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The global aircraft towing equipment market is expected to exhibit a robust 7% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR).The global aircraft towing equipment market is driven by their benefits, such as the net reduction in fuel usage. The market is likely to develop along two major lines of development over the forecast period, namely the development of robotic aircraft towing equipment and the development of electric aircraft towing equipment. These are likely to be the major drivers for the global aircraft towing equipment market over the forecast period.
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The development of electric aircraft towing equipment market has been a major feature of the global aviation sector, due to the growing demand for electric systems in a number of aircraft applications, including the aircrafts themselves as well as the support equipment needed to run and operate an airport. This is likely to be a major driver for the global aircraft towing equipment market over the forecast period, as companies that succeed in developing and marketing electric versions of aircraft towing equipment are likely to enjoy sustained success in the coming years. The growing government support for the use of electric systems in place of systems running on traditional fuels is likely to tie in well with this development in the aircraft towing equipment market, with government subsidies and tax exemptions likely to be a key driver for the demand for electric aircraft towing equipment.
The growth of commercial aviation in developing countries is also likely to be a major driver for the global aircraft towing equipment market over the forecast period. The rising number of aircraft deliveries to airlines in developing countries has resulted in a growing demand for support equipment such as aircraft towing equipment. This is likely to be a major driver for the global aircraft towing equipment market over the forecast period.
Competitive Analysis:
Leading players in the global aircraft towing equipment market include Weihai Guangtai Airport Equipment Co. Ltd., MULAG Fahrzeugwerk GmbH, JBT Corporation, Imai Aero-Equipment Mfg. Co. Ltd., Gate GSE, Flightline Support Ltd., Douglas Equipment Ltd., Cavotec SA, Aero Specialties Inc., and Avia Equipment Pte Ltd.
In February 2019, Lockheed Martin and BEML announced a partnership likely to result in collaboration in the production and development of several aircraft support equipment, including aircraft towing equipment.
In October 2018, SpiceJet started using TaxiBots, a semi-robotic aircraft towing vehicle. This was the first use of a robotic aircraft towing vehicle in India. The key benefits of the robotic system include reducing fuel consumption, reduced carbon emissions, and reduced noise levels.
Segmentation:
The global aircraft towing equipment market is segmented on the basis of equipment type, mode of propulsion, end use, and region.
By equipment type, the global aircraft towing equipment market is segmented into towbar tractors and towbarless tractors. Towbar tractors are the traditional type of aircraft towing equipment and is thus in widespread demand. However, the towbarless tractors segment is likely to exhibit a higher growth rate over the forecast period due to the growing awareness about their higher efficiency.
By mode of propulsion, the global aircraft towing equipment market is segmented into electric, non-electric, and hybrid. The global aircraft towing equipment market is likely to be dominated by the electric segment over the forecast period, with the hybrid segment exhibiting the highest growth rate.
By end use, the global aircraft towing equipment market is segmented into commercial and military. The commercial segment is likely to dominate the global aircraft towing equipment market over the forecast period due to the growing demand for commercial aircraft.
Regional Analysis:
North America is likely to dominate the global aircraft towing equipment market over the forecast period due to the growing commercial airlines industry in the region and the strong presence of several aircraft component manufacturers. The rapid growth of the commercial aviation sector in Asia Pacific is also likely to be important to the global aircraft towing equipment market over the forecast period, with the rising number of aircrafts and airports in the region likely to lead to an increasing demand from the aircraft towing equipment market over the forecast period.
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