LONDON--(BUSINESS WIRE)--The new aircraft ground support equipment market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the aircraft ground support equipment market.
"One of the primary growth drivers for this market is the rise in construction of airports,” says a senior analyst for the industrials industry at Technavio. As the markets recover, Technavio expects the aircraft ground support equipment market size to grow by USD 1.67 billion during the period 2020-2024.
Aircraft Ground Support Equipment Market Segment Highlights for 2020
- The aircraft ground support equipment market is expected to post a year-over-year growth rate of 4.07%.
- Based on the application, passenger aircraft led the market in 2019. The market is driven by the rise in the construction of airports.
- The market growth in the segment will be significant over the forecast period.
- 31% of the growth will originate from the APAC region.
- The market growth in APAC is driven by the rising preference for smart airports that will significantly influence aircraft ground support equipment.
- China and India are the key markets for aircraft ground support equipment market in the APAC region.
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- The aircraft ground support equipment market size is expected to accelerate at a CAGR of over 4% during the forecast period.
- The aircraft ground support equipment market is segmented by application (passenger aircraft, cargo aircraft, and military aircraft) and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Alvest Group Co., DOLL Fahrzeugbau GmbH, FAYAT SAS, Guangtai, HYDRO Systems KG, ITW GSE ApS, John Bean Technologies Corp., Mallaghan, Textron Ground Support Equipment Inc., and Tronair Inc.
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