Aviation Life Rafts Market Research Report 2021-2031
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.
Aviation Life Rafts Market Analysis
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.
Aviation Life Rafts Market Overview
The demand for aviation life rafts is mainly driven by some of the below mentioned factors:
- Increasing General Aviation Deliveries Driving the Market Growth
- Rising Commercial Aircraft Production Driving the Market Demands
- Shorter Service Life of Aviation Life Rafts
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.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Aviation Life Rafts Market: Strategic Insights
Market Size Value in US$ 709.40 Million in 2019 Market Size Value by US$ 1,524.52 Million by 2027 Growth rate CAGR of 9.9% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Aviation Life Rafts Market: Strategic Insights
| Market Size Value in | US$ 709.40 Million in 2019 |
| Market Size Value by | US$ 1,524.52 Million by 2027 |
| Growth rate | CAGR of 9.9% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Aviation Life Rafts Market Drivers and Opportunities
Increasing General Aviation Deliveries Driving the Market Growth
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.
Rising Commercial & Military Aircraft Deliveries to Generate New Opportunities
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.
Aviation Life Rafts Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Aviation Life Rafts Market analysis are capacity, type, application, and geography.
- Based on capacity, the market has been segmented into large-sized life rafts, medium-sized life rafts, small-sized life rafts. The large-sized life rafts segment held a larger market share in 2023.
- By type, the market has been segmented into single tube life raft and multi-tube life raft. The multi-tube life raft segment held the largest share of the market in 2023.
- In terms of application, the market has been segmented into general aviation, military/defense aviation, and commercial aviation. The general aviation segment dominated the market in 2023.
Aviation Life Rafts Market Share Analysis by 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.
Aviation Life Rafts Market Report Scope
Aviation Life Rafts Market News and Recent Developments
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:
- In July 2023, AVI Survival Products Released the New 6-Passenger Reversible Life Raft. The product is equipped with a manually activated, lanyard-triggered, self-inflating system, the life raft ensures a prompt response when required. The inflation system comprises a composite cylinder charged with N2/CO2, a pressure gauge, and an inflation valve. In addition, the reversible life raft comes with a raft knife with a recessed blade design, a lifeline that encircles the exterior perimeter of the raft, a canopy that can be erected after boarding, a heaving line and ring stored in a fire-retardant pouch, a specially designed dual purpose sea anchor/raft valise, strategically positioned boarding aids, hand pump assembly, and comprehensive equipment kit. (Source: FCAH Aerospace, Press Release/Company Website/Newsletter)
- In March 2022, Survitec has unveiled a ‘smaller and lighter single seat life raft’ (SSLR) to better equip military fast jet pilots on more challenging missions or when forced to eject from their aircraft over water. (Source: Comtek Advanced Structures Ltd, Press Release/Company Website/Newsletter)
Aviation Life Rafts Market Report Coverage and Deliverables
The “Aviation Life Rafts Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Capacity ; Type ; Application ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For