This information is published by Fortune Business Insights in its report, titled “Electronic Flight Bag Market, 2021-2028.” An EFB is used to store and retrieve essential documents such as weather information, operating manuals, route information, and other information during flight operations. This report includes new product developments, contracts, partnerships, agreements, acquisitions, and research & development (R&D) activities further to expand their presence in the market. The global electronic flight bag market size is expected to gain traction by reaching USD 5.86 billion by 2028. This is owing to the increasing focus on the adoption of integrated & smart product solutions. The report further mentions that the market stood at USD 2.02 billion in 2020 and is projected to exhibit a CAGR of 10.57% between 2021 and 2028.
Market Witnessed a Decline of 54.6% in 2020; Halted Aircraft Operations & Services Restrained Growth
In 2020, the world was brought to a standstill due to the widespread effects of the coronavirus pandemic. The rising COVID-19 cases compelled the global government agencies to announce lockdowns to control the pandemic. This further led to the halting of several industrial operations and people confined through their home spaces. Travel restrictions, coupled with several aircraft stationed at airports, hampered the revenue sales of the airline operators. This led to a significant loss of revenue that resulted in the market experiencing a huge decline of 54.6% in 2020. However, social distancing norms and phased resumption of industrial activities are likely to boost the global electronic flight bag market growth in the forthcoming years.
Get a Sample PDF Brochure:
What does the Report Provide?
The global market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028.
Based on type, the market is divided into the portable and installed segment. On the basis of component, the market is classified into hardware and software. While, based on the system, the market is segmented into commercial and military.
- Based on the platform, the commercial segment held a market share of about 85.5% in 2020 and is likely to remain at the forefront. This is due to the presence of a large commercial fleet across the globe that is expected to boost the product’s demand during the foreseeable future.
Finally, based on the region, the market is segregated into North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
Increasing Adoption of Smart EFB Solutions to Promote Growth:
Jeppesen has developed a suite of EFB solutions that allow efficient data communication through aircraft connectivity, distribution, reduces flight plan production and storage costs by entirely digitizing the flight briefing. Companies like them constantly focus on implementing advanced solutions to increase airline efficiency and reduce operational costs. Besides, special attention to streamlining the workflow of pilots is anticipated to surge the adoption of advanced electronic flight bags, thereby leading to exponential market growth.
List of the Companies Operating in the Market:
- Airbus SAS (the Netherlands)
- The Boeing Company (The U.S.)
- Collins Aerospace (The U.S.)
- L3Harris Technologies Inc. (The U.S.)
- Thales Group (France)
- CMC Electronics Inc. (Canada)
- Jeppesen (The U.S.)
- Astronautics Corporation of America (The U.S.)
- Lufthansa Systems (Germany)
- DAC International, Inc. (The U.S.)
- Teledyne Controls (The U.S.)
- Esterline Technologies Corporation (The U.S.)
North America – The market in the region is expected to remain dominant and hold the largest global electronic flight bag market share during the forecast period. This is owing to the increasing demand for next-generation aircraft in countries such as the U.S. North America stood at USD 0.74 billion in 2020.
Asia-Pacific – The market in the region is anticipated to showcase considerable growth in the forthcoming years. This is attributable to the rising air travel that is propelling airline operators to procure aircraft in large numbers. This is likely to surge the demand for advanced electronic flight bags in the region between 2021 and 2028.
Inquire Before Buying:
Facility Expansion by Major Companies to Intensify Industry Competition
The market is fragmented by the presence of major companies striving to maintain their dominance and further expand their product portfolio. These companies are focusing on expanding their facilities to provide advanced electronic flight bags for airline operators. Other key players are adopting proactive strategies such as partnership, collaboration, and merger and acquisition that are likely to favor the growth of the market during the forecast period.
- April 2019 – Ethiopian Airlines awarded a contract to Flightman for providing advanced EFBs for its entire aircraft fleet. The contract is expected to strengthen the position of the company.
Read more related now: