Aircraft Evacuation Slide Sector: Growth Drivers and Challenges
Growth Drivers
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Increase In The Number Of Passengers Opting For Air Travel
There is a significant increase in the global passenger traffic owing to the increasing preference amongst passengers for air travel, as travelling by air saves travelling time and is also a convenient mode of travel. According to the International Civil Aviation Organization (ICAO), passengers carried on scheduled services grew by 6.4% from the year 2017 to reach 4.3 billion in the year 2018. Such a factor has also put a strain on ensuring the safety of the passengers. As more and more stringent air safety regulations are coming into the light, there is a growing focus on enhancing passenger safety and their protection, so that there is minimum amount of causalities associated with air travel. This compulsion towards safety has led the aircraft market to focus more on safety of its passengers, which is anticipated to drive the growth of the global aircraft evacuation slide market.
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Stringent Aviation Regulation By The Regulatory Authorities
The aviation business has continuously been underneath the scanner of regulative authorities, thereby raising the need amongst the aircraft manufacturers to stick to numerous guidelines issued by them. These laws have compelled makers of aircraft safety systems to develop a product, such as aircraft evacuation slide, that is compatible with this regulative setting. Aircraft evacuation slides are essential for safety of the passengers of an aircraft, as a result of which the aircraft evacuation slide makers are constantly putting up efforts for research and developments to increase their potency and thereby reduce the operational time of its inflation. Such factors are anticipated to drive the growth of the global aircraft evacuation slide market.
Challenges
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Demand for Huge Financial Support for Manufacturing Aircraft Evacuation Slides
Despite the growing market for the evacuation slide, manufacturing of such equipment requires significant financial support. Moreover, proper planning is also required to line up the resources for increasing the efficiency of manufacturing processes. Owing to such a factor, the service delivery can be highly affected and could also lead to the delay in the payments. This vicious cycle along with the lack of a well-established supply chain system are some of the factors anticipated to hamper the growth of the aircraft evacuation slide market.
