Technavios global aircraft towbars market research report forecasts the market to grow at a CAGR of almost 3% during the forecast period.
The increasing demand for electric aircraft towbars will be one of the major trends in the global aircraft towbars market during 2019-2023. The conventional aircraft towbars have several disadvantages that has led to an increase in the adoption of electric aircraft towbars. During the forecast period, the advances in battery technology and the rapidly reducing battery cost are expected to reduce the cost of electric aircraft towbars.
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According to Technavio analysts, one of the key drivers for the global aircraft towbars market is the growth in the number of low-cost carriers:
Global aircraft towbars market: Growth in the number of low-cost carriers
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Since the last decade, the demand for air carriers, particularly low-cost carriers, has been increasing rapidly. The major drivers for the growth of low-cost carriers are the growth in air traffic and the growing demand for cheap flights. The low-cost carrier charges are less when compared with full-service carrier charges. Thus, low-cost carriers attract more customers, particularly those traveling on a limited budget.
According to a senior research analyst at Technavio, The low-cost airlines grew rapidly in 2016, setting a very high growth rate when compared with the previous years and crossing the limit of a billion passengers in one year. There is an increased need to expand the fleet for low-cost carriers to meet the rising demand due to the rapid growth in international and domestic air travel.
Global aircraft towbars market: Segmentation analysis
The global aircraft towbars market analysis report provides market segmentation by technology (conventional aircraft towbars and electric aircraft towbars) and by region (the Americas, APAC, and EMEA). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major technology segments, the conventional aircraft towbars segment held the largest aircraft towbars market share in 2018, contributing to over 72% of the market. This technology segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2018, accounting for more than 47% share. It was followed by EMEA and APAC respectively. The Americas is expected to dominate the market throughout the period 2019-2023.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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