5 Major Insights On The Airport Moving Walkways Market 2024
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
As per The Business Research Company’s Airport Moving Walkways Global Market Report 2024, the airport moving walkways market is expected to show significant growth in the forecast period.
The airport moving walkways market has experienced robust growth in recent years, with a promising trajectory ahead. From $2.32 billion in 2023, the market is set to reach $2.44 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.1%. This growth is attributed to increased passenger traffic and congestion, integration with smart airport technologies, the demand for contactless and hygienic travel solutions, and government initiatives fostering airport modernization.
Anticipating Strong Growth Ahead
- Projected Growth and Contributing Factors
The airport moving walkways market is poised for continued growth in the coming years, with an expected surge to $2.99 billion in 2028, boasting a compound annual growth rate (CAGR) of 5.2%. Factors driving this growth include an emphasis on passenger experience and terminal aesthetics, integration with smart airport technologies, the persistent demand for contactless and hygienic travel solutions, urbanization, and government initiatives and funding for airport modernization. Noteworthy trends in the forecast period include energy-efficient and sustainable designs, technological advancements, IoT and smart connectivity, design customization, and integration with airport information systems.
Tourism Boom Fuels Growth
- Growth Catalyst: Tourism Expansion
The growing need for tourism is a significant driver propelling the growth of the airport-moving walkways market. As tourism experiences a resurgence, airports are witnessing increased foot traffic, necessitating efficient mobility solutions. In 2022, foreign tourist receipts are expected to surpass $1 trillion, reflecting a 50% increase in real terms from 2021, as international travel stages a remarkable comeback.
- Industry Leaders in Focus
Major players in the airport moving walkways market include Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd., Kone Corporation, and others. These industry leaders are instrumental in shaping the market landscape, contributing to the development of cutting-edge moving walkway solutions.
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Technological Collaboration Drives Innovation
- Trend Spotlight: Partnership and Collaboration
Partnerships and collaborations emerge as key trends gaining traction in the airport-moving walkway market. Companies within the industry are joining forces with research entities to enhance the operational capabilities and performance of their products. For instance, Accessibility Standards Canada (ASC) collaborated with the Canadian Standards Association (CSA) Group to update the national accessibility standard for the built environment, incorporating improvements related to elevators, escalators, and moving walkways.
- Strategic Acquisition: Prysmian Group’s Move
In January 2021, Prysmian Group, an Italy-based company specializing in electrical cables, acquired EHC Global, a Canada-based manufacturer of handrails and lift components for escalators, elevators, and moving walks. This strategic acquisition aligns with Prysmian Group’s goal to grow and strengthen its value-added businesses, showcasing the importance of strategic moves in shaping the market landscape.
Market Segmentation and Regional Dynamics
- Segmentation Overview
The airport moving walkways market is segmented based on type, inclination angle, business type, and speed:
- Type: Belt Type, Pallet Type
- Inclination Angle: Horizontal, Inclined
- Business Type: New Installation, Modernization, Maintenance
- Speed: Constant Moving Walkways (CMW), Accelerating Moving Walkway
- Regional Dynamics: Asia-Pacific Takes the Lead
In 2023, Asia-Pacific emerged as the largest region in the airport moving walkways market. Furthermore, Asia-Pacific is projected to be the fastest-growing region in the forecast period, highlighting the region’s pivotal role in the evolving landscape of airport mobility solutions.
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The Airport Moving Walkways Global Market Report 2024 provides an in-depth analysis on the airport moving walkways market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the airport moving walkways market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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