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.
[USPRwire, Thu Nov 29 2018] According to International Monetary Fund (IMF), the global economy has maintained momentum. Economic activities in both emerging and developed economies accelerated in 2017 by a 4.6 percent and 2 percent respectively increase over 2016. 2018 is expecting a 1.9 percent increase in growth of developed economies and a 4.8 percent increase for emerging economies. This has remarkably influenced the aviation industry, which reflected a resilient nature since the aftermath of the global financial crisis.
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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.
Developed Economies Continue to be at the Forefront of Demand
With growing expenditure on aviation infrastructure in developed counties of North America and Europe, the sales volume of airport catering trucks is expected to remain concentrated in the United States, Germany, the United Kingdom and Russia. North America region is at the vanguard of global demand, followed by European countries ??" surging popularity of air travel in developing countries is complementing demand.
Growing emphasis on enhancing airport infrastructure, coupled with increasing number of airports in emerging economies of India and China has been instrumental in driving sales in these regional markets. China is likely to ramp up demand for airport catering trucks ??" the Government of China plans to develop 136 new airports by 2025. Sales are also likely to be resurgent in Oceania and India.
Pricing Pressures Continue to Fuel Demand for Non-refrigerated Trucks vis-à-vis Refrigerated Variants
Refrigeration has always been a major factor of concern, when it comes to transportation of food products. Refrigeration incurs high costs, which consequently increases the overall pricing of airport catering trucks. Preference for airport catering trucks without refrigeration has conventionally remained higher owing to pricing pressures, and the status quo is likely to remain unaltered during the period of assessment, 2018-2028.
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Hybrid Airport Catering Trucks Sales Nearly 19x of its Electric Counterpart
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.
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