Ground and cargo handling services market size is expected to grow at a CAGR of around 5% during the period 2019−2025.
Key Highlights Offered in the Report:
- The market will grow by over 1.3x during the forecast period, with APAC contributing to the highest incremental revenue of around $3 billion by 2025.
- The global number of air travelers, both domestic and international, and air cargo tonnage is expected to grow during the forecast period. It is also expected that the number of airplanes will almost double by 2035, thus raising growth opportunities for the vendors.
- With over 4 billion origin-destination passenger journeys globally in 2019, China witnessed the largest increment in passenger trips within domestic routes, adding approximately 50 million journeys.
- The passenger and baggage handling services sub-segment accounted for a 60% share of the overall ground handling services segment in 2019.
- The ground handling services segment is expected to witness the fastest growth in the APAC region at a CAGR of 6.24% and accounts for an incremental revenue of $1.84 billion during the forecast period.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by service type, airline type, and geography
- Competitive Landscape – Profile of 4 key vendors and 19 other vendors
Ground and Cargo Handling Services Market – Segmentation
- The growth in scheduled international passengers, the development of new airports, and an increase in retrofitting activities at airports are expected to boost the ground handling segment. North America leads the passenger and baggage handling service market due to the presence of several international as well as domestic airports.
- Charter airlines are an upcoming segment in terms of revenue generation. The growing consumer confidence in the market and better spending sentiments among millennial millionaires are increasing the number of charter flights.
- The highly competitive air freight industry is projected to continue the growth curve in the coming years. The freight handling segment is likely to generate increased revenues during the forecast period.
Market Segmentation by Service Type
- Ground Handling
- Passengers & Baggage Handling
- Airplane & Apron Handling
- Cargo Handling
- Freight Handling
Market Segmentation by Airline Type
Ground and Cargo Handling Services Market – Dynamics
Larger and more efficient airplanes, longer routes, and lower prices are the emerging trend in the aviation industry. Many airlines are investing for growth, with new aircraft and improved passenger experiences designed to help make it easier for people to travel from one place to another. Some airlines are helping travelers experience a more comfortable journey via fare inclusions, extra frills, and loyalty benefits. The aviation industry is witnessing an upcoming trend of larger airplanes, longer air routes, and lower-than-ever ticket prices. The airlines are including newer airplanes and investing heavily to enhance the customer experience and make air travel more comfortable than ever before. Several airlines are providing exciting offers such as fare inclusions, loyalty benefits, and add-on frills. The exponential growth in the air travel and freight industry is propel demand in the global market.
Key Drivers and Trends fueling Market Growth:
- Innovations in Ground & Cargo Handling Systems & Equipment
- Increasing Freight in Passenger Airlines
- Focus to Reduce Turnaround Times by Airlines
- Establishment of New Airports & Stations
Ground and Cargo Handling Services Market – Geography
Europe dominates the global ground and cargo handling services market. The region has well-developed airports with state-of-the-art infrastructure to accommodate a large number of passengers. Passenger travel plays a major role in the economic operations of airports. Further, the growing number of LCC airlines is also fueling the growth of the airport ground service industry. The steadiness in the economy bodes well for the development of new airports as well as capacity increment within existing airlines to cater to the growing number of people preferring to travel by air. The growing economy of European countries allows for a high propensity of international travel per person as well. The Nordic countries offer revenue potential for ground and cargo handling companies in the coming years as these countries are witnessing a rise in the number of trips by air per person.
Market Segmentation by Geography
- South Korea
- Latin America
- South Africa
- North America
- Menzies Aviation
- Worldwide Flight Services (WFS)
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