Latin America Ground Support Equipment Market 2022-2028
MARKET OUTLOOK
The Latin America ground support equipment market is predicted to showcase growth, with a CAGR of 10.79% over the forecasting period from 2022 to 2028, states a report by Triton Market Research. Brazil, Mexico, and Rest of Latin America together shape the market in this region.
The Rest of Latin America region includes countries like Argentina, Chile, Venezuela, Brazil, Colombia, and Peru, among others. In 2020, Argentina announced its plans to invest $1.4 billion over a period of four years to improve the infrastructure at airports. For instance, one of the infrastructure development plans involves the construction of a new departure terminal at the Ezeiza International Airport. This would expand the airport to three times its current size, which will turn it into Latin America’s most modern airport. Such initiatives are expected to bolster the demand for ground support equipment, which, in turn, will support the growth of the assessed market.
Around the same time, Chile’s Santiago International Airport began working on a major expansion project to cater to the rising traffic of domestic and international passengers. This project is estimated to be valued at nearly $720 million, and includes processes to construct a new international passenger terminal, upgrade the existing passenger terminal, and other installations. All these initiatives are expected to boost the market growth in Italy.
COMPETITIVE OUTLOOK
Major players engaged in the ground support equipment market include Weihai Guangtai Airport Equipment Co Ltd, Aero Specialties Inc, Kalmar Motor AB, Cavotec SA, Mulag Fahrzeugwerk, Mallaghan, CIMC Tianda Holdings Co Ltd, Champion GSE, and TLD Group.
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