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The ground support equipment market size is projected to grow from USD 4.23 billion in 2022 to USD 7.82 billion by 2030. The equipment has gained traction to streamline aircraft operations across advanced and emerging economies. A notable uptick in cargo transportation and air traffic could foster equipment adoption. According to the latest research report by Fortune Business Insights™ titled, “Ground Support Equipment Market Size, Share and COVID-19 Impact Analysis, By Type (Tugs & Tractors, Pushback Tractors, Passenger Boarding Lift & Steps, Belt Loader, Hi-Lift Loader, De/Anti Icing Vehicle, Water Service Vehicle, Lavatory Service Vehicle, Others), By Power Source (Non-Electric GSE, Electric GSE, Hybrid GSE, Fuel Cell Vehicle, Advanced GSE), By Ownership (New Sales, Used Sales, Rental/Lease), and Regional Forecast, 2022-2030,” the market was valued at USD 4.07 billion in 2021. It is estimated to exhibit 7.97% CAGR during the forecast period.
Dip in Air Travel to Challenge Growth Prospect amidst the COVID-19 Pandemic
Industry players are likely to grapple with the COVID-19 pandemic, with the aviation sector witnessing a global plunge. According to the International Air Transport Association (IATA), around 1.8 billion passengers flew in 2020, observing a dip of 60.2% compared to the preceding year. Besides, air carriers faced financial difficulties, prompting them to rethink their strategic approaches.
Meggitt PLC Collaborates with Bell Textron Inc to Bolster Supply Chain
At a time when leading companies are striving to tap underpenetrated areas, leading companies, such as Meggitt, have bolstered their portfolios. In February 2020, Meggitt inked a contract of approximately USD 73 million with Bell Textron to provide heated spinner, composite de-icing propeller rotor blankets, pendulums, and fairings to Bell Boeing V-22 osprey helicopter. Meanwhile, in March 2020, Cavotec SA signed a two-ground-support-equipment contract with Chinese airports. The company could supply over 400Hz connectors, 100 coilers units, and service cables at Beijing Capital International Airport.
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Emphasis on Operational Efficiency & Cargo Transportation to Usher Growth
Stakeholders are poised to emphasize operational efficiency and reduce turnaround time. The ground support equipment market share will gain traction from the development of underground equipment. Moreover, a gradual uptick in cargo transportation and air traffic could provide an impetus for industry growth. IATA claims that the number of air travelers could double to 8.2 billion by the end of 2037. With a gradual surge in air traffic, industry players are likely to up their investments in ground support equipment solutions.
However, lack of infrastructure for charging electric equipment could challenge leading companies vying to expand their portfolios.
Stakeholders Invest in Collaboration to Expand Penetration
Leading players are likely to expand product portfolio with investments in technological advancements, product launches, geographical expansion, R&D activities, and mergers & acquisitions. Industry players could foster ground support equipment market growth by focusing on organic and inorganic strategies.
Notable Industry Development
List of Companies Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD billion)
By Power Source