Report : Asia Pacific Engine Stand Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type (Gasoline Engine Stand and Diesel Engine Stand), and Application (Automotive, Aircraft, and Others)
Automotive Segment is Expected to be Fastest Growing During the Forecast Period for APAC Region
According to The Insight Partners market research study on “APAC Engine Stand Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Product Type, and Application” is expected to reach US$ 132.91 million by 2027 from US$ 103.88 million in 2019. The market is estimated to grow at a CAGR of 3.8% from 2020 to 2027. The report provides trends prevailing in the APAC engine stand market along with the drivers and restraints pertaining to the market growth. Rising popularity of MRO facilities in APAC countries is the major factor driving the growth of the APAC engine stand market. However, large service lives of engine stands hinder the growth of APAC engine stand market.
The APAC engine stand market has been segmented into product type, and application. Based on product type, the Normal America engine stand market is segmented into gasoline engine stand, diesel engine stands. Gasoline engine stand segment held a substantial market share in 2019. Based on application, the Normal America engine stand market is segmented into automotive, aircraft, others. Aircraft segment held a substantial market share in 2019.
Because of a massive number of cases in China and India, the APAC region is greatly affected by COVID-19, the country also homes the largest population across the world, thereby imposing greater risk of many individuals; it is also a world leader of many brands. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has also affected other major economies outside China, such as India, Australia and Japan, and the region is thus experiencing a downward inflation. The sudden closedown of all economic activities which includes manufacturing plants of both essential products and luxurious items has impacted the overall economy of the countries in the region. China being the manufacturing hub of the world has many major players and distributers located in the country. The temporary shutdown of supply chain to manufacturers of the engine stand is expected to negatively impact the market. Additionally, the reduction in demand of power by 25-30% has been observed across countries like India which in turn will lead to less demand of engine stands from the energy and power sector. This decrease in demand, combined with slow recovery, would have a negative effect on the engine stand market across the region owing to the pandemic.
AGSE LLC; DAE Industries; DEDIENNE AEROSPACE; HYDRO SYSTEMS KG; Mahle GmbH; and Vega Aviation Products Pvt. Ltd. among the leading companies in the APAC engine stand market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Dedienne Aerospace has received an award of new license agreement for the nacelle GSE with Collins Aerospace’s Aerostructures division. The new license agreement empowers Dedienne Aerospace to give GSE and associated services on E190, E2, A220, MRJ nacelle programs, as well as legacy nacelle programs PW4000, V2500, CF680E1/E2, CF34, CFM56, Trent 700, RB211, and 737.
The report segments the APAC Engine Stand Market follows:
APAC Engine Stand Market – By Product Type
APAC Engine Stand Market – By Application
APAC Engine Stand Market – By Country