The global Aviation Life Rafts was valued at US$ 1.0 billion in 2022 and it is anticipated to grow up to US$ 2.1 billion by 2032, at a CAGR of 7.9% during the forecast period.
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Life rafts are tiny big floating devices that are carried on board airplanes as a rescue mechanism in the case of an emergency that necessitates evacuation. It is widely utilized in both general aviation and defense. It must meet numerous requirements established by various regulating authorities for passenger safety. Aviation life rafts include beaconing lights, an inflate mechanism, a survival pack, and other essential components. The materials utilized in such rafts must be lightweight, robust, and flexible in order to resist rough and severe environments. Cabins must be equipped with aviation life rafts. The minimum recommended life rafts must be provided on a flight, which has been enhanced to accommodate the largest number of people in the event of a tragedy. These increases and mandated installations have increased demand for life rafts, propelling the worldwide aviation life rafts market growth. The problem with aircraft life rafts is that they must be installed on domestic routes.
Market Drivers and Trends
Rising commercial narrow-body and wide-body aircraft production is predicted to drive the aviation life rafts industry. The aviation sector is growing year after year, as aircraft original equipment manufacturers (OEMs) get more orders for narrow-body jets and wide-body jets. The constant increase in the number of people flying has caused airlines to dramatically increase the size of their individual fleets. The demand for narrow-body jets and wide-body jets remains to rise among global airlines, boosting the manufacturing pace of aircraft OEMs. The demand for international travel has risen dramatically and is anticipated to rise even further in the future years. Because of a variety of technical and non-technical factors, the chance of an emergency water landing is significant. To securely evacuate passengers and crews, airplane OEMs are progressively buying higher-grade passenger-carrying evacuation slides/rafts. Thus, the increased production of narrow-body and wide-body planes, along with an increase in the purchasing of life rafts, is likely to fuel the global aviation life rafts market over the forecast period. These drivers are likely to propel market expansion.
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Market Restraints and Challenges
The major challenges are the uncertain prices of the fuel and the regulatory or government rule changes in various countries are likely to hinder the global aviation life rafts market. Such constraints are expected to contribute to the reduction of the Global aviation life rafts Market size throughout the projected period.
Major Players in the Global Aviation Life Rafts
The key players studied in the global Aviation Life Rafts are Winslow LifeRaft Company, EAM Worldwide, Plastimo , Safran , Avi Aviation , Tulmar Safety Systems, Survitec Group Limited, Revere Survival Inc., Survival Equipment Services Limited , and Life Support International, Inc. among others.
COVID-19 Impact
The Covid-19 pandemic has had a tremendous impact on the world and is still causing havoc in some nations. Until the outbreak of COVID-19, the aerospace industry was experiencing significant growth in terms of production, despite massive backlogs among aircraft manufacturers; however, the global aviation industry saw a significant increase in passenger counts, as well as an increase in aircraft procurement (commercial, general, and military).
The COVID-19 pandemic has destroyed aircraft demand across all end users (general aviation, commercial aviation, and military aviation). This reflects lower demand for supplementary items such as aircraft life rafts. In addition to aircraft fleet purchases, some commercial airlines have retired a significant portion of their wide body planes, which required larger numbers of evacuation slides/rafts. This aspect is expected to demonstrate a slowdown in life raft procurement, hampered by the expansion of the aviation life rafts market. Furthermore, the restricted labour at the raft manufacturing sites hampered output, suggesting a slowdown in the expansion of the aviation life rafts industry.
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Global Aviation Life Rafts Segmentation
By Type
- Single Tube Life Raft
- Multi-tube Life Raft
By Caliber
- Large-sized Life Rafts
- Medium-sized Life Rafts
- Small-sized Life Rafts
By Application
- General Aviation
- Business
- Military/Defense
- Others
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