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Aircraft Evacuation Market 2024 Opportunity Assessment, Production Analysis, Segmentation And Forecast To 2033
Aircraft Evacuation Market Growth
According to The Business Research Company's, The aircraft evacuation market size has grown strongly in recent years. It will grow from $1.59 billion in 2023 to $1.69 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to stringent safety regulations, increased air travel, focus on passenger safety, airline industry competitiveness, global airline alliances.
The aircraft evacuation market size is expected to see strong growth in the next few years. It will grow to $2.15 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rising air passenger traffic, innovations in evacuation systems, regulatory emphasis on evacuation standards, focus on accessibility, global collaboration on safety measures. Major trends in the forecast period include innovations in evacuation systems, integration of smart technologies, focus on lightweight and compact designs, enhanced training simulators, incorporation of evacuation technologies in aircraft design.
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Market Drivers and Trends:
The increasing air passenger traffic is expected to boost the growth of the aircraft evacuation market going forward. Air passenger traffic is referred to a person or business involved primarily in the transportation of people by aircraft in interstate commerce. Air passengers' traffic assist in the aircraft evacuation market because evacuation devices and processes save passengers' lives while flying. For instance, in March 2022, according to the International Air Transport Association (IATA), a Canada-based association that supports airline activity and helps formulate industry policy and standards, there will be 4.0 billion air passengers worldwide in 2024 (including multi-sector connecting flights as one passenger), reaching pre-COVID-19 levels (103% of the amount for 2019). The total number of travelers in 2021 was 47% higher, and in 2022, 83% higher. Therefore, the increasing air passenger traffic is driving the growth of the aircraft evacuation market.
Product innovations have emerged as the key trend gaining popularity in the aircraft evacuation market. Major companies operating in the aircraft evacuation market are developing product innovations to strengthen their position in the market. For instance, in December 2021, Mallaghan Engineering, Ltd., a UK-based company that produces airport ground support equipment, launched a new 6x6 fire rescue stair for airport ground support. The new stair provides a large platform for safe working conditions, high driving stability, and several additional possibilities. The Mallaghan Fire Rescue Stair was created for quick emergency aircraft passenger evacuation.
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Major Key Players of the Market:
EAM Worldwide; Martin-Baker Aircraft Co Ltd.; Trelleborg AB; GKN Aerospace Services Limited; Cobham Limited; Dart Aerospace; Survival Equipment Services Ltd.; Zodiac Aerospace SA; United Technologies Corporation Pratt & Whitney division; NPP Zvezda; Astronics Corporation; Safran SA; Tulmar Safety Systems; Rockwell Automation Inc.; Japan Aircraft Manufacturing Co Ltd.; Mustang Survival Corp.; Goodrich Corporation; Switlik Parachute Company Inc.; Ejection Tie Club; Esterline Corporation; LMS Technologies; Sogerma SAS; Air Cruisers Company; Norsafe AS; Aviation Survival Technologies; Beacon Falls Rubber Company; Bendix Commercial Vehicle Systems LLC; Boeing Defense Space & Security; Collins Aerospace; Eagle Parachute Systems; Hamilton Sundstrand; Honeywell Aerospace; Leach International; Meggitt Aerospace
Aircraft Evacuation Market 2024 Key Insights:
• The aircraft evacuation market will grow to $2.15 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Soaring Air Passenger Traffic Propels Growth In The Aircraft Evacuation Market
• Cutting-Edge Fire Rescue Stair For Enhanced Aircraft Evacuation
• North America was the largest region in the aircraft evacuation market in 2023
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