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Ground Support Equipment Tires Market Will Grow at a Value CAGR of 4.8% During the Forecast Period (2018-2028) - Persistence Market Research
Underpinned by increasing disposable income and rapidly growing middle-class population, air passenger traffic is expected to witness robust growth in near future. Air traffic is increasing significantly across the globe.
According to IATA (International Air Transport Association), the global passenger traffic rose by 7.6% in 2017, which is more than the average annual growth registered over the last ten years, i.e. 5.5%. This increase in passenger traffic will create new challenges for the government in terms of providing appropriate infrastructure, technology and services that can accommodate growth and assure that taxes and regulation will not act as restraining factors for market growth.
This continuous growth in passenger traffic will also drive the aviation industry, which in turn, will lead to demand for efficient and robust ground support equipment for handling of various services and operations at terminal gates of an airport.
Based on Tire Type segment, the air filled type segment is anticipated to be a prominent segment by value share, contributing a significantly high share to the global Ground Support Equipment Tires market. This segment in the global Ground Support Equipment Tires market is projected to witness robust growth over the forecast period, though it is anticipated to face high competition from ground support equipment solid tires and filled based tires owing to their enhanced performance and longer work life
On the basis of sales channel type, the aftermarket segment dominates the global Ground Support Equipment Tires market with a significantly high share and is expected to experience robust growth during the forecast period
On the basis of equipment type, the cargo loading tires segment is pegged to be a major segment in the Ground Support Equipment Tires market. The segment is expected to maintain its dominance throughout the forecast period. The ground support aircraft service equipment and passenger service segment is expected to expand at a significant pace over the forecast period in the global Ground Support Equipment Tires market
North America is expected to dominate the global Ground Support Equipment Tires market and was followed by Europe in terms of revenue in 2018. These regions are projected to witness steady growth throughout the forecast period.
The South Asia Ground Support Equipment Tires market is expected to be behind the European Ground Support Equipment Tires market and captured approximately a quarter of the value share in 2018. South Asia , with its significant number of airports and due to its emerging economy, is expected to create significant growth opportunities for the Ground Support Equipment Tires market participants during the forecast period.
Developing countries across MEA and Latin America , such as Turkey , Egypt , Brazil and Mexico , are expected to emerge as lucrative regions in the Ground Support Equipment Tires market.
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