It was estimated prior to this unanticipated outbreak that the Aircraft evacuation market was likely to witness an impressive CAGR of 7.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. Rise in situational awareness to execute operations and increase in demand for real-time analytics are the prime factors that are expected to bolster the growth of the global aircraft evacuation market during the forecast period.
Aircraft Evacuation Market Segment Insights:
By Equipment Type:
The evacuation slide segment is expected to register the highest growth in the coming five years. Further, the segment is projected to lead the market owing to the extensive adoption rate of evacuation slides, which is 100% in all commercial passenger aircraft coupled with an increased demand for new aircraft.
By Aircraft Type:
The narrow-body aircraft segment was expected to remain dominant in 2018, and is estimated to sustain its dominance during the forecast period. Boeing’s Current Market Outlook 2017, estimated, the current global fleet size of narrow-body aircraft which is 14,870, to reach the unprecedented milestone of 32,280 aircraft by 2035. Asia and North America account for the largest fleet of narrow-body aircraft with 4,540 and 4,010 aircraft, respectively. Rise in demand for narrow-body aircraft across the globe is stimulating the aircraft evacuation market.
By Fit Type:
The linefit segment dominated the market and is expected to maintain its dominance during the forecast period.
By Region:
North America was estimated to remain dominant in the aircraft evacuation market in 2018. The aviation industry is one of the most lucrative industries in North America, with the presence of giant aircraft manufacturers, such as Boeing (U.S.), Bombardier (Canada), Bell Helicopter (U.S.), Lockheed Martin (U.S.), and Sikorsky Aircraft (U.S.) in the region. The market is driven by the demand for aircraft evacuation, generated by these manufacturers. Further, airlines are also playing a pivotal role in creating the demand for aircraft evacuation through the retrofit segment. North America is expected to sustain its dominance during the forecast period. Europe and Asia-Pacific are also expected to offer sizeable growth opportunities during the forecast period.