The new airport handling services market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Airport Handling Services Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the airport handling services market.
"One of the primary growth drivers for this market is the Collective Pooling of Air Side Equipment," says a senior analyst for the Industrials industry at Technavio.
The number of air travelers is expected to increase during the forecast period. With the increasing number of air travelers, the congestion in airports is also escalating. Hence, to cater to the growing demand, several countries are investing in airport infrastructure by enhancing the passenger and cargo-carrying capacity of airports. Ground handling equipment for different airport ground handling services are leased or owned by ground handlers and stored at airport terminals. The storage costs for vendors increases when the number of stored ground handling equipment becomes greater than the actual requirement. To ensure cost and capacity efficient airport operations, airports, airlines, and ground handlers are taking up initiatives such as collective pooling of airside equipment. By collective pooling of airside equipment, vendors can enjoy various benefits, including reduction of storage, maintenance and equipment purchasing expenditure, terminal stands congestion, and flight delays due to the unavailability of equipment. Collective pooling helps airports procure all equipment and store them centrally to lease them to ground handling service providers as per requirement, thereby increasing the efficiency of ground handling operations. Such factors will drive the airport handling services market.
As the markets recover Technavio expects the airport handling services market size to grow by USD 43.06 billion during the period 2020-2024.
Airport Handling Services Market Segment Highlights for 2020
The airport handling services market is expected to post a year-over-year growth rate of -37.13%.
Ground handling services comprise many services related to an aircraft between the time of its arrival and its departure.
Ground handling services include a wide range of services offered by airport handling service providers worldwide.
These services include passenger services, check-in services, airport lounges, shower and smoking facilities in selected lounges, internet connectivity, entertainment, and VIP handling services.
Market growth in this segment will be slower than the growth of the market in the CHS segment.
52% of the growth will originate from the APAC region.
Factors such as the increasing preference for air travel will significantly drive airport handling services market growth in this region over the forecast period.
China is the critical market for airport handling services in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
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The airport handling services market size is expected to accelerate at a CAGR of over 5% during the forecast period.
The airport handling services market is segmented by Service (GSHS and CHS) and Geography (APAC, North America, Europe, MEA, and South America).
The market is concentrated due to the presence of few established vendors holding significant market share.
The research report offers information on several market vendors, including Celebi Hava Servisi AS, Delta Air Lines Inc., Fraport Group, Signature Aviation plc, Swissport International AG, TAV AIRPORTS HOLDING, The Carlyle Group Inc., The Emirates Group, Universal Weather and Aviation Inc., and Worldwide Flight Services Bangkok Air Ground Handling Co. Ltd.
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