Vantage Market Research
Dec 16, 2021
The Global Baggage Handling System Market is expected to reach 12.01 billion by 2028 from 6.83 billion in 2020, growing at a CAGR of 7.31% from 2021 to 2028. The growing number of air travel along with an urge to improve the operational efficiency of the system is expected to propel the demand for the Baggage Handling System Market in the long run.
Key Findings:
- The conveying and sorting solutions held a share of over 12% in 2020. The surge in the demand is due to the rising volume of air and marine passenger for both domestic and international travels globally has stimulated the growth of the market. Moreover, owing to the increased traveling the manufacturers are to trying to find ways to enhance their offering to cater to the customer needs and timely arrival of their baggage from the conveyer belt. This is expected to propel the demand for the Baggage Handling System Market in the long run.
- The airport held a share of over 32% in 2020. The growth is attributed to the rise in air travel in the past is surging exponentially. Air transport is expected to dominate the segment in the long run. The baggage handling system plays a vital role in all modes of transport, right from checking-in to checking–out of the baggage. Additionally, the rising demand for self-service and contactless technologies on the arriving and departure terminals is anticipated to propel the demand for the Baggage Handling System Market in the estimated timeframe.
- The Asia Pacific held a share exceeding 30% in 2020. This is attributed to the rapid increase in the investment for airport infrastructure to cater to the increasing passenger traffic in the region in the last few years. The region encompasses the most populous countries such as India and China along with the rise in the disposal income of the people living in the region is anticipated to stimulate growth for the market. Additionally, to enhance customer experience and smoother operations airlines are installing advanced baggage handling systems to increase operational efficiency for baggage handling systems which is anticipated to support growth for the Baggage Handling System Market.
Major players operating in the global Baggage Handling System Market are G&S Airport Conveyor, Daifuku, Siemens, Pteris Global Limited, Vanderlande Industries, Fives, Glidepath Limited, Logplan, Grenzebach Group and Beumer among other.
Europe held a share of over 18% in 2020. The growth of the Baggage Handling System Market in the region is due to the rise in the airport terminals along with the renovation of the existing airport is expected to fuel the market growth. Additionally, many airports in the region are investing in the installation of advanced baggage handling systems like RFID baggage handling, tracking solutions, self-service bag drops, disinfection of baggage, and automated baggage handling systems to cater to the need of the hour. This is expected to propel the demand for the Baggage Handling System Market in the projected timeframe.