Global Ground Support Equipment Market to Grow at a Strong CAGR of 11.8% During the Forecast Period 2021-2030
The hybrid segment in the ground support equipment market is projected to grow fastest with a CAGR of 11.8% during the forecasted period 2021-2030. The hybrid segment is primarily driven by volatility in oil prices. The volatility in oil prices is driving the adoption of hybrid Ground Support Equipment (GSE) to maintain the efficiency of operation and revenue by saving fuel in hybrid ground support equipment. Further, the introduction of products with advanced technologies on a hybrid system is expected to increase adoption across the globe.
The commercial cargo services ground support equipment market is projected to grow at a CAGR of 12.2% during the forecasted period 2021-2030 and held a revenue share of about 68.5%. The commercial cargo services market is primarily driven by increasing import & export activities across the borders. Growing cross-border business is expected to increase the import & export activities, creating a demand for the adoption of airways for fast, secure, and efficient trade. Increasing air cargo will create demand for ground support equipment across the globe. The electric segment accounts for the largest share in the ground support equipment market and is projected to grow with a CAGR of 11.8% during the forecast period 2022-2030. An electric segment in the ground support equipment market is being driven by the implementation and adoption of different programs for the adoption of electric vehicles and equipment in airports.
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Geographically, the ground support equipment market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America accounts for the largest share in the ground support equipment market by capturing the largest market share in terms of revenue of around 34.25% in 2020. U.S. accounts for the largest share in the ground support equipment market and is projected to grow with a CAGR of 11.6% during the forecasted period 2022-2030. China accounts for the largest share in Asia in the ground support equipment market and is projected to grow with a CAGR of 12.4% during the forecasted period 2022-2030. Multiple factors are responsible for driving the ground support equipment market in the country such as the growing number of airports, increasing traffic of passengers and cargo. India’s ground support equipment market is projected to grow at the highest pace with a CAGR of 12.7% during the forecast period 2022-2030. India ground support equipment is primarily driven by government and other organizational funding for infrastructural development and increasing passenger traffic. The growing travel and tourism industry is also acting as a factor boosting airline travel across the country. Further, Indian airports are expected to total funding of $6 billion over the period of 2017-2022. Thus, increasing funding for infrastructural development and increasing traffic is expected to generate demand and adoption of ground support equipment in the country.
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KEY MARKET MOVEMENTS
- Hybrid segment in ground support equipment market is projected to grow fastest with CAGR of 11.8% during the forecasted period 2021-2030.
- Commercial cargo services ground support equipment market is projected to grow at CAGR of 12.2% during the forecasted period 2021-2030 and held a revenue share of about 68.5%.
- Electric segment accounts the largest share in ground support equipment market and is projected to grow with a CAGR of 11.8% during the forecast period 2021-2030.
- North America accounts for the largest share in ground support equipment market by capturing largest market share in terms of revenue of around 34.25% in 2020.
- U.S. accounts the largest share in ground support equipment market and is projected to grow with a CAGR of 11.6% during the forecasted period 2021-2030.
- China accounts the largest share in Asia in ground support equipment market and is projected to grow with CAGR of 12.4% during the forecasted period 2021-2030.
- India ground support equipment market is projected to grow at highest pace with a CAGR of 12.7% during the forecast period 2021-2030.
