Commercial Aircraft Evacuation System Market

Commercial Aircraft Evacuation System Market Size (2022 to 2027)

The global commercial aircraft evacuation system market was worth USD 1.30 Billion in 2021 and is estimated to be worth USD 1.84 billion by 2027 from USD 1.38 billion in 2022, registering a compound annual growth rate of 6% from 2022 to 2027.

The enhanced aviation security protocol is one of the crucial reasons that are likely to accelerate the growth of the commercial aircraft evacuation system market over the next five years. Various aircraft emergencies have led to many advances in aircraft evacuation systems. In addition, type certification establishes the standard that must be met by the manufacturers and operators of airlines, complying with the new design of the aircraft following existing laws and regulations. As a result, the importance of aircraft safety has increased, and several market stakeholders, including suppliers, manufacturers, and other market participants, have witnessed improvements in the commercial aircraft evacuation system.

With the growing demand from organizations such as the National Transportation Safety Board and the Federal Aviation Administration on passenger safety, and as demand for next-generation aircraft, new and advanced evacuation systems inside the plane increases, there is a surge in aircraft evacuation systems.

MARKET DRIVERS:

The growth of the global commercial aircraft evacuation systems market is due to the increase in air traffic and the subsequent acquisition of new aircraft. More than 700 routes have been established for better connectivity, so the number of air travel passengers increases daily worldwide. According to the International Air Transport Association, the number of passengers increases by more than 6% per year. This has created new challenges for governments and aviation authorities to accommodate this growth and provide adequate security, infrastructure, technology, and equipment to ensure that regulations and taxes do not limit the market growth. This increase in passenger traffic is supposed to lead to the future commercial aircraft evacuation system market. 

Other factors that support the growth of the global commercial aircraft evacuation system market include an increase in the general population's propensity to travel by plane, an increase in the disposable income of the working-class people, and people migrating from the rural to urban areas and abroad. These factors have significantly increased the demand for air travel, and this trend is presumed to continue during the projection period. In addition, the aviation industry has always been inspected by regulatory authorities and must comply with the various guidelines. This regulation forced commercial aircraft evacuation systems manufacturers to develop products compatible with the current regulatory environment. The global commercial aircraft evacuation system market is essential for passenger safety because aircraft security slide manufacturers focus on increasing efficiency and reducing inflation uptime.

MARKET RESTRAINTS:

However, aircraft manufacturing requires a lot of investment, planning, and delivery time, which can inhibit the growth of the commercial aircraft evacuation system business, resulting in delays in the delivery and payment of the system. In addition, the lack of a well-organized supply chain is another factor that hinders market growth.

REPORT COVERAGE:

This research report on the global commercial aircraft evacuation system market has been segmented and sub-segmented into the following categories.

Commercial Aircraft Evacuation System Market - By Aircraft Type:

• Narrow-body Aircraft
• Wide-body Aircraft
• Very large Aircraft
• Regional Transport Aircraft
• Commercial Aircraft
• Helicopters
• Fighter Jets

Depending on the aircraft type, the narrow-body aircraft sector led the aircraft evacuation system market and will continue to dominate during the outlook period.

Commercial Aircraft Evacuation System Market - By Type of Equipment:

• Jackets
• Evacuation Slides
• Discharge Sheets
• Evacuation Rafts
• Emergency Fleets

The evacuation slide segment will grow at the highest CAGR during the forecast period. In all commercial aircraft, the adoption of evacuation slides is 100%, and as demand for new aircraft increases, it is predicted that the evacuation slides segment will lead the world market. 

Commercial Aircraft Evacuation System Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, North America and Europe regions together accounted for a significant portion of the global market in 2021 due to the local presence of renowned aircraft manufacturers. However, the Latin American commercial aircraft evacuation system market is anticipated to experience significant growth during the estimated period, owing to the presence of small original equipment manufacturers in this region. Also, large aircraft bases installed in the area are foreseen to lead the aftermarket in the regional commercial aircraft evacuation system market. 

In addition, government initiatives to increase manufacturing by creating attractive policies, such as in China and India, are expected to improve the Asia Pacific commercial aircraft evacuation system market, which is likely to contribute significantly to the growth of the global industry over the predicted period. Besides, the increase in air traffic worldwide will facilitate aircraft manufacture, contributing to developing the global commercial aircraft evacuation system market during the forecast period.

KEY MARKET PLAYERS:

Safran SA, Bombardier, Inc., Switlik Parachute Co, United Technologies Corporation, Tupolev, Irkut Corporation, Illyushin, Survitec Group Limited, Sukhoi Civil Aircraft, and EAM Worldwide are some of the promising players in the commercial aircraft evacuation system market. However, Safran SA had the largest market share, as it offers evacuation slides for commercial aircraft manufactured by Boeing Company, Airbus SE, and Commercial Aircraft Corporation of China Ltd.

RECENT HAPPENINGS IN THIS MARKET:

• In October 2018, Safran acquired Zodiac Aerospace to sign a strategic agreement to improve production capacity and accommodate a more extensive consumer base.
• In July 2016, UTC Aerospace Systems announced the next generation ACES 5 emission sheet, incorporating advanced technologies including sensor fusion, 40-degree binoculars, and an active-matrix liquid crystal display. This discharge blade protects the legs and arms from peeling off and protects the pilot's head from torsion.
• In April 2018, EAM Worldwide formed a strategic alliance with the Lufthansa technique and received FAA TSO-C69C approval to manufacture exhaust slides.
• In 2017, Boeing announced that it would increase the production speed from 737 in 2018 to 42 of 42.
• In April 2018, the Indian Air Force launched an ambitious program to buy 110 military fighter jets under a global information request agreement (RFI) from the manufacturer, including Lockheed Martin Corporation, Boeing, and Dassault Aviation see significant growth prospects for the proliferation of the industry.