Fixed wing platform leads aircraft evacuation market share owing to increasing demand for commercial aircrafts to accommodate air passengers. Emergence of new industry players in aviation industry will enhance segment penetration over study timeframe. In February 2018, Commercial Aircraft Corporation of China (COMAC) announced the delivery of its first C919 single-aisle jet by 2021.
Proliferating upgradation of existing aircrafts and development of next-generation light weight aircrafts are positively influencing the aircraft evacuation market growth till 2025. The National Aeronautics and Space Administration (NASA) in association with several researchers are focused on the development of advanced aircrafts including improved aircraft safety equipment, innovative aircraft material, and enhanced propulsion technologies, thereby improving aerodynamics and safety considerably.
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Increasing demand for regional connectivity and establishment of new airports in emerging economies are the major drivers propelling the aircraft evacuation market share over the forecast period. Increasing aircraft backlogs from major aircraft manufacturers including Boeing and Airbus are providing a positive outlook for the industry expansion. For instance, in 2018, Airbus announced an order backlog of 7,577 aircrafts.
Increasing airplane deliveries will drive the market growth over study timeframe. For instance, in 2018, Boeing announced to deliver around 42,730 aircrafts by 2037. Growing airplane fleets will induce significant potential in industry size. However, high investment requirement for cabin crew training programs will limit the aircraft evacuation market growth.
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OEM holds substantial revenue share with increasing demand for air carriers across the globe. Replacement of existing airplane fleet owing to ageing airplane to meet government regulations for airworthiness are positively influencing the segment growth. Moreover, development of low-cost carriers coupled with increasing demand for narrow-body aircrafts such as A320, B737, A319, and B757 will enhance the segment dominance till 2025.
Taking into account the geographical landscape, Europe aircraft evacuation market accounted for significant share, given the robust expansion in the defense and commercial sectors of the regional aviation industry. Asia Pacific is also another lucrative region witnessing growing investment trends from aircraft evacuation industry players, given the increasing regional air travel rate. According to a report by IATA, APAC regions is witnessing an annual expansion rate of over 5.5% in passenger traffic, and is thus attracting investors to set up facilities and provide aircraft services.
The progressive growth of aircraft evacuation market is further set to witness advancement in systems such as introduction of RFID-based life vests. Additionally, with the rising penetration of top techs such as AI, blockchain, Internet of Things, and big data analysis, the global aircraft evacuation market is certain to traverse along a profitable growth graph in the ensuing years.
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