Publication Month: Oct 2020 | Report Code: TIPRE00010082 | No. of Pages: 186 | Category: Aerospace and Defense | Status: Published
The aviation life rafts market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. Europe is the fastest-growing region globally due to factors such as the presence of many aircraft manufacturing companies, rising investment for creating a business hub that demands a large number of corporate and business jets, and investments in research & development activities. The APAC region is expected to witness moderate growth during the forecast period propelled by factors such as growing demand for commercial and freight aircraft, increasing the number of assembly/manufacturing plants of top aircraft manufacturers, such as Airbus and Boeing. For instance, Boeing is planning to develop manufacturing bases in Southeast Asia. In November 2019, Airbus signed a contract with China to start its airline production in the country. Boeing is also looking to ramp-up its production plan in India in the future. Hence, these above factors present various aviation life rafts manufacturers with opportunities to offer their products and services to top aircraft manufacturers and aircraft engine manufacturers.
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The aviation life rafts market players are experiencing substantial demand for their products from different end users such as defense and general aviation aircraft manufacturers, military forces, and general aviation aircraft operators. Considering the fact that the general aviation aircraft operators or military forces must replace the life rafts every three years, the demand for life rafts is propelling in these sectors.
The players operating in the aviation life rafts market offer their products with a service life of more than ten years; however, the life rafts' service life is restricted to three years. The shorter service life allows the end user to mount newer life rafts every three years, thereby benefiting the end user by ensuring smooth inflation and further operations of the raft during any water landing mishaps.
The benefit of replacing the life rafts every three years has been attracting a substantial number of helicopter and general aviation manufacturers and operators, which is propelling the growth of the aviation life rafts market in the current scenario.
The recent outbreak of the Coronavirus has significantly affected the world and is continuing to shatter several countries. Until the outbreak of COVID – 19, the aerospace industry was experiencing substantial growth in terms of production, despite huge backlogs among the aircraft manufacturers; however, the global aviation industry witnessed a significant rise in the number of passenger counts, an increase in aircraft procurement (commercial, general and military).
The outbreak of COVID – 19 has decimated the demand for aircraft across the end users (general aviation, commercial aviation, and military aviation). This has reflected lesser demand for ancillary products such as aviation life rafts. In addition to procurement of aircraft fleet, several commercial airlines have retired a fair percentage of their widebody jets which demanded higher volumes of evacuation slides/rafts. This factor is anticipated to showcase slowdown in procurement of life rafts, thereby hampering the growth of the aviation life rafts market. Moreover, the limited manpower at the raft manufacturing units also weakened the production rate, thereby reflecting slowdown in the growth of the aviation life rafts market.
Based on capacity, the large size life rafts segment dominated lead the global aviation life rafts market in 2019. The market for large-sized life rafts is exponentially increasing due to the growing focus of aircraft manufacturers on reducing their operational expenses and accommodate more number of passenger with the use of fewer rafts. Additionally, the rising manufacturing of new commercial aircraft is also boosting the global aviation life rafts market.
Based on type, the multi-tube life rafts segment dominated the global aviation life rafts market in 2019. The multi-tube life rafts are the rafts with more than one tube, i.e., double/twin-tube or more than that. The double tube rafts comprise larger tubes that offer greater freeboard and higher reserve buoyancy than smaller ones. These tubes also comprise of the supportive backrest and have a capacity of handling 6-12 people. The double-tube Type I life rafts are usually integrated into larger corporate and transport aircraft.
Based on application, the commercial aviation dominated the global aviation life rafts market in 2019. The increase in commercial aircraft manufacturing highlights the future demand for evacuation slides or rafts among the commercial aircraft manufacturers. The increase in manufacturing and commercial aircraft deliveries is directly proportional to the rise in aviation life rafts.
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
The List of Companies - Aviation Life Rafts Market
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