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Europe is a significant region in the global ground support equipment market. It is anticipated to rise at a CAGR of 5.59% during the forecast period. The global ground support equipment market size is projected to grow from USD 7.14 Billion in 2022 to USD 13.32 Billion by 2031.
WE ARE IN THE PROCESS OF REVAMPING Europe Ground Support Equipment Market WITH RESPECT TO RUSSIA-UKRAINE CONFLICT
Request SampleEurope is predicted to witness significant growth in the forecast period since more people travel by plane in nations like Germany, the U.K., France, and others. The investment and formation of smart airports and the demand for sustainable ground support equipment are associated with market expansion in the rest of the world. The Europe region’s growing tourism industry is predicted to aid market growth in the forecast period. Additionally, Increased spending in the aviation industry is expected to spur market expansion across Europe.
Our report on the European market share covers the following countries/regions – U.K., Germany, France, Russia, and the Rest of Europe.
Rise in Automated Ground Support Equipment to Boost Market Growth
The recent industry trends show automated, unmanned ground support equipment such as tow trucks and cargo carriers. After the insurgence of the COVID-19 pandemic, the aerospace industry took a major hit following the lockdown of operations; there was a need for remote operations creating demand for unmanned automated ground support equipment. As the number of patients went down, followed by the ease in travel restrictions, and an upsurge in the number of passenger services in the region, the demand for automated ground support equipment rose and is expected to maintain its position in the market during the forecast period. For instance, Aviogei, an Italian GSE manufacturer, displayed a prototype of a hydrogen hybrid powertrain for advanced ground support equipment.
Presence and Growing Initiatives by Key Market Players to Drive Market Growth
A major driving factor is the profound presence of key market players that constitute a majority of the global market share in the region. The presence of companies such as Cavotec SA, Rheinmetall AG, and TLD drives the market in the forecast period. Key players regularly indulge in launches, investments, mergers, acquisitions, and partnership activities to grow in a competitive market, hence proving to drive the market. For instance, in May 2022, Cavotec Group, a ground aircraft service equipment manufacturer from Europe, launched their new 400Hz operations management system at the Dubai Airport show. Additionally, growing initiatives are ultimately leading the market towards added air traffic, leading to an increase in the number of air travelers, which will benefit the market in the forecast period. These factors augment the Europe ground support equipment market growth.
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Raging Russia-Ukraine War to Limit the Market Growth
Despite high demand and increased investments in the market, a raging war between Russia and Ukraine is anticipated to cause hindrances in the global market. The war has greatly impacted NATO members and countries outside the NATO pact- such as Finland, Japan, and Sweden. Additionally, countries have started to spend heavily and allocate higher amounts in the annual country budget to produce and procure the latest defense equipment. Rising government expenditure and focus on war conditions lead to decreased aviation-related budget allocation and reduced travel. Hence, a rise in the Russia-Ukraine war and raging cross-border tensions in countries of the region will hamper the overall market growth.
Regarding the competitive landscape, Rheinmetall AG is the key player in the Europe market. Its presence is due to strong service offerings and active involvement in R&D investments to accelerate service launches and approvals in the forecast period.
Other prominent players, such as Cavotec SA and Mallaghan, are leading the market due to their strong distribution network and diverse aesthetic indications for their product portfolio. Some of the other major players are TLD and others. These companies are focused on strengthening their service portfolio and distribution network through strategic collaboration and partnerships to increase their market share in the Europe market.
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The market report provides quantitative and qualitative insights on the market and a detailed analysis of the Europe growth rate & market size for all possible segments in the market. Along with the Europe ground support equipment market forecast, the research report provides an elaborative analysis of the competitive landscape, porter’s five forces analysis and market dynamics. Numerous key insights given in the report are overview of the number of airports covered, an overview of price analysis of types of services, an overview of the regulatory scenario by key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships and, the impact of COVID-19 on the market.
ATTRIBUTE | DETAILS |
Study Period | 2019-2031 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2031 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 5.59% from 2023 to 2031 |
Unit | Value (USD million) |
Segmentation | Type; Power Source; Ownership; and Geography |
By Type |
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By Power Source |
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ByOwnership |
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By Country/ Sub-Region |
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Growing at a CAGR of 5.59%, the market will showcase steady growth in the forecast period (2023-2031).
The presence of key companies in the region and increased spending on the aviation sector by authorities will be the major factor driving the market's growth.
Rheinmetall AG, Cavotec SA and Mallaghan are the major market players in Europe.
Rest of Europe dominated the market in 2022.
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