Our-in depth analysis of the global jet bridge market includes the following segments:
By Product
By Structure
By Elevation System
By Movement Type
By Region
Global jet bridge market is further classified on the basis of region as follows:
Global jet bridge market is expected to flourish at a remarkable compound annual growth rate (CAGR) of 8.7% during the forecast period i.e. 2017-2024. The global market of jet bridge stood at revenue of USD 760.9 Million in 2016 and is expected to flourish at a remarkable pace and reach at a revenue of around USD 1,300 Million by the end of forecast period. Rising concern towards safety of passengers at airports, development of new airports and advancement of existing airports are major factors which are likely to drive the growth of global jet bridge market during the forecast period.
In terms of region, global jet bridge market is segmented into five major regions which are North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America region is expected to be the biggest market for jet bridge during the forecast period. This growth of jet bridge market in North America region can be attributed to factors such as rapid modification of airports in terms to improve customer’s convenience and rising concerns towards passenger safety at airports in this region.
Moreover, ongoing project for new airports and increasing air traffic in Asia Pacific region are propelling the demand for jet bridges at airports of this region. These are some of the major factors which are likely to make Asia Pacific the fastest growing market for jet bridge during the forecast period. Additionally, Europe region is anticipated to witness a remarkable growth over the forecast period owing to factors such as enhancement of infrastructure of existing airports coupled with growing number of passenger at the airports in this region.CLICK TO DOWNLOAD FREE SAMPLE
Global jet bridge market is primarily driven by factor such as rising number of passengers at airport coupled with increasing concern about their safety at airports. Security concern about passengers at airports has led airport authorities to install jet bridges at the airports in terms to improve safety measurements at airport.
Additionally, benefits of jet bridges at airports including reduced aircraft turnaround time are some of the major factors which have made airport authorities to increase investment in installation of jet bridges. Such rising investment in installation of jet bridges at airport is likely to bolster the growth of global jet bridge market in near future.
Further, low operation cost and higher flexibility of jet bridges are some other major reasons which have fueled the popularity of jet bridges at the airports. This rising popularity of jet bridges is likely to drive the growth of jet bridge market. Moreover, technological advancements with jet bridges coupled with their wide range of products are key factors which are driving the growth of global jet bridge market.
However, high initial cost of jet bridge is a major challenge which is likely to dampen the growth of global jet bridges market in near future.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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