A brief of Airport Catering Trucks market report
The business intelligence report for the Airport Catering Trucks market offers a comprehensive outline of essential aspects regarding the product classification, crucial definitions, and other industry-specific parameters.
The Airport Catering Trucks market report also covers the key factors associated with the current events such as mergers and acquisition, partnerships and new product launches. Further, the research hands over a strong foundation for gathering a plethora of insights that potential customers can use to improve their returns and decrease costs. The depiction of data on Airport Catering Trucks market segmentation by type, application, and geography offers a critical viewpoint of, what manufacturers are looking for the foreseeable timeframe.
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The airport catering truck market continues to witness steady growth, as growing demand for aircraft ground support creates sustained opportunities for stakeholders. Airport authorities and airline companies continue to invest in infrastructure development, which in turn is augmenting demand for airport catering trucks around the globe, finds a new study.
Driven by increasing development of airports across developed and emerging economies, the airport catering trucks market is likely to expand at a CAGR of 5.7% in terms of value, reveals a new study compiled by Fact.MR. In terms of volume, the report expects over 3 billion airport catering trucks to be sold by 2028.
Developed Economies Continue to be at the Forefront of Demand
With growing expenditure on aviation infrastructure in developed counties of North America and Europe, the sales volume of airport catering trucks is expected to remain concentrated in the United States, Germany, the United Kingdom and Russia. North America region is at the vanguard of global demand, followed by European countries – surging popularity of air travel in developing countries is complementing demand.
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Growing emphasis on enhancing airport infrastructure, coupled with increasing number of airports in emerging economies of India and China has been instrumental in driving sales in these regional markets. China is likely to ramp up demand for airport catering trucks – the Government of China plans to develop 136 new airports by 2025. Sales are also likely to be resurgent in Oceania and India.
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Hybrid Airport Catering Trucks Sales Nearly 19x of its Electric Counterpart
The report finds that hybrid catering trucks continues to remain the preferred option among end-users. Hybrid airport catering truck market valuation is about 19 times more than electric catering trucks. With increasing end user demand for flexibility in fuel consumption and economy, coupled with engine robustness and power, hybrid airport catering trucks continue to be an economically-feasible option for end-users. However, with increasing environmental concerns and environmental safety regulations laid by EPA (Environment Protection Act) regarding carbon dioxide emissions, electric catering trucks are expected to witness significant demand and are poised to expand at a higher value CAGR, albeit from a low base.
The report finds that participants are focusing on launching electric catering trucks to fulfil their increasing demand. In addition, manufacturers are aiming to consolidate their position in the airport catering trucks business, particularly in the emerging economies given their significant potential for growth. Some of the leading players include Alvest Group, Global Ground Support Equipment LLC, Mallaghan Engineering Ltd., DOLL Fahrzeugbau GmbH, Eagle Industries DWC-LLC, Jiangsu Tianyi Airport Special Equipment Co., Ltd., Cartoo GSE, WEIHAI Guangtai Airport Equipment Co., Ltd., and Sovam.
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