According to the new research report, titled “Aviation Life Rafts Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component Capacity (Large-sized Life Rafts, Medium-sized Life Rafts, and Small-sized Life Rafts), Type (Single Tube Life Raft and Multi-tube Life Raft), and Application (General Aviation, Military/Defense Aviation, and Commercial Aviation)” published by The Insight Partners, the market is expected to reach US$ 1,524.52 million by 2027, registering a CAGR of 9.9% from 2020 to 2027.
The air traffic growth in the region witnessed a slight dip in the last few months of 2018 due to economic uncertainty resulting from Brexit. A large fleet of commercial aircraft and defense aircraft has led toward the growth in the demand for life rafts to be supplied to the aerospace manufacturing industry in the European region.
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Airbus SE, Tupolev, Dassault Aviation SA, and Lockheed Martin are among the major aerospace manufacturers in Europe, which offer ample opportunity for the aviation life rafts manufacturers to boost their business further. Airbus is one of the world's leading commercial aircraft manufacturers headquartered in France and has 12 other manufacturing bases in different European cities. Tupolev, a Russian Public Stock Company, is one of the leading manufacturers of military and experimental aircraft in Europe. Tupolev's TU-95, which is a four-engine turboprop-powered strategic bomber and missile platform, is integrated with three life rafts, which has a maximum lifespan of 3 years; therefore, the demand for aviation life rafts is boosting in the region. Further, the Cessna Citation XLS aircraft is one of the best-selling business jets in the region. The business jet provides enhanced flexibility and comfort to the passengers by offering smooth, secure, and quick travel. For employees to travel abroad, the use of business jet increases with the enhancement in business efficiency; these business jets integrate one life raft to use during any emergency.
The outbreak of COVID-19 has decimated the demand for aircraft across the end users (general aviation, commercial aviation, and military aviation). This has reflected lesser demand for ancillary products such as aviation life rafts. In addition to procurement of aircraft fleet, several commercial airlines have retired a fair percentage of their widebody jets which demanded higher volumes of evacuation slides/rafts. This factor is anticipated to showcase slowdown in procurement of life rafts, thereby hampering the growth of the aviation life rafts market. Moreover, the limited manpower at the raft manufacturing units also weakened the production rate, thereby reflecting slowdown in the growth of the aviation life rafts market.
The market players focus on expansion, collaboration, partnerships to compete with the competitors.
- In 2020, Safran signed a maintenance contract for the emergency flotation system of the US Coast Guard HH-65 helicopter fleet. The 5-year agreement includes the maintenance of the flotation systems of all 98 HH-65 Dauphin helicopters used by the US Coast Guard during their various missions.
- In 2018, AVI Aviation completed the acquisition of Survival Products, Inc., a prominent manufacturer and service provider of life rafts since 1970. This acquisition would help AVI Aviation capture emergency equipment sales and service opportunities in the general and business aviation market.
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