Nearly Six Percent Annual Growth Forecast Through The Period
A new report indicates that the aircraft evacuation market is projected to grow from $1.30 billion in 2017 to $1.73 billion in 2022, at a Compound Annual Growth Rate (CAGR) of 5.96% during the forecast period.
The report, "Aircraft Evacuation Market by Equipment Type (Life Vest, Evacuation Slide & Raft, Ejection Seat, & Emergency Floatation), Fit (Line fit & Retrofit), Aircraft Type (NB, WB, VLA, RTA, Fighter Jet, & Helicopter), and Region - Global Forecast to 2022" now available on ASDReports, indicates that the increase in aircraft orders is one of the key factors driving the aircraft evacuation market. According to the Boeing Current Market Outlook, the demand for commercial aircraft will grow significantly in the future. Growing consumer and business confidence, low interest rates, and favorable government policies are the key factors for this surge in demand for aircraft across the globe.
Evacuation slides are expected to be the fastest-growing segment of the aircraft evacuation market during the forecast period. Increase in demand for new aircraft, higher ASP of evacuation slide as compared to other segments, and 100% adoption rate of evacuation slides in all commercial passenger aircraft is expected to drive the evacuation slide segment during the forecast period.
Based on fit, the linefit segment is projected to grow at the highest CAGR during the forecast period. Emerging markets in Asia-Pacific, the Middle East, and Latin American regions are expected to witness increase in demand for aircraft during the forecast period. This growth can be attributed to factors, such as rise in passenger traffic across the globe due to increase in disposable income of the middle-class in emerging economies, especially of Asia-Pacific and the Middle East. With such rapid growth in the procurement of aircraft, the demand for new aircraft evacuation is expected to increase.
Based on aircraft type, the narrow body segment of the aircraft evacuation market is projected to grow at the highest rate during the forecast period. This growth can be attributed to preference for narrow body aircraft by airline operators who need low-cost aircraft to fly short distances.
North America is expected to lead the aircraft evacuation market during the forecast period, owing to the presence of major aircraft manufacturers, such as Boeing (U.S.), Bombardier (Canada), Lockheed Martin (U.S.), Bell Helicopter (U.S.), and Sikorsky Aircraft (U.S.), coupled with the growth of the aviation industry in the region.
(Image provided with ASDReports news release)
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