A Summary of the Aircraft Cargo Handling Equipment Market Developments
As per Future Market Insights, the aircraft cargo handling equipment market is anticipated to attain a value pool of US$ 23 billion by 2023-end. Global demand for aircraft cargo handling equipment is expected to rise at a CAGR of 4.2% to US$ 35 billion in 2033.
Data Points
Key Statistics
Expected Market Value in 2023
US$ 23 billion
Projected Market Value in 2033
US$ 35 billion
Growth Rate (2023 to 2033)
4.2% CAGR
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Taking off to new heights: The Impact of Increasing Air Cargo Traffic on the Aircraft Cargo Handling Equipment Market
Increasing Air Cargo Traffic: The growth of e-commerce and the rise of global trade have led to an increase in air cargo traffic, which in turn has increased the demand for efficient cargo handling equipment. As more goods are transported by air, cargo handling equipment is needed to load, unload and move cargo quickly and efficiently. This is expected to drive the market for aircraft cargo handling equipment.
Advances in Technology and Automation: Advancements in technology and automation have led to the development of more efficient cargo handling equipment. The use of automation in cargo handling equipment is expected to reduce labor costs and improve efficiency, which will attract more customers. Automated cargo handling equipment is also expected to be more reliable and accurate than manual equipment, which will further drive the market.
Growing Demand for Express Cargo and Logistics: The growing e-commerce industry and time-sensitive delivery of products are driving the demand for express cargo and logistics, which in turn is expected to drive the market for aircraft cargo handling equipment.
Rising to the Occasion: A Look at the Soaring Development of the Aircraft Cargo Handling Equipment Market in the Asia Pacific
The Asia Pacific region is expected to be a prominent market for aircraft cargo handling equipment, growing at a CAGR of 3.7% during the forecast period. It has a rapidly growing economy, which is leading to an increase in the number of air travelers and cargo transported by air. This has led to an increase in the demand for efficient cargo handling equipment in the region. The Asia Pacific region is also home to several major players in the aircraft cargo handling equipment market, such as JBT Corporation, Kalmar, Konecranes, and SICK AG. These companies are investing heavily in research and development to develop advanced cargo handling equipment that meets the needs of the region.
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Electrifying Opportunities: Tap into the Booming Electric Power Segment of the Industrial Gas Turbine Market
The most popular power segment in the aircraft cargo handling equipment market is the electric power segment. Electric power is widely used in aircraft cargo handling equipment because it is more efficient, reliable, environmentally friendly, and cost-effective than other power sources. The development of advanced technologies is also expected to further boost the demand for electric-powered cargo handling equipment in the market.
Competitive Landscape
The global aircraft cargo handling equipment market is highly competitive, with a mix of large, well-established players and small, niche players. Key players have a strong presence in the market and offer a wide range of products and services, while regional players have a strong presence in their local or regional market. New entrants may offer new and innovative products and services, but they may not have the financial resources to compete with established players.
Recent Developments:
In September 2022, JBT Corporation took a giant leap in the food and beverage industry as it completes its acquisition of BevCorp, solidifying its position as a leading global technology solutions provider for high-value segments of the industry.
In February 2022, The Alvest Group and Millennium Aero Dynamics join forces to conquer the skies of the Indian subcontinent, as they team up to expand their ground support equipment offerings in the dynamic and rapidly growing Indian market
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Aircraft cargo handling equipment is used at airports for material handlings of goods. Aircraft cargo handling equipment is an essential requirement for every airport. These equipment provide mobility and unloading/loading of cargo to aircraft at the terminals.
Aircraft cargo handling equipment includes container loaders, forklifts, cargo transporters, and cargo dollies, among others. Nowadays, Manufacturers are focused on lightweight components in their equipment to increase efficiency and to reduce emissions.
Moreover, manufacturers are engaged in providing alternative fuel product i.e. electric equipment instead of gasoline to reduce the operational as well as to maintenance cost.
An increase in the number of new aircraft including freighter planes as well as the construction of new airports in the emerging economies of the world is one of the key factors for the growth of aircraft cargo handling equipment.
Air passenger traffic is increasing day by day across the globe especially in emerging countries such as China and India due to the increasing spending power of an individual as well as a decrease in flight fares.
According to IATA (Air Transport Association), in the Asia Pacific, air traffic increased by 8.3% in 2016, which is more than the average growth in the last five years i.e. 6.9%.Thus, the increase in air traffic and demand for new aircrafts compel the government to improve the airport infrastructure as well as the expansion of airports.
These factors are expected to drive the growth of global aircraft cargo handling equipment market over the forecast period. The high growth rate of air traffic with the relatively low rate of new airport construction and expansion of existing ones leads to the decrease in time of service per flight which in turn propels the need for new aircraft cargo handling equipment and boosts the growth of the global market.
Aircraft Cargo Handling Equipment Market: Regional Outlook
Asia Pacific is expected to hold a significant share in the aircraft cargo handling equipment due to the increase in the number of new airports in China, India, and ASEAN countries and also the expansion of existing airports.
This will propel the demand for new ground support equipment which in turn is estimated to fuel the growth of aircraft cargo handling equipment over the forecast period. Additionally, Asia Pacific is also expected to be at the forefront in the global market due to the increase in the number of airline carriers as well as freighter aircraft.
The Middle East and Africa are estimated to grow with healthy CAGR over the forecast period due to an increase in air traffic as well as new airports in the emerging countries which will compel the demand for aircraft cargo handling equipment.
In North America, existing airports are renovated its infrastructure and also some of the prominent airports expand its terminals. These factors are expected to boost the demand for new aircraft cargo handling equipment in the North America cargo handling equipment market.
Developing countries in Eastern Europe such as Russia, Poland are expected to grow with a relatively high growth rate due to an increase in new aircrafts, facilitating trade, travel, and tourism across the nations.
Examples of some of the market participants in the global aircraft cargo handling equipment market, identified across the value chain include:
JBT Corporation
Weihai Guangtai Airport Equipment Co., Ltd.
ALVEST Group
Toyota Material Handling Solutions
MITSUBISHI HEAVY INDUSTRIES, LTD.
Hydro System KG
Mulag Fahrzeugwerk Heinz Wössner GmbH u. Co. KG
Hyster-Yale Materials Handling, Inc.
Kion Group
The Aircraft Cargo Handling Equipment market research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies.
The research report provides analysis and information according to market segments such as geographies, application, and industry.
The Aircraft Cargo Handling Equipment market report covers exhaustive analysis on
Aircraft Cargo Handling Equipment market value chain
Regional analysis includes
North America (The USA, Canada)
Latin America (Mexico, Brazil)
Western Europe (Germany, Italy, France, The United Kingdom, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The Aircraft Cargo Handling Equipment market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The Aircraft Cargo Handling Equipment market report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The Aircraft Cargo Handling Equipment market report also maps the qualitative impact of various market factors on market segments and geographies.
