North America Airport Asset Tracking Market Growth Opportunities and Forecast by 2027

Historic Data: 2017-2018 | Base Year: 2019 | Forecast Period: 2020-2027

North America Airport Asset Tracking Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Offering (Hardware and Software), and Asset Type (Fixed Assets, Portable Assets, and Mobile Assets)

Report Code : TIPRE00015452
Category : Aerospace and Defense

No. of Pages : 89

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The airport asset tracking market in North America is expected to grow from US$ 73.0 million in 2019 to US$ 158.1 million by 2027; it is estimated to grow at a CAGR of 10.7% from 2020 to 2027.

The US, Canada, and Mexico are major economies in North America. Acceptance of common platform by various asset tracking tasks is driving the North America airport asset tracking market in a positive way. The North America air traffic is likely to double in the next two decades, which would trigger new challenges in the management of the vast range of assets, including the unit load devices (ULDs); maintenance, repairs, and overhaul (MRO) spare parts; and tractors. In the aviation industry, asset tracking is essential for effective asset management. These assets are necessary at an airport at the time of every departure. Presently, most of these sets of assets are tracked either by stand-alone solutions such as ULD tracking, or they are tracked manually. Similarly, wheelchairs needed in an aircraft may be tracked either manually or via separate tracking solution. Many airports are in congested conditions due to complex slot sharing as well as swapping arrangements. Thus, planning, moving, tracking, and managing the assets through a unified solution can help airports, airlines, and service providers be more efficient. It is complicated to have a comprehensive view of all the vital assets required for each flight and evaluate if there is a possibility of risks to customer service or departure due to the unavailability of an asset. Also, automatic tracking helps in saving time and money, compared to a manual tracking process, along with assisting management to make better planning and decisions. Hence the use of common platform by various different asset tracking task is expected to create a significant demand for airport asset tracking in the coming years, which would ultimately drive the airport asset tracking market in North America.

Further, the ongoing COVID-19 is having a very devastating impact over the North America region. Presently, the US is the worst-affected country due to the COVID-19 outbreak. North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation, the presence of a high-tech companies, and high purchasing power, especially in developed countries such as the US and Canada. The US is the worst-hit country in North America, with thousands of infected individuals facing severe health conditions across the country. The continuous growth of infected individuals had led the government to impose lockdown across the nation’s borders in last few months. The airport closure for regular passengers has led the airports to experience deflation in revenue. The adoption rate of technological adoption among US airports is decent, and owing to the closure of airports, the demand has shrunken to a drastic level. This is showcasing a negative effect on the airport asset tracking market. However, the impact of COVID-19 is short-term and is likely to decrease by 2022.

With the new features and technologies, vendors can attract new customers and expand their footprints in airport asset tracking market. This factor is likely to drive the North America airport asset tracking market. The North America airport asset tracking market is expected to grow at a good CAGR during the forecast period.