The Aviation Life Rafts Market size is projected to reach US$ 2.16 billion by 2031 from US$ 1.11 billion in 2023. The market is expected to register a CAGR of 8.7% in 2023–2031. 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 key stakeholders in the aviation life rafts market are raft material suppliers, aviation life rafts manufacturers, and end users. The demand for aviation life rafts is high, owing to growing manufacturing of aircrafts and government investment. The increasing R&D initiatives by various companies are further complementing the growth of the global aerospace market. In the market ecosystem, raft material supplier offers various materials related to aviation life rafts. Some of the raft material supplier such as Trellborg AB, ContiTech AG, and many more. The life rafts manufacturer offers different types of life rafts, some of the manufacturers present in the market are Collins Aerospace, Safran, Survitec Group Ltd., and many more. The manufacturers are highly focused on expanding its customer base by offering innovative aviation life rafts. The end users of the aviation life rafts market procure these life rafts directly from the manufacturers. The end users in the market include aircraft manufacturers, military forces, and general aviation aircraft operators.
The demand for aviation life rafts is mainly driven by some of the below mentioned factors:
These factors are constantly driving the growth for aviation life rafts market across different regions. Some of the major end users of aviation life rafts include commercial & military aircraft OEMs, general aviation & regional aircraft OEMs, and aircraft MRO vendors.
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Aviation Life Rafts Market: Strategic Insights
The rise in number of general aviation aircraft deliveries is likely to driving the growth for aviation life rafts market across different regions. According to the General Aviation Manufacturers Association (GAMA), in 2023, around 3,050 units of general aviation airplanes had been delivered across different regions. The general aviation deliveries witnessed a growth of 9% in 2023 compared to 2022. Further, there are at least two life rafts on each of the general aviation planes that are certified as per the FAA TSO-C70a norms. On the other hand, the piston engine aircraft deliveries witnessed a string growth of 11.8% (1,682 deliveries) in 2023; business jets witnessed a rise in number of deliveries that amounted for 730 units in 2023 compared to 712 units in 2022. Such factors are driving the growth for aviation life rafts market across the world.
The rising number of commercial aircraft deliveries is one of the major factors likely to generate new opportunities for market vendors during the forecast period. The expected deliveries of commercial aircraft during the next 20 years are likely to generate new opportunities for aviation life raft vendors in the coming years. As per several aviation sources, more than 40,000 new commercial aircraft are expected to be delivered during by 2042. Moreover, the expected procurement of military aircraft is another major factor likely to provide new opportunities for life raft manufacturers in the coming years. This is also supported by the ongoing conflicts among several countries such as Russia-Ukraine, Israel-Palestine, and Israel-Iran that has generated awareness among different nations to increase their respective military strengths. For this, different countries have been providing several contracts to military aircraft manufacturers for various types of aircraft including combat aircraft, surveillance aircraft, cargo aircraft, and aerial refueling tankers as well. Such factors have been pushing the deployment of life rafts in the military aircraft segment as well.
Key segments that contributed to the derivation of the Aviation Life Rafts Market analysis are capacity, type, application, and geography.
The geographic scope of the Aviation Life Rafts Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America has dominated the Aviation Life Rafts Market in 2023, whereas, Asia Pacific region is likely to witness a significant growth during the forecast period. The United States accounted for a larger market share in the North America aviation life rafts market. This is mainly due to the presence of several aviation life rafts manufacturer in the country namely: EAM Worldwide, Life Support International, Inc., Revere Survival Inc., AVI Aviation, and Collins Aerospace among others is one of the significant reasons for the growth of aviation life rafts in the country. Further, the country’s military spending is one of the highest across the globe, which supports the development of largest military aircraft fleet, thus boost the market in the US. Furthermore, the presence of major general aviation aircraft manufacturers such as Northrop Grumman, and Raytheon Technologies among others, which demands the integration of life rafts and evacuation sliders in these aircraft.
The regional trends and factors influencing the Aviation Life Rafts Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Aviation Life Rafts Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.11 Billion |
| Market Size by 2031 | US$ 2.16 Billion |
| Global CAGR (2023 - 2031) | 8.7% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Capacity
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Aviation Life Rafts Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Aviation Life Rafts Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Aviation Life Rafts Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for aviation life rafts market and strategies:
The “Aviation Life Rafts Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: