Market Trends of Commercial Aircraft Evacuation System Industry
Evacuation Slides Segment to Experience the Highest Growth During the Forecast Period
The evacuation slides segment of the market is anticipated to grow at the highest CAGR during the forecast period. This growth is due to the increase in the number of aircraft orders worldwide. It is also due to the development of new evacuation slides that feature reduced inflation time, high durability, and lightweight.
Also, the average interval for an overhaul of the evacuation slides is about three years, with service life ranging from 12 to 18 years. It means the aged aircraft fleet operators should replace their slides with new slide systems, and the operators with a fleet of aircraft with ages ranging between 10-12 years should carry out regular maintenance and inspections. For instance, in July 2023, a United Airlines Boeing B767 lost an evacuation slide mid-air while it was on its final approach to Chicago's O'Hare International Airport.
Currently, the life rafts are being replaced by evacuation slides that can be detached from the door and used as a raft. With this replacement picking up pace, the demand for such evacuation slides is anticipated to increase steadily in the years to come.
Asia-Pacific Region is Expected to Generate the Highest Demand During the Forecast Period
Asia-Pacific region is expected to generate the highest demand for commercial aircraft evacuation systems market during the forecast period. This increasing demand is mainly due to the increasing orders and deliveries of new aircraft, propelled by ever-growing passenger traffic in the region. For instance, as of February 2023, there are 1,100 planes on order by various domestic carriers in India. Air India placed orders for 470 planes with Airbus and Boeing. IndiGo Airlines includes approx. 500 planes on order, and Akasa Air contains 56 aircraft on order. In November 2022, China Aviation Supplies (CASC) signed a bulk purchasing agreement for 140 Airbus jets.
With the increase in the number of new aircraft inductions, the aircraft movement also greatly increased to serve the rapidly growing passenger traffic. Nevertheless, some incidents, such as the one in June 2023 wherein 11 passengers were injured while evacuating the Cathay Pacific jetliner aircraft when it aborted its take-off at Hong Kong International Airport, raised passenger safety concerns. It also raised the vigilance and focus of the regional aviation authorities towards integrating new aircraft evacuation technologies or improved variants of the existing ones.
