Aircraft Towbars Market Forecast 2018-2028 Illuminated by New Report
Posted by Preet on August 5th, 2019
The sluggishness in the aircraft towbar market continues in 2018 as well, with global demand likely to grow by just 44 units over 2017. According to a new Fact.MR study, a combination of multi-pronged factors, ranging from concerns about ground support inefficacy to rising procurement costs is likely to impact the prospects of the market.
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The report finds that conventional towbar mechanism continues to be the preference for the aviation industry; however, the status quo is undergoing a change owing to proliferation of electric aircraft towbars. Despite preeminence of conventional aircraft towbar in terms of volume, electric aircraft towbar is set to register approximately 2X sales growth than the former through 2028. The report finds that corded electric aircraft towbars are being steadily replaced by cordless variants. Additionally, advancements in battery technology, from lead-acid to lithium-ion, has further complemented development and sales of electric variants in the aircraft towbar market recently.
Sensing the requirement variations in aircrafts, key players in the aircraft towbar market have introduced the equipment in several product designs, with standard/universal and multi-head being sought-after in the industry. While pervasiveness of multi-head aircraft towbar continues to retain its status quo, competition has been intensifying from standard/universal aircraft towbars in recent years. Multi-head variants are likely to account for leading volume shares of aircraft towbar market, whereas standard/universal variants will exhibit a comparatively faster growth through 2028.
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According to the report, aircraft towbar are fast approaching a period of redundancy, with leading companies in the aircraft towbar market upgrading to towbarless tugs. Several operational hazards associated with conventional aircraft towbars, coupled with ambiguities about their operational efficiency among end-users are likely to deter demand in the future. Prominent companies in the aircraft towbar market are investing in remotely-controlled and towbarless tugs to curtail security issues related to the traditional fuel-based counterparts, and realize enhanced return on investments.
The IATA estimations of nearly US$ 4 billion savings by improving safety attributes in GSE has led manufacturers to opt for right safety management systems, and aircraft towbar is no exception. The report finds that safety management systems (SMS) aspects are likely to aid players in the aircraft towbar market in making design improvements in their equipment, and ensuring compliance to safety regulations. Such powerful benchmarking measures are likely to foster a trend of continuous improvement in GSE, which in turn will undergird growth of the aircraft towbar market.
