Electronic Flight Bag Market will exhibit a CAGR of 15.17% during the forecast period, and USD 5,426.7 million by 2027, and the Market value as per 2019 was USD 4,452.2 million.
Fortune Business Insights™ in a new report, titled, “Electronic Flight Bag Market Size, Share & COVID-19 Impact Analysis, By Type (Portable {Class 1and Class 2} and Installed), By Component (Hardware and Software), By Platform (Commercial and Military), and Regional Forecast, 2020-2027.”
Electronic Flight Bag Market Drivers and Restraint:
Surge in Commercial Aircraft Deliveries to Boost the Market Growth
Strong economic growth is a major reason for an increase in air passenger traffic. Owing to the rising number of passengers traveling by air, the airliners are focused on expanding their fleets. Thus, the rise in demand for air travel has facilitated the growth of commercial aircraft, which, in turn, has increased the demand for electronic flight bags. Moreover, the growing demand for next-generation aircraft is expected to propel the growth of the EFB market. The rise in aircraft deliveries in emerging economies in Asia-Pacific market is anticipated to fuel market growth in the region.
Emphasis on Operational Efficiency in Aircraft to Support Market Growth
The conventional pilot’s flight bag helps the pilot in operating the aircraft and has been replaced by an electronic flight bag, as the typical flight bag is heavy which weighs around 40 pounds, whereas an EFB weighs around 5 pounds. The weight advantage of the aircraft EFB is driving the growth of the market. As lighter aircraft can aid in improving operational efficiency and reducing fuel consumption, EFB helps in reducing the overall weight of the aircraft which increases efficiency. Thus, the need for improving operational efficiency and reduction of fuel cost is anticipated to boost the market growth.
Rising Safety Concerns and Real-Time Access Information to Fuel EFB Demand
Passenger safety is the most crucial aspect in airlines; hence resulting in the procurement of next-generation aircraft for enhanced safety. The key factor responsible for the growth of the EFB market is the safety aspect associated with the use of EFB. The real-time access of information helps the pilot to stay up to date with live weather information and also assists in route management. Moreover, the rising fluctuations in climate change have increased the concern towards passenger safety.
List of Key Players Covered in the Electronic Flight Bag Market Report:
- AirbusSAS (the Netherlands)
- The Boeing Company (The U.S.)
- Collins Aerospace, a Raytheon Technologies company (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.)
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/electronic-flight-bag-market-103689
Some of the key industry developments in the Electronic Flight Bag Market Include:
- July 2020 – Boeing Global Services had signed an agreement with Asian airlines such as Japan Airlines, All Nippon Airways, and Xiamen Airlines. Boeing Global Services will provide an optimized maintenance program that will enable advanced data analytics. In this agreement, the company will also install advanced EFB systems in carriers
- July 2020 –Aero K Airlines is a startup carrier based in South Korea. This company had a partnership with Skytrax Systems to integrate mobile data coverage to its fleet of Airbus A320s operated on domestic and international flights. This will strengthen its partnership in the coming years.
