Electronic Flight Bag Market Critical Insight, Opportunities and Regional Overview by 2028
The global market for electronic flight bags (EFBs) was valued at USD 2.02 billion in 2020 and is expected to reach USD 5.86 billion by 2028, with a compound annual growth rate (CAGR) of 10.57% during the period from 2021 to 2028. The COVID-19 pandemic had a negative impact on the demand for EFBs worldwide, resulting in a significant decline of 54.6% in 2020 compared to the average growth rate in the previous years.
Informational Source:
https://www.fortunebusinessinsights.com/electronic-flight-bag-market-103689
Key Companies Profiled Covered in Electronic Flight Bag Market are:
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.)
An electronic flight bag is a digital device used by pilots to store and access important documents and information needed for flight operations, such as charts, manuals, weather data, and more. It provides real-time data, improves operational efficiency, and reduces aircraft weight, leading to fuel savings. The market for EFBs is driven by increasing commercial aircraft deliveries and a focus on enhancing operational efficiency.
Factors such as strong economic growth, a growing middle-class population, and increased air passenger traffic contribute to the expansion of the aviation industry and the demand for EFBs. Additionally, the demand for next-generation aircraft and the rise in aircraft deliveries in emerging economies, particularly in the Asia-Pacific region, fuel the growth of the EFB market.
The adoption of EFBs is driven by their weight advantage over conventional pilot's flight bags. EFBs are much lighter, weighing around 5 pounds compared to the 40 pounds of traditional bags. This weight reduction contributes to operational efficiency and fuel savings. Furthermore, EFBs provide real-time access to information, including weather updates, which enhances passenger safety.
However, the high cost of implementing EFBs and the expenses associated with software updates and maintenance pose challenges to market growth, particularly for smaller domestic airlines with limited financial resources.
The market is segmented into portable and installed EFBs, with the portable segment expected to witness the highest growth. Within the portable segment, Class 2 EFBs are projected to grow at a higher CAGR due to their portability and ease of use without requiring airworthiness authorization.
The market is further categorized into hardware and software components. The hardware segment is currently the largest, while the software segment is expected to grow rapidly due to advancements in software development for EFB systems.
In terms of platforms, the commercial segment dominates the market, driven by a large fleet of commercial aircraft and the increasing demand for air travel. The military segment is also expected to experience significant growth, particularly in developing countries like India, due to increased military aircraft procurement.
Regionally, North America leads the market, supported by the presence of key players and the demand for next-generation aircraft. Asia-Pacific is the fastest-growing region, driven by rising aircraft deliveries in countries like China and India, as well as the focus on fuel efficiency. Europe and the Middle East also show significant market growth.
Leading companies in the electronic flight bag market include Airbus SAS, Thales Group, The Boeing Company, and Collins Aerospace. These players engage in contracts, mergers, acquisitions, and partnerships to strengthen their market position and gain a competitive advantage.
The global market report provides a comprehensive analysis of the electronic flight bag market, including key players, product types, applications, and industry trends. It highlights the factors contributing to market growth and recent developments in the industry.