North America Aviation Life Rafts Market
The aircraft manufacturing industry across North America is experiencing substantial growth owing to the growing demand for general aviation, commercial, and military aircraft. The rising disposable incomes in North America countries, along with the presence of top players such as Airbus and Boeing, are some of the factors that are driving the demand for these aircraft. In a North America scenario, commercial airplanes are anticipated to maintain continuous growth over the coming years, irrespective of the numerous challenges the commercial airlines face, which includes uncertain fuel prices and other regulatory changes in various countries. The mounting production of aircraft for the integration of safety equipment requires evacuation slides and life rafts to evacuate the aircraft if any emergency is landing on water. Aviation life rafts are designed to meet the aerospace and defense standards. All these factors are anticipated to fuel the demand for aviation life rafts in various countries and offer future growth opportunities for market players operating across North America. The application of aviation life rafts is not limited to commercial aircraft for rescuing purposes but also has its usage in military aircraft as well. These life rafts have to be approved by the governing body in North America, for ensuring the proper functioning in case of any emergency. Factors such as emphasizing shipment volumes of general aviation aircraft fleet and limited service life of aviation life rafts are expected to drive the North America aviation life rafts market.
Further, in case of COVID-19, North America is highly affected specially the US. Since the US has a larger density of aircraft manufacturers and component manufacturers including life raft manufacturers, the outbreak has severely affected the production of each. The lower number of manufacturing staff has resulted in lesser production quantity. On the other hand, the procurement rate of life rafts among the aircraft manufacturers, the airlines, general aviation aircraft operators, and the military forces have stalled pertaining to the lesser production of aircraft and lesser air travel. Similarly, the military forces have refrained from procuring the usual quantity of the life raft. Thus, the factors mentioned above have had a negative impact on the aviation life rafts market. On the other hand, the Canadian and Mexican aviation life rafts market is also experiencing slower than usual growth due to the COVID – 19 outbreaks. Several airlines, general aviation aircraft operators, aircraft OEMs, operate in the two countries. The life raft manufacturers in these two countries are experiencing a downfall in production quantities, orders and deliveries, and revenues, which has been negatively affecting the aviation life rafts market.
Strategic insights for the North America Aviation Life Rafts provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 302.34 Million |
| Market Size by 2027 | US$ 664.02 Million |
| Global CAGR (2020 - 2027) | 10.1 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Capacity
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Aviation Life Rafts refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The North America aviation life rafts market is expected to grow from US$ 302.34 million in 2019 to US$ 664.02 million by 2027; it is estimated to grow at a CAGR of 10.1 % from 2020 to 2027. Rising manufacturing of commercial narrow-body and wide-body jets is expected to escalate the North America aviation life rafts market. The aviation industry across North America 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 significantly. The demand for narrow body jets and wide body jets continues to increase across airliners across North America, boosting the manufacturing rate of the same among the aircraft OEMs. 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 rise in manufacturing of narrow - body and wide - body jets coupled with a rise in the purchase of life rafts is expected to stimulate the North America aviation life rafts market during the forecast period
In terms of capacity, the large-sized life rafts segment accounted for the largest share of the North America aviation life rafts market in 2019. In terms of type, the multi-tube life raft segment held a larger market share of the North America aviation life rafts market in 2019. Further, commercial aviation segment held a larger share of the North America aviation life rafts market based on application in 2019.
A few major primary and secondary sources referred to for preparing this report on the North America aviation life rafts market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are AVI Aviation; Collins Aerospace Systems; EAM Worldwide; Legend Aerospace; Life Support International, Inc.; Revere Survival Inc.; Safran S.A; Survitec Group Limited; Switlik Parachute Co.
The North America Aviation Life Rafts Market is valued at US$ 302.34 Million in 2019, it is projected to reach US$ 664.02 Million by 2027.
As per our report North America Aviation Life Rafts Market, the market size is valued at US$ 302.34 Million in 2019, projecting it to reach US$ 664.02 Million by 2027. This translates to a CAGR of approximately 10.1 % during the forecast period.
The North America Aviation Life Rafts Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Aviation Life Rafts Market report:
The North America Aviation Life Rafts Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Aviation Life Rafts Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Aviation Life Rafts Market value chain can benefit from the information contained in a comprehensive market report.
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