Asia-pacific Ground Support Equipment Market 2022-2028
MARKET OUTLOOK
A Triton Market Research report depicts that the market for ground support equipment in the Asia-Pacific would fast progress with a CAGR of 12.18% over the forecast duration from 2022 to 2028. India, China, Japan, ASEAN countries, Australia & New Zealand, South Korea, and Rest of Asia-Pacific together comprise the market in this region.
India’s civil aviation industry has emerged as one of the country’s fastest-growing industries in the past few years. In fact, India has become the third-largest market for domestic aviation globally, and is estimated to become the third-largest air passenger market in the world by 2024.
Moreover, under UDAN, which is a regional connectivity scheme, financial incentives from the center & state governments and airport operators have been extended to some airlines to promote operations in unserved & underserved airports and keep airfares affordable. The expanding Indian aviation industry and rising investments are expected to bolster the growth of the Indian ground support equipment market.
Thailand is an important country in the ASEAN. With the significant growth in the tourism sector, it is expanding its existing airports and also building new airports. These developments are anticipated to propel the demand for ground support equipment. For instance, the Airports Department of the Transport Ministry has proposed constructing a new airport in Nakhon Pathom. This is expected to drive the GSE market’s growth in Thailand, and, in turn, in the ASEAN countries.
COMPETITIVE OUTLOOK
The prominent companies in the ground support equipment market are CIMC Tianda Holdings Co Ltd, Cobus Industries GmbH, Weihai Guangtai Airport Equipment Co Ltd, Tronair, Kalmar Motor AB, Charlatte America, Rheinmetall AG, Air Mak Industries Inc, and Hydro Systems KG.
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