Lavatory Service Vehicles Poised to Surpass Valuation of US$119Mn, with Increased Consumer Spending on Air Travel, Finds Fact.MR
Published : 28 Jan 2020 Industry: Automotive
The aviation industry has witnessed significant changes in the past few of years. Presently, a number of passengers have proliferated in emerging regions owing to the liberalization of markets and lack of alternative modes of transport. These are some of the prominent factors that have boosted the adoption of lavatory service vehicles in the global market. The global lavatory services vehicles market is estimated to grow by ~1.6X to reach a valuation of ~US$ 119 Mn by the end of 2028.
Airports are making large-scale improvements to increase efficiency in ground support equipment and quality services, which is bolstering the lavatory service vehicles market growth. Factors such as growth in tourism industry, growth of international travel, and competitive pricing of air travel fare by airline carriers has primarily contributed to increased consumer spending on air travel.
Multiple advantages of lavatory service vehicles, coupled with rapid technological advancements and growth of the aviation industry are foreseen to augment the growth of the lavatory service vehicles market over the forecast period, reveals Fact.MR.
Key Takeaways of Global Lavatory Service Vehicles Market
- The trucks segment is projected to expand ~1.5X to cross the US$ 100 Mn mark by the end of the forecast period.
- Collectively, electric and non-electric vehicles segment are estimated to hold 89% of value share in the global lavatory service vehicles market and is foreseen to grow by a value CAGR of 5.6 % over the forecast period.
- Carts segment is expected to grow at a CAGR of 7.7% over the forecast period (2019-2028).
- The lavatory service vehicles with 50-100 gallons capacity are estimated to create an absolute dollar opportunity worth US$ 16 Mn over the forecast duration.
- The defense segment is foreseen to grow ~1.2X faster as compared to the commercial application segment by accounting for one fourth of the overall value opportunity created
- North America is estimated to be the most lucrative region and is foreseen to account for 1/4th of the overall absolute dollar opportunity created by 2028 end.
“Growing adoption of zero-emission GSE (Ground Support Equipment), including lavatory service vehiclesis foreseen to redefine growth prospects of the electric lavatory service vehicles”, says a Fact.MR analyst.
Manufacturers Embracing Product Launches
The report reveals some of the prominent market players, including AERO Specialties, Inc., Lift-A-Loft engineered aerial solutions, TBD Owen Holland ltd, Access air systems, Inc., TLD group, and Vestergaard among others. Prominent lavatory service vehicles manufacturers are continuously focusing on product launches in order to fulfill the increasing demand. For Instance,
- In December 2018, AERO Specialties, Inc., expanded its product offerings by launching AERO LC60-RJ1 electric lavatory service vehicles cart.
- In 2018, TBD Owen Holland Ltd expanded its operations to Abu Dhabi to be closer to its main customer base.
Find More Valuable Insights on Lavatory Service Vehicles Market
Fact.MR, in its new offering, provides an unbiased analysis of the lavatory service vehicles market, presenting historical demand data (2013-2018) and forecast statistics for the period, 2019-2028. The study divulges compelling insights on the lavatory service vehicles market on the basis of Capacity (<50 gallons, 50-100 gallons, 101-200 gallons, >200 gallons), Power (Electric, Non-Electric, Hybrid), Vehicle (Trucks and Carts), Application (Commercial and Defense) across seven major regions.
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