence, these factors are set to reinforce the ground support equipment market growth in the Asia-Pacific.

COMPETITIVE INSIGHTS

Key players operating in the market are CIMC Tianda Holdings Co Lt, Weihai Guangtai Airport Equipment Co Ltd, Merlinhawk Aerospace, etc.

Our report offerings include:
Explore key findings of the overall market
Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
Market Segmentation cater to a thorough assessment of key segments with their market estimations
Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments