Sellbyville, DE -- (SBWire) -- 01/19/2019 --Aircraft Ground Handling System Market is set to hit a targeted revenue of USD 185 billion by 2024. Aircraft handling, passenger handling, and cargo handling are the major products of aircraft ground handling systems. Cargo handling systems, which dominated the product landscape in 2016, are expected to contribute a major chunk toward aircraft ground handling system industry share over the coming timeframe. Mounting need for swift transportation of materials is expected to elevate the product demand.
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Aircraft ground handling system market from aircraft handling will record a substantial CAGR over the coming seven years. To comply with growing number of passengers and fleets, airport authorities are favoring the implementation and development of innovative ideas to provide better service to passengers. Aircraft handling equipment consists of tow tractors, hydraulic testing units, re-fuelers, chocks, de-icing, tow bars, anti-icing system, and jet air starter. Cargo handling is another lucrative product segment of aircraft ground handling system market, which dominated the revenue share in 2016. Surging adoption of this product will augment the aircraft ground handling system industry growth.
Airport authorities across APAC are increasingly implementing innovative technologies in aircraft systems to provide efficient services to the passengers. Asia Pacific aircraft ground handling system market covered more than 25% of the regional share in 2016 and will generate notable revenue with a considerable annual growth rate over the period of 2017 to 2024. It has been observed that of late, the APAC population has been giving preference to the air transit, owing to the growing urbanization and rise in population. In addition to this, government and airport authorities are looking forward to expanding airports and are also investing heavily in airport infrastructural development, which will boost aircraft ground handling system industry size.
North America is a lucrative avenue that fuels the demand for all kinds of handling equipment such as cargo, passenger, and aircraft on a large scale. North America aircraft ground handling system market is slated to dominate the global landscape over the years ahead, primarily driven by the technical improvements to enhance operational efficiency.
Latin America air traffic has increased by 7.4% in 2016. Despite the political and economic uncertainties in the region's largest industry, Brazil, the Latin American air traffic showcased growth. The domestic travel accounted for 46% of the operations from Brazil.
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Europe aircraft ground handling system industry is projected to experience an accelerating growth over the coming seven years, subject to an increase in the number of new aircrafts resulting in the allocation of more budgets for constructing high-grade airports & runways. France and Germany, which jointly accounted for nearly 40% of Europe aircraft ground handling system industry share in 2016, are expected to significantly influence the business space.
Dnata, Cargotec Oyj, RampSnake, Cavotec SA, JBT AeroTech, SATS Limited, PrimeFlight Aviation services, John Menzies plc, and Swissport International Limited are the key participants of aircraft ground handling system industry.
Mergers and acquisitions are other strategies adopted by the manufacturers to expand their geographical presence. For instance, in December 2016, Dnata announced the acquisition of 50% shares of GTA Aviation's ground and cargo handling operations at Toronto Pearson Airport. This acquisition helped Dnata to expand its presence in Americas and fulfill its strategy to provide the highest level of customer service across the region.
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