Global Ground Support Equipment Market to Grow at a Strong CAGR of 11.8% During the Forecast Period 2021-2030


Hybrid segment in ground support equipment market is projected to grow fastest with a CAGR of 11.8% during the forecasted period 2021-2030. 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, introduction of products with advanced technologies on hybrid system is expected to increase the adoption across the globe.

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%. 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 adoption of airways for fast, secure and efficient trade. Increasing air cargos will create demand for ground support equipment across the globe. 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 2022-2030. Electric segment in ground support equipment market is be driven by implementation and adoption of different programs for the adoption of electric vehicles and equipment on airports.

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Geographically, the ground support equipment market has been segmented into North America, Europe, Asia Pacific and Rest of World (ROW). 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 2022-2030. 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 2022-2030. Multiple factors are responsible for driving ground support equipment market in the country such as growing number of airports, increasing traffic of passengers and cargos.India ground support equipment market is projected to grow at 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. Growing travel and tourism industry is also acting as a factor boosting airline travel across the country. Further, Indian airports are expected a 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.  

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.

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