The Aircraft Towbars Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Aircraft Towbars Global Market Report 2024, The aircraft towbars market size has grown strongly in recent years. It will grow from $2.87 billion in 2023 to $3.01 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to air travel industry growth, expansion of airport infrastructure, fleet expansion by airlines, stringent safety regulations, increasing cargo and freight operations.
The aircraft towbars market size is expected to see steady growth in the next few years. It will grow to $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to focus on ground handling efficiency, introduction of larger aircraft models, global air traffic recovery, integration with digital technologies, sustainable and lightweight design. Major trends in the forecast period include enhanced safety features, remote control capabilities, compliance with aviation standards, predictive maintenance solutions, introduction of smart electric towbars.
The increasing air traffic is expected to propel the growth of the aircraft towbars market going forward. Air traffic refers to aircraft movement in airspace, including take-offs, landings, and end-route flights. Aircraft towbars encompass the management and control of aircraft operations to ensure safe and efficient air transportation. Due to increasing air traffic, airlines primarily use aircraft towbars for ground handling operations, specifically for moving or towing aircraft regularly, such as moving aircraft from one location to another, positioning aircraft for loading and unloading, and helping with pushback and other aircraft maintenance. For instance, in May 2022, according to the reports shared by the Bureau of Transportation Statistics., a US-based government agency, U.S. airlines carried 194 million more passengers in 2022 than in 2021, a 30% increase year on year. The number of passengers carried by U.S. airlines from January through December of 2022 totalled 853 million (unadjusted), up from 658 million in 2021 and 388 million in 2020. Therefore, increasing air traffic is driving the growth of the aircraft towbars market.
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The aircraft towbars market covered in this report is segmented –
1) By Product Type: Multi-Head, Standard And Universal
2) By Towbar Mechanism: Conventional Towbars, Towbarless Aircraft Tractors, Electric Towbars
3) By Material Type: Aluminum, Steel
4) By Tow-Head Type: Shear Pin, Clamp
5) By End-User: Airlines, Ground Handling Service Providers, Military And Defense
Strategic partnerships are a key trend gaining popularity in the aircraft towbars market. Major companies operating in the aircraft towbars market are forming partnerships and collaborative relationships to sustain their position in the market. For instance, in March 2023, Barfield Inc., a US aviation company, partnered with Dedienne Aerospace., a France-based aerospace maintenance tooling company. This partnership aims to provide services and distribute ground support test equipment. Also, it is expected to strengthen both companies’ positions in the US. Furthermore, in April 2021, Menzies Aviation Limited., a UK-based logistics and airport services company, partnered with Emirates Group, a United Arab Emirates-based aviation company. With this partnership, they aim to provide ground-handling services. It will cover all aspects of ground handling, including passenger handling, ramp handling, cargo handling, and fueling, using such equipment as aircraft towbars and more.
The aircraft towbars market report table of contents includes:
1. Executive Summary
2. Aircraft Towbars Market Characteristics
3. Aircraft Towbars Market Trends And Strategies
4. Aircraft Towbars Market – Macro Economic Scenario
5. Global Aircraft Towbars Market Size and Growth
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26. South America Aircraft Towbars Market
27. Brazil Aircraft Towbars Market
28. Middle East Aircraft Towbars Market
29. Africa Aircraft Towbars Market
30. Aircraft Towbars Market Competitive Landscape And Company Profiles
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