Stringent Government Regulations to Boost Aircraft Ground Support Equipment Market
The aviation industry has always been under the intense purview of regulatory authorities as it needs to adhere to a number of guidelines issued by them from time to time. These regulations ensure that key stakeholders in the aircraft ground support equipment market develop products that are not only compliant with present guidelines but are future-proof to a certain extent. Some regulations may demand vehicle energy consumption reduction while others might necessitate lesser vehicular emissions.
Regulations are far more stringent in developed regions such as North America and Western Europe and manufacturers there are focused on providing high quality products in the aircraft ground support equipment market by way of continuous innovation. Companies are also trying to use alternative fuels in lieu of gasoline as this is anticipated to reduce operational cost and emissions while simultaneously increasing efficiency.
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Economic Slowdown Challenge in Latin America Aircraft Ground Support Equipment Market
The aviation industry is a prominent component of the GDP in several Latin American countries such as Chile and Brazil and aviation is directly linked to economic growth. The aviation industry has a cyclical nature and is characterized by phases of boom and bust that occur every seven to nine years on average.
The lack of demand for luxury goods and services has led to subdued growth in the Latin America aviation industry. Increased air travel has led to ticket prices being slashed dramatically, affecting profitability in this industry and hampering the potential of the aircraft ground support equipment market. The Latin America aircraft ground support equipment market is projected to be worth just under US$ 1 billion by the end of the forecast period.
Financial Crisis Affected Western Europe Aircraft Ground Support Equipment Market
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The financial crisis of 2008-09 has battered economies in Western Europe. Wage increment has been at snail’s pace and most industrial work has been outsourced to lower cost emerging economies, affecting the prospects of the Western Europe aircraft ground support equipment market. The growth of the airline industry (or a lack of it thereof) directly impacts the aircraft ground support equipment market.
As the majority of manufacturing jobs have been outsourced, it can be difficult to raise the price of aircraft ground support equipment. Within Western Europe, the greatest potential is predicted to be in Germany, UK, and France as these countries have large airports that function as international transit hubs. An incremental dollar opportunity of approx. US$ 1.4 billion is fuelled by these behemoths in the aircraft ground support equipment market.
Air Travel Boom Benefits APEJ Aircraft Ground Support Equipment Market
Airline travel is growing by leaps and bounds in the dynamic and fast-growing APEJ region with 700 routes having been established already for better connectivity. The International Air Transport Association states that air traffic in the continent rose by more than 8% in 2016 i.e. greater than the average of the previous five years. This represents an immense opportunity for regional governments to invest in adequate airport infrastructure, technology, and equipment.
Heavy investment in both the civil and military airline industry makes China the most attractive market in the APEJ aircraft ground support equipment market throughout the forecast period, a 10 BPS loss notwithstanding. China accounted for a market share of just under 55% of the APEJ aircraft ground support equipment market in 2017 and is on track to retain this share for some time to come.
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