Oct 15, 2018
Lavatory Service Vehicles Market Remains Bullish in Developing Countries; Exhibits Maximum CAGR through 2028, finds Fact.MR
by Team Fact.MR
In its latest market study, Fact.MR predicts that the lavatory service vehicles market will envisage healthy growth at a 5.0% volume CAGR during the period 2018-2028. According to the study, lavatory service vehicle sales in the Asia-Pacific region excluding Japan (APEJ) will nearly double during the forecast period. The Fact.MR report sheds light on all the salient factors bolstering the sales of lavatory service vehicles in emerging markets, as air traffic has surged with increasing discretionary income of consumers in developing nations.
With the increasing air travel, driven by the robust economic growth in developing countries, demand for ground support equipment (GSE), such as lavatory service vehicles, is increasing in APEJ, Latin America, and Middle East & Africa (MEA). According to a report published by International Air Transport Association (IATA) revealed that air traffic in Asia Pacific and Latin America climbed over 9.3% each in 2017. Increasing growth of the aviation industry and recent developments in the airport infrastructures in emerging markets is boosting adoption of high-efficiency GSE, including lavatory service vehicles, which is complementing the growth of the lavatory service vehicles market in emerging economies.
The Fact.MR study states that demand for lavatory service vehicles with smaller capacities, such as 50-100 gallons, is likely to increase rapidly in the upcoming years. A surge in demand for smaller lavatory service vehicles is an after-effect of a significant rise in domestic travel, airlines shifting towards smaller aircrafts, and airports adopting cost-cutting strategies to envisage profitable growth in the aviation industry. According to the report, the 50-100 gallon lavatory service vehicles segment is expected to remain the faster growing segment in the lavatory service vehicles market by 2028.
“A significant rise in environmental consciousness is driving a shift towards zero-emission vehicles in the lavatory service vehicles market. Stringent environmental regulations imposed by governing bodies are encouraging airport authorities worldwide to adopt electric lavatory service vehicles. According to a report published by The International Council on Clean Transportation, around 22 airports in the U.S. electric GSE vehicles, including lavatory service vehicles. Though currently, non-electric GSE vehicles are more pervasive in the lavatory service vehicles market, electric lavatory service vehicles and hybrid lavatory service vehicles underscore the most popular future trend in the lavatory service vehicles market. Leading manufacturers in the lavatory service vehicles market, such as Vestergaard Company, are introducing electrically-operated vacuum toilet service units, which is helping them to meet rising demand for environment-friendly lavatory service vehicles across the world,” says a lead analyst at Fact.MR.
Taking into consideration the importance of flawless operation of lavatory service vehicles, leading manufacturers in the lavatory service vehicles market are adopting next-generation technologies to upgrade the older models. Though airports are more inclined towards smaller lavatory service vehicles, the efficiency and precision of operation are the most important features of lavatory service vehicles. Leading stakeholders in the lavatory service vehicles market are introducing smart features of lavatory service vehicles to ensure accurate operation and avoid unintended overfilling. With the adoption of next-generation technologies, influential players in the lavatory service vehicles market aiming to introduce cutting edge features of lavatory service vehicles and ultimately gain a competitive edge in the market.
However, lavatory service vehicles need to be operated by expert and experience staff in order to ensure accurate filling and emptying of batching tanks. As any errors in the operation of lavatory service vehicles can cause serious damage to the aircraft, resulting in the loss of thousands of dollars, it has become mandatory for GSE management staffs to appoint professional personnel for operating lavatory service vehicles. This may lead to a hike in operational costs of lavatory service vehicles, which, the Fact.MR study, predicts will remain a restraint for the growth of the lavatory service vehicles market.