Market Insights
Life rafts are small to large floating devices that are carried onboard aircraft as a rescue mechanism in the event of an emergency that necessitates evacuation. It is widely used in both general aviation and defense. It must meet various standards established by various governing bodies for passenger safety. Aviation life rafts include beaconing lights, an inflate mechanism, a survival kit, and other essential components. The materials used in such rafts must be lightweight, tough, and flexible in order to withstand rough and harsh environments.
Cabins must be equipped with aviation life rafts. The minimum recommended life rafts must be present in a flight, which has been increased to accommodate the maximum number of passengers in the event of a mishap. These increases and mandatory installations have increased demand for life rafts, driving the aviation life rafts market growth. The challenge in aviation life rafts is that they must be installed on domestic routes. As a result of these factors, the aviation life raft market is expected to grow at a promising CAGR of 9.9% during the forecast period.
Segment Analysis
|
Segmentations
|
List of Sub-Segments
|
Dominant and Fastest-Growing Segments
|
|
Capacity-Type Analysis
|
Large-sized Life Rafts, Medium-sized Life Rafts, and Small-sized Life Rafts
|
Large-sized Life Rafts are anticipated to remain the biggest demand generator for life rafts in the years to come.
|
|
Product-Type Analysis
|
Single Tube Life Raft, and Multi-tube Life Raft
|
Multi-tube Life Raft is likely to remain the dominant product type in the aviation life rafts market during the forecast period.
|
|
Application-Type Analysis
|
General Aviation, Military/Defense Aviation, and Commercial Aviation
|
Commercial Aviation dominates the life rafts market during the forecast period.
|
|
Regional Analysis
|
North America, Europe, Asia-Pacific, and the Rest of the World
|
Asia-Pacific is expected to remain the largest market over the next five years.
|
Based on the capacity type, the market is segmented into large-sized life rafts, medium-sized life rafts, and small-sized life rafts. In 2022, the large-size life rafts segment led the aviation life rafts market in terms of capacity and is likely to lead the market in the coming years. The market for large-sized life rafts is rising at an exponential rate as aircraft manufacturers strive to reduce operational costs and carry more passengers with fewer rafts. Furthermore, the increased production of new commercial aircraft is driving the aviation life rafts market.
Based on the product type, the market is classified as single-tube life rafts and multi-tube life rafts. The aviation life rafts market was dominated by multi-tube life rafts in 2022 and they are expected to continue their unassailable dominance over the forecast period. Multi-tube life rafts are those that have more than one tube, such as a double/twin tube or more. The larger tubes in twin tube rafts provide more freeboard and reserve buoyancy than smaller tubes. These tubes, which also include a supportive backrest, may accommodate 6-12 people. Type I life rafts with two tubes are typically fitted into bigger business and transport aircraft.
Based on the application type, the market is bifurcated into general aviation, military/defense aviation, and commercial aviation. Commercial aviation dominated the aviation life rafts market in 2022 by application type and it is expected to maintain its dominance during the forecast period. The expansion in commercial aircraft manufacturing underlines the commercial aircraft makers' potential necessity for evacuation slides or rafts. The rise in aviation life rafts is exactly proportional to the rise in manufacturing and commercial aircraft deliveries.
In terms of regions, Asia-Pacific is expected to remain the largest market for aviation life rafts during the forecast period. The Asia-Pacific’s aviation life raft market is expected to grow at a rate greater than the large-sized life rafts market in the coming years. Furthermore, increased disposable income, rising global demand for business jets, and technical advancements in the industry will push the demand for aviation life rafts in the future years. The greatest demographic, combined with rising per capita income, is driving the market growth in the region’s market.
Key Players
The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.
The following are the key players in the 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
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aviation life rafts market realities and future market possibilities for the forecast period.
The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The aviation life rafts market is segmented into the following categories:
Aviation Life Raft Market, by Capacity Type
- Large-sized Life Rafts (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Medium-sized Life Rafts (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Small-sized Life Rafts (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
Aviation Life Raft Market, by Product Type
- Single Tube Life Raft (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Thermoplastic seals (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
Aviation Life Raft Market, by Application Type
- General Aviation (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Military/ Defense Aviation (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Commercial Aviation (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
Aviation Life Raft Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
