A new report projects that the Airport Tugs market will be worth US$2.3b by 2030.
With the market expected to generate $1.5b in sales revenue this year, it has been estimated that by the beginning of the next decade the market will have grown at a CAGR (compound annual growth rate) of 8 per cent.
It is expected to witness significant growth during the forecast period from 2020 to 2028, driven by a variety of factors such as increasing air traffic, technological advancements and the need for efficient GSE (ground support equipment), indicating the potential and opportunity for industry players in this sector.
The growth of the Airport Tugs market can be attributed to the rising demand for enhanced operational efficiency and safety at airports. They play a crucial role in towing aircraft, moving baggage and cargo and assisting in various ground handling operations.
With the increasing number of airports and expansions in existing ones, there is a growing need for advanced and efficient Airport Tugs.
Furthermore, the market is witnessing technological advancements in the form of electric and hybrid tugs, which offer lower emissions, reduced noise levels, and improved energy efficiency. These factors are expected to drive the adoption of Airport Tugs, especially in environmentally conscious regions.
The global Airport Tugs market is highly competitive and fragmented, with numerous companies operating in the industry. These companies contribute to the growth of the Airport Tugs market through various strategies such as product innovation, partnerships, mergers and acquisitions and geographical expansion.
Textron GSE offers a range of Airport Tugs with advanced features such as electric drive systems and autonomous operations, catering to the demand for sustainable and efficient ground support equipment. Similarly, JBT Corporation provides Airport Tugs with advanced technology and ergonomic designs, enhancing operational productivity and safety.
Overall, the companies operating in the Airport Tugs market contribute to its growth through their innovative products, technological advancements and expansion strategies, catering to the increasing demand for efficient and sustainable GSE.
The market for Airport Tugs is expected to witness significant growth in the coming years across various regions. In North America, the market is projected to expand owing to the presence of a large number of airports and the need for efficient ground handling equipment.
In the Asia-Pacific region, the market growth is anticipated due to the rising air passenger traffic and the expansion of airport infrastructure. Europe is also likely to witness growth in the airport tugs market due to the increasing demand for air travel.
The towbarless Aircraft Tugs market is projected to generate $500m in sales revenue in 2023, whilst it is projected to grow at a CAGR of over 9 per cent during the forecast period from 2020 to 2030, reaching $850m by the end of the decade.
Further, the electric Aircraft Tugs market is estimated to generate $200m in sales revenue in 2023. The market is expected to grow at the highest CAGR during the forecast period, reaching $500m by 2030.
The conventional Aircraft Tugs market is projected to generate $700m in sales revenue in 2023, with the market expected to grow at a CAGR of over 6 per cent from now until 2030.