The key factor influencing the aircraft evacuation systems marketis the increasing aircraft orders across the globe. The commercial as well as defense aircraft manufacturers are witnessing huge demand for commercial and defense aircrafts. The aerospace industry in North America and Asia Pacific is growing at a significant rate which is demanding for new, latest technology aircraft. In order to meet the huge demand of latest technologies in an aircraft, the manufacturers are integrating technologically robust aircraft evacuation system on the modern aircrafts. This factor is boosting the market for aircraft evacuation to grow in future. Another advantage of aircraft evacuation market is the rising demand for aircraft emergency landing equipment. The defense forces and airline operators are pressurizing the aircraft manufacturers as well as the evacuation systems manufacturers to develop lightweight, enhanced safety evacuation system. This is also helping the market to expand in future.
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The aircraft evacuation systems market growth is hindered by the short life cycle of the aircraft evacuation systems. The systems have normally a life cycle of three to four years life span, which is not sufficient for the aerospace industry. These systems needs to be replaced or retrofitted in every three or four years as per the aircraft. Owing to this fact, the aircraft manufacturers are limiting their procurement of advanced aircraft evacuation systems, which in turn is impacting negatively on the growth of the market.
The market for aircraft evacuation systems is poised to grow over the years due to emergence of various aircraft manufacturers in Asia Pacific region. The global aircraft manufacturers are partnering with various companies in the Asia Pacific region in order to expand their manufacturing facilities in the region. Moreover, various aircraft component manufacturers are also partnering with companies in the region. This is leading to manufacturer aircraft evacuation systems also, which is expected to boost the market for aircraft evacuation systems in the coming years.
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The market for aircraft evacuation is segmented on basis of various parameters such as equipment type, aircraft types, fitting and geography. The various types of equipment types includes life vests, ejection seats, emergency floatation, evacuation slide, evacuation raft. The life vests held the majority of market share in 2016, while evacuation slides are anticipated to grow at a faster rate than other segments. The different types of aircraft types on which evacuation systems are fitted includes commercial aircrafts and defense aircrafts. The commercial aircrafts includes narrow body aircraft, wide body aircraft, very large body aircrafts, business jets, and the defense aircrafts segment includes military aircraft, fighter jets and helicopters. In the commercial aircraft segment, narrow body aircrafts dominated the market for aircraft evacuation in 2016 and is expected to retain its dominance over the next few years. Based on fitting, the market for aerospace evacuation is bifurcated as linefit and retrofit. The linefit segment led the market in 2016 while the retrofit segment is anticipated to expand at a rapid rate across the globe. Geographically, the aircraft evacuation market is categorized on basis of five key strategic regions. These includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. In terms of market share, the most dominating regions accounted for North America and Asia Pacific. This is due to the growing demand for narrow body aircrafts in the regions, and Asia Pacific is expected to retain its dominance in the coming years and is anticipated to grow at a significant rate.