Report : North America Aviation Life Rafts Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Capacity (Large-sized Life Rafts, Medium-sized Life Rafts, and Small-sized Life Rafts), Type (Single Tube Life Raft and Multi-tube Life Raft), and Application (General Aviation, Military/Defense Aviation, and Commercial Aviation)
Commercial Aviation Segment to Dominate North America Aviation Life Rafts Market during 2019–2027
According to The Insight Partners market research study on “North America Aviation Life Rafts Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Capacity, Type, and Application” is expected to reach US$ 664.02 million by 2027 from US$ 302.34 million in 2019. The market is estimated to grow at a CAGR of 10.1 % from 2020 to 2027. The report provides trends prevailing in the North America aviation life rafts market along with the drivers and restraints pertaining to the market growth. Emphasizing shipment volumes of general aviation aircraft fleet and limited service life of aviation life rafts are the major factor driving the growth of the North America aviation life rafts market. However, cessation of A380 program and no use in domestic flights hinder the growth of North America aviation life rafts market.
In case of COVID-19, North America is highly affected specially the US. Since the US has a larger density of aircraft manufacturers and component manufacturers including life raft manufacturers, the outbreak has severely affected the production of each. The lower number of manufacturing staff has resulted in lesser production quantity. On the other hand, the procurement rate of life rafts among the aircraft manufacturers, the airlines, general aviation aircraft operators, and the military forces have stalled pertaining to the lesser production of aircraft and lesser air travel. Similarly, the military forces have refrained from procuring the usual quantity of the life raft. Thus, the factors mentioned above have had a negative impact on the aviation life rafts market. On the other hand, the Canadian and Mexican aviation life rafts market is also experiencing slower than usual growth due to the COVID – 19 outbreaks. Several airlines, general aviation aircraft operators, aircraft OEMs, operate in the two countries. The life raft manufacturers in these two countries are experiencing a downfall in production quantities, orders and deliveries, and revenues, which has been negatively affecting the aviation life rafts market
The North America aviation life rafts market is segmented into capacity, type, application, and country. The market is further segmented into large-sized life rafts, medium-sized life rafts, and small-sized life rafts based on capacity. The large-sized life rafts segment held the largest market share in 2019 and is expected to be fastest growing during forecast period. The market is sub-segmented into a single tube life raft and multi-tube life raft based on the type. The multi-tube life raft segment held the largest market share in 2019 and is expected to be fastest growing during forecast period. The market is further categorized into general aviation, military/defense, and commercial aviation based on the application. The commercial aviation segment held the largest market share in 2019. The general aviation segment is expected to be fastest growing during forecast period.
AVI Aviation; Collins Aerospace Systems; EAM Worldwide; Legend Aerospace; Life Support International, Inc.; Revere Survival Inc.; Safran S.A; Survitec Group Limited; Switlik Parachute Co. are among the leading companies in the North America aviation life rafts 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, Safran signed a maintenance contract for the emergency flotation system of the US Coast Guard HH-65 helicopter fleet. The 5-year agreement includes the maintenance of the flotation systems of all 98 HH-65 Dauphin helicopters used by the US Coast Guard during their various missions.
The report segments the North America Aviation Life Rafts Market as follows:
North America Aviation Life Rafts Market – By Capacity
North America Aviation Life Rafts Market – By Type
North America Aviation Life Rafts Market – By Application
North America Aviation Life Rafts Market – By Country