Report : Aviation Life Rafts Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Capacity (Large-sized Life Rafts, Medium-sized Life Rafts, Small-sized Life Rafts); Type (Single Tube Life Raft, Multi-tube Life Raft); Application (General Aviation, Military/Defense Aviation, Commercial Aviation); and Geography
According to the new research report, titled “Aviation Life Rafts Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component 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)” published by The Insight Partners, the market is expected to reach US$ 1,524.52 million by 2027, registering a CAGR of 9.9% from 2020 to 2027.
Aviation life rafts Market in Europe to Grow at Highest CAGR during 2020–2027
European region is characterized by the presence of strong economic and military forces. Russia, France, Germany, Italy, and the UK are considered to be the political superpowers in the European region with a remarkable prowess in the aerospace and defense manufacturing. Also, these countries are considered developed economies and technologically advanced, with a robust aerospace manufacturing sector. The high GDP of the countries are translated into higher individual incomes and thereby higher standards of living. Similar to the North American dynamics, the most preferred means of transportation across Europe for domestic and international travels is through airplanes and helicopters. Profound preference for air travel has resulted in significant growth in the air passenger traffic across Europe. The demand for commercial aircraft, business aircraft, and jets has increased over the years in the European countries attributing to the steady growth in number of passengers.
The air traffic growth in the region witnessed a slight dip in the last few months of 2018 due to economic uncertainty resulting from Brexit. A large fleet of commercial aircraft and defense aircraft has led toward the growth in the demand for life rafts to be supplied to the aerospace manufacturing industry in the European region. Airbus SE, Tupolev, Dassault Aviation SA, and Lockheed Martin are among the major aerospace manufacturers in Europe, which offer ample opportunity for the aviation life rafts manufacturers to boost their business further. Airbus is one of the world's leading commercial aircraft manufacturers headquartered in France and has 12 other manufacturing bases in different European cities. Tupolev, a Russian Public Stock Company, is one of the leading manufacturers of military and experimental aircraft in Europe. Tupolev's TU-95, which is a four-engine turboprop-powered strategic bomber and missile platform, is integrated with three life rafts, which has a maximum lifespan of 3 years; therefore, the demand for aviation life rafts is boosting in the region. Further, the Cessna Citation XLS aircraft is one of the best-selling business jets in the region. The business jet provides enhanced flexibility and comfort to the passengers by offering smooth, secure, and quick travel. For employees to travel abroad, the use of business jet increases with the enhancement in business efficiency; these business jets integrate one life raft to use during any emergency.
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.
Key Findings of Study:
The aviation industry continues to grow year on year, as the aircraft original equipment manufacturers (OEMs) encounter higher volumes of orders for narrow body jets and wide body jets. The continuous growth in number of passengers travelling by air has led the airlines to raise their respective fleet size. The demand for narrow body jets and wide body jets continues to increase across airliners worldwide, boosting the manufacturing rate of the same among the aircraft OEMs. Airbus and Boeing are the two commercial aircraft giants that dominate the commercial aircraft manufacturing sectors. Both the manufacturers offer narrow body aircraft and wide body aircraft with higher fuel efficiency and the capability to travel overseas. The demand for overseas travel has significantly increased and is expected to increase to a much higher level during the coming years. The risk of emergency water landing is high due to various technical and non-technical issues. In order to evacuate the passengers and crews safely, the aircraft OEMs are increasingly procuring better quality higher passenger carrying evacuation slides/rafts. Thus, the increase in manufacturing of narrow body and wide body jets coupled with a rise in the purchase of life rafts is expected to stimulate the aviation life rafts market during the forecast period.