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.
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Higher Consumer Preference to Augment Demand
Air travel continues to gain high momentum with growing number of people opting for air travel mode, either for leisure activities or business travel, albeit higher costs associated with air travel. According to IATA (International Air Transport Association), based on a 3.6 percent year-on-year growth, more than 7 billion passengers are expected to adopt air travel by 2036. This has influenced aircraft manufacturers to enhance their production capacities to cater to this anticipated growing demand for air travel. With increasing number of aircrafts, consumption of food products is expected to showcase a cumulative growth, in turn mushrooming the demand for airport catering services and ground support, such as airport catering trucks.
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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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Airport Catering Truck Market: Higher Consumer Preference to Augment Demand
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