Portland, OR, Feb. 24, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the ASEAN ground support equipment market generated $674.17 million in 2018, and is expected to generate $1.19 billion by 2027, witnessing a CAGR of 9.8% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, key investment pockets, top segments, value chain, and competitive landscape.
Increase in air traffic and cargo, focus of airports on improving operational efficiency, high service standards, and leasing of ground support equipment drive the growth of the ASEAN ground support equipment market. However, high initial investment hinders the market growth. On the other hand, focus toward procurement of greener GSE and emerging usage of wireless technology present new opportunities in the coming years.
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Covid-19 Scenario:
- As Covid-19 pandemic impacted all the sectors across the globe, the ground support equipment industry underwent economic & financial losses and significant uncertainties. The manufacturing activities were hindered and shortage of raw materials occurred.
- Air travel had been banned to restrict the movement of people and curb the spread internationally. This resulted in cancellation in flights and declined the demand for ground support equipment. The demand is expected to get back on track as air travel restrictions are lifted off.
The report provides detailed segmentation of the ASEAN ground support equipment market based on equipment type, type, power source and country.
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Based on type, the motorized segment accounted for the highest market share, contributing to more than half of the total market share in 2018, and will maintain its lead position during the forecast period. Moreover, this segment is projected to grow at the highest CAGR of 10.2% from 2020 to 2027. The research also analyzes the non-motorized segment.
Based on power source, the electric segment contributed to the highest share, holding more than two-fifths of the total market share in 2018, and will maintain its leadership status throughout the forecast period. Moreover, this segment is expected to portray the fastest CAGR of 10.7% from 2020 to 2027.
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Based on country, Indonesia accounted for the largest share in 2018, contributing to nearly one-third of the total share, and will maintain its dominant share in terms of revenue by 2027. However, Vietnam is expected to manifest the largest CAGR of 13.2% during the forecast period.
Leading players of the ASEAN ground support equipment market analyzed in the report include Adelte Group S.L, Cavotec SA, Avia Equipment Pte Ltd, IMAI Aero-Equipment MFG. CO. LTD., Guangta, JBT Corporation, ITW GSE, TLD, Textron Ground Support Equipment Inc., and Tronair.
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