Aircraft Refueling Trucks Market Size, Share, Growth, and Industry Growth by Type (1000-5000 Gallon, 5000-10000 Gallon, 10000-15000 Gallon and Others) By Application (Civil Aviation and Military Aviation), Regional Forecast To 2031

Updated On: 08 April 2024

Aircraft Refueling Trucks Market REPORT OVERVIEW

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The Aircraft Refueling Trucks Market size is expected to grow USD 416.7 Million in 2022 to USD 489.3 Million by 2031 at a Compound Annual Growth (CAGR) of 1.8% from 2022 to 2031.

The process of operating an airline includes aircraft refueling in great detail. In addition to pressure control, ladder brackets, refueling system, hoses, chassis, and other components, aircraft refueling trucks are used to fill the aircraft tanks with aviation fuels that supply the power for the flights. The course of airline operations includes aircraft refueling in a crucial way. The market for aviation refueling trucks is being driven by the emergence of aircraft manufacturers in order to keep up with the rising demand for aircraft. This is also predicted to boost the rise of refueling tracks.

COVID-19 Impact: Disrupted Aviation Sector to Impede the Market Growth

As a result of many travels bans and other lockdown-related restrictions being implemented globally as a result of COVID-19, the aviation sector was badly disrupted. Manufacturers of airplane refueling trucks are also affected by the epidemic, as are all other areas of the aviation and aerospace sector. Airlines have been concentrating on decreasing costs and expenses, which includes cutting back on MRO spending, as a result of travel limitations, the economic slowdown brought on by the pandemic, and the ensuing decline in demand. The rate of aircraft retirements will increase due to the prolonged parking of aircraft, and more effective and environmentally friendly aircraft will be used instead. As airplanes are older, they need more maintenance, thus replacing them with newer models is having an even greater impact on aircraft refueling trucks market.

LATEST TRENDS

"Consistent Investment in Cutting- Edge Technologies to Augment the Market"

In the near future, market expansion for airplane refueling trucks is likely to be supported by elements including increased defense spending internationally and military activities that are expected to be strengthened. Additionally, a bright prognosis for market development is anticipated from expanding commercial vehicles as a result of the quick increase in air passenger traffic. Boeing, for instance, announced the delivery of noteworthy aircraft, lowering backlogs and growing their market share. The targeted market has a lot of room for expansion because to the key industry players' ongoing technological improvements. In order to create cutting-edge systems and expand their airplane refueling trucks market share, market players consistently invest in cutting-edge technologies and collaborate with research institutions and scientists.

Aircraft Refueling Trucks Market Segmentation

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• By Type Analysis

By type, market is segmented into 1000– 5000- gallon, 5000- 10000 -gallon, 10000-15000 gallon and others. The 1000- 5000- gallon segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into civil aviation and military aviation. The civil aviation segment will lead the global share through 2031.

DRIVING FACTORS

"Expansion of Tourist Sector to Propel the Market Demand"

The global demand for commercial aircraft is boosted by the expansion of the tourist sector, and this in turn fuels the need for trucks used for refueling commercial airplanes. A growing need for airplanes is partly a result of the booming tourist industry. Other factors driving the market's expansion include the expansion of aircraft applications across a variety of sectors and the installation of refueling trucks for improved dependability and increased fuel flow assurance.

"Expanding Defence Budget Worldwide to Boost the Market"

Over the anticipated period, the market for airplane refueling trucks is expected to grow as a result of increased aircraft production brought on by rising air passenger traffic as well as expanding defense budgets worldwide. The ability of these technologies to quickly refuel airplanes on the ground prior to takeoff, together with a large decrease in flight-related downtime, further supports the industry's size expansion throughout the anticipated period.

Players in the market must invest in technologies to bring in safe and compliant airplane refueling trucks that are ideal for a variety of activities in a wide range of settings and climatic situations due to strict regulatory criteria. For instance, organizations like the International Civil Aviation Organization (ICAO) offer a number of safety and fire requirements for refueling trucks that enable market companies to offer safe and excellent vehicles. This element gives the market for airplane refueling trucks a promising prospect for growth.

RESTRAINING FACTORS

"Strict Government Rules and Regulations to Impede the Market"

Growing public concern about accidents and strict government regulations pertaining to airplane refueling trucks are anticipated to function as significant market barriers for the market expansion of aircraft refueling trucks throughout the course of the anticipated timeframe. The largest obstacle to the market's expansion will be the development of alternative refueling methods and better airplane fuel economy.

Aircraft Refueling Trucks Market REGIONAL INSIGHTS

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"North America to Hold the Largest Global Aircraft Refueling Trucks Market Share"

Regarding R&D, deployment, and the presence of major market participants, North America is one of the top markets for aviation refueling trucks. There is a considerable need for airplane refueling trucks as a result of the continually expanding military aviation market in North America. One of the main aspects anticipated to drive the airplane refueling trucks market in North America is the presence of major players, OEMs, and component makers. During the forecast period, it is anticipated that there will be a significant increase in demand for aircraft refueling trucks in the region due to an increase in the number of military aircraft upgrade programs, ongoing R&D of advanced military aircraft platforms, and the presence of significant systems and component manufacturers.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Sky Mark (Japan)
• Westmor Industries (U.S.)
• BETA Fueling Systems (U.S.)
• Refuel International (Australia)
• Titan Aviation (U.S.)
• Garsite (U.S.)
• Fluid Transfer International (UK.)
• Holm wood Group (Australia)
• Amthor International U.S.)
• Ramp master (U.S.)
• Engine & Accessory, Inc. (U.S.)
• Aerosun Corporation (China)
• Suizhou Lishen (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.