The global passenger stairs market was valued at USD 298.6 million in 2019 and is projected to reach USD 386.0 million by 2027, expanding at a CAGR of 3.3% during the forecast period. In terms of volume, the market is projected to expand at 1.5% during the forecast period. Passenger stairs are a set of steps that provide passengers a traverse between doors and the ground. These stairs are safe, stable and efficient for the long run. The urban population across the globe require passenger stairs as they are mostly involved in the transportation to commute from one city to another.
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Market Dynamics
The increasing number of airports and airlines across the world as well as growing passenger journeys are some of the factors driving the growth of passenger stairs market. For instance, according to a recent data published by the World Air Transport Statistics, in 2018, China recorded around 4 billion origin-destination (O-D) passenger journeys. Thus, this is expected to increase the demand for passenger stairs in the long run. Moreover, rise in globalization is increasing air travel, which, in turn is steadily propelling the demand for passenger stairs. Furthermore, the emergence of new and technologically advanced passenger stairs is expected to provide significant growth opportunity to the market.
Segmental Outlook
Based on types, the global passenger stairs market has been categorized into self-propelled and towable passenger stairs. The towable passenger stairs segment is anticipated to witness substantial growth during the forecast period.
In terms of application, the passenger stairs market has been segmented into military, airport, construction, and others. The airport segment is estimated to expand at a highest CAGR during the forecast period due to the large demand for these stairs from airline companies.
Regional Outlook
In terms of regions, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe held a market share of around 30.8% in 2019 and is anticipated to expand at lucrative growth rate during the forecast period. The high market share is attributed to the factors such as strong presence of market players and rising transportation of the global population in Europe. Moreover, Asia Pacific is expected to grow at highest CAGR from 2020 to 2027 as aviation sector facilitates a substantial amount of tourism in this region.
Competitive Landscape
- Key players in the market include SINFONIA TECHNOLOGY CO., LTD., TIPS d.o.o., TLD (Alvest Group), Rosenbauer International AG., NMC-Wollard Inc. and JBT among others. These companies are considered as key manufacturers of passenger stairs based on their revenue, research & development (R&D) activities, regional presence, and supply chain management system.
- The players are adopting key strategies such as acquisition, new product launches, and geographical expansion in order to strengthen their market position.
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