In terms of revenue, the global aviation life rafts market was valued at US$ 709.40 million in 2019 and is projected to reach US$ 1,524.52 million by 2027; it is expected to grow at a CAGR of 9.9% during the forecast period from 2020 to 2027.
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.
Lucrative Regional Aviation Life Rafts Markets
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Market Insights–Aviation Life Rafts Market
Shorter Service Life of Aviation Life Rafts
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.
COVID-19 Impact
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.
Capacity Segment Insights
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.
Type Segment Insights
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.
Application Segment Insights
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.
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Aviation Life Rafts Market: Strategic Insights
Market Size Value in US$ 709.40 Million in 2019 Market Size Value by US$ 1,524.52 Million by 2027 Growth rate CAGR of 9.9% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Aviation Life Rafts Market: Strategic Insights
Market Size Value in | US$ 709.40 Million in 2019 |
Market Size Value by | US$ 1,524.52 Million by 2027 |
Growth rate | CAGR of 9.9% from 2020-2027 |
Forecast Period | 2020-2027 |
Base Year | 2020 |
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Speak to AnalystThe market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- 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.
- In 2020, Safran strengthened its network of approved flotation systems repair centers by selecting Arrow Aviation. With this selection, the company now has seven maintenance centers dedicated to emergency floatation systems.
- In 2018, AVI Aviation completed the acquisition of Survival Products, Inc., a prominent manufacturer and service provider of life rafts since 1970. This acquisition would help AVI Aviation capture emergency equipment sales and service opportunities in the general and business aviation market..
The global aviation life rafts market has been segmented as follows:
Aviation Life Rafts Market – By Capacity
- Large-sized Life Rafts
- Medium-sized Life Rafts
- Small-sized Life Rafts
Aviation Life Rafts Market – By Type
- Single Tube Life Raft
- Multi-tube Life Raft
Aviation Life Rafts Market – By Application
- General Aviation
- Military/Defense Aviation
- Commercial Aviation
Aviation Life Rafts Market- By Region
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Aviation Life Rafts Market – Companies Profiles
- EAM Worldwide
- Life Support International, Inc.
- Revere Survival Inc.
- Safran Group
- Survitec Group Limited
- AVI Aviation
- Collins Aerospace
- Meridian Inflatables Private Limited
- Switlik Parachute Co.
- Legend Aerospace
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Capacity ; Type ; Application ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The aerospace and military sector globally is strategically booming with increasing government spending. The subsequent demand for safety equipment to be used in case of emergency landing on water is expected to create increased opportunities for the aviation life rafts manufacturer. Currently, the market is principally dominated by developed regions such as North America followed by Europe, cumulatively accounting for ~70% of the global market.
The growing demand for business jets and corporate jets has been surging notably, reflecting higher volumes of deliveries from the general aviation aircraft manufacturers. According to the General Aviation Manufacturers Association (GAMA), the manufacturers of business jets delivered 676, 703, and 809 aircraft in 2017, 2018, and 2019 respectively. Apart from business jets, the piston aircraft manufacturers also delivered 1,085 aircraft in 2017, 1,137 aircraft in 2018, and 1,324 aircraft in 2019. On the other hand, the turboprop aircraft manufacturers supplied 563 aircraft in 2017, 592 aircraft in 2018, and 525 aircraft in 2019. All types of general aviation aircraft carry two life rafts while flying overseas. The statistics mentioned above, coupled with the mandate of carrying life rafts on aircraft, highlights the demand for life rafts among the general aviation aircraft manufacturers. Thus, the accentuating shipment volumes of the general aviation aircraft fleet is positively influencing the growth of the aviation life rafts market.
The growing general aviation aircraft shipment is creating enormous opportunity for aviation life rafts manufacturers to develop advanced and efficient products to meet the requirement of aircraft OEMs. These aircrafts are capable of mounting medium and small sized life rafts, used during an emergency water landing in long haul travel. The constant growth in the government investment towards the development of business hub globally, is the another factor propelling the demand of corporate and business jets, which in turn support the growth of aviation life rafts market.
The List of Companies - Aviation Life Rafts Market
- EAM Worldwide
- Life Support International, Inc.
- Revere Survival Inc.
- Safran Group
- Survitec Group Limited
- AVI Aviation
- Collins Aerospace
- Meridian Inflatables Private Limited
- Switlik Parachute Co.
- Legend Aerospace
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