ID: MRFR/A&D/1922-CR | 132 Pages | Published By Sejal Akre on July 2019
Electronic Flight Bag Market Size is expected to reach USD 2.3 Billion by 2030, registering a CAGR of 6.1% during 2020-2030.
$2.3 Billion
6.1%
North America
2020-2030
Electronic Flight Bag Market Overview
Electronic Flight Bag Market Size is expected to reach USD 2.3 Billion by 2030, registering a CAGR of 6.1% during 2020-2030.
An electronic flight bag is an electric device designed and built for the crew members and the flight decks to manage the flight more efficiently and effectively. Electronic flight bags (EFB) stores crucial information such as flight logs, aeronautical charts, airport information, weather information, operational manuals, flight log, route information, and relevant information. Electronic flight bag (EFB) also offers real-time data access for pilots. With this, the pilots can reduce the weight of the aircraft. Increase the fuel efficiency of the aircraft.
Electronic flight bags have all the information that an aircraft needs. One of the main reasons behind the electronic flight bag market growth is the increasing number of commercial aircraft. With the increasing population, the air passenger traffic is increasing, and with it, the number of flights is also increasing. An electronic flight bag is needed to manage the aircraft and run everything smoothly. As a result, the demand for the market is also growing. The market revenue will increase in the coming years with the rapid increase in the number of commercial flights.
Additionally, the demand for fuel-efficient aircraft is increasing with the rising price of fuel; as a result, the airlines are ready to invest in the technology that will make their flights more fuel-efficient. Furthermore, the accuracy in the aircraft performance is needed to reduce the overall maintenance cost of the flights, and it will boost the electronic flight bag market trends as well. Before a conventional pilot’s flight bag was used to operate the aircraft, it was replaced by the electronic flight bag with time. There is a huge difference between the weight of the conventional flight bags, which is 40 pounds, and electronic flight bag that is 5 pounds. It can reduce the overall weight of the flight and make it more efficient.
COVID-19 analysis
The COVID-19 pandemic has brought many challenges for all industries across the world. The manufacturers are highly affected by the pandemic. Nearly 80% of manufacturers are expected to have a financial impact. Due to this, there is a decrease in the delivery and manufacturing of new aircraft. The reduced aircraft production due to the imposition of lockdown and social distancing hurts the market. The major aircraft manufacturer has been largely affected by the pandemic, and it has impacted the overall electronic flight bag market growth.
The supply chain was disrupted, and it declined the demand of the market. Furthermore, lack of supply of raw materials was a huge factor in influencing the market. Apart from that, restrictions on trade and travel reduced the demand for air travel and led to a revenue drop. The global market has shown a decline of 54.6% in 2020 compared to the average yearly growth. But the market is expected to show growth in the forecast period, and the market players will play a key role.
Market dynamics
Many factors are driving the market growth. One of the major drivers is the increasing number of commercial aircraft. Increasing the per capita income of people with strong economic development and rising air passenger traffic encourages the airlines to expand fleets. Overall rising demand for air travel plays a key role in the market trends growth. In addition, growing demand for the next-generation aircraft is expected to propel the market as per the market analysis.
Also, the rising need for fuel-efficient flights will drive the growth of the market. The electronic flight bag is less heavy than the conventional flight bag. It will reduce fuel consumption and passenger safety to play a major role in the success of the electronic flight bag market. The market provides a real-time update on weather to the pilot and gives access to the route management, and it will boost the market demand.
Electronic flight bags can simplify the while documentation and operation of helicopters, which have so many complexities. The market will reduce the weight of bulky paper documents in the flight. Electronic flight bags also calculate the performance that boosts the flight’s safety and reduces the workload. And it will bring new opportunities for the electronic flight bag market.
Different regions have different regulations, certifications, and requirements. That is why the electronic flight bag manufacturers have to get their products licensed from the various regulatory bodies. Additionally, high cost is involved in the implementation of electronic flight bags. All these factors will hamper the electronic flight bag market.
One of the major challenges in the market is the increasing cyber-security threats. A high amount of data shared and stored in the electronic flight bag can be a risk factor. Most airlines don’t have cyber-security plans, and they are more vulnerable to cyber-security threats.
Cumulative growth analysis
The electronic flight bag market has shown significant growth over the years, but the demand declined a little due to the COVID-19 pandemic. But the market is expected to witness substantial growth in the market forecast period and register a healthy CAGR of 12%.
Market segmentation
The market is segmented on Platform, type, and Component.
Based on the Platform, the market is segmented into commercial and military. The commercial segment holds the highest electronic flight bag market share. The military segment will be the fastest-growing segment.
Based on type, the market is divided into portable and installed. The portable segment is expected to hold the electronic flight bag market share.
Based on components, the market is divided into hardware and software. The software segment will grow at a higher CAGR, while the hardware segment will hold the largest electronic flight bag market share.
Regional analysis
The major regions of the electronic flight bag market are North America, Middle East & Africa, Latin America, and Asia-Pacific. The North American market was valued at $0.74 billion in 2020. North America is expected to dominate the market due to rising demand for the next-generation aircraft in this region. Also, the presence of many major key players will dominate the market.
Asia-Pacific region is expected to be the fastest-growing region due to the rising aircraft deliveries in developed countries. In The developed countries, air traffic is rising, and the increasing focus on fuel-efficient solutions will drive the market growth in this region.
The European region is predicted to show significant growth due to a rise in investments and increasing demand for the efficient flight manual.
Competitive landscape
The major key players in the market are
Among these key players, the most contributing key player is UTC Aerospace Systems (U.S.).
Recent developments
Report overview
This electronic flight bag market report gives both qualitative and quantitative analysis of the market. This report gives detailed information about the market outlook due to the covid-19 pandemic. It also gives information about the market drivers, restraints, opportunities, and challenges. Furthermore, it adds the market segmentation, recent developments, and the competitive landscape of the market.
Segmental table
Global market, By Type
Global market, By Platform
Global market, By Component
The electronic flight bag market registered a CAGR of 6.1% during 2020-2030.
UTC Aerospace Systems (U.S.),L-3 Communications Holdings Inc. (U.S.),Teledyne Controls LLC (U.S.),Thales Group (France),DAC International Inc. (U.S.),Astronautics Corporation of America (U.S.),The Boeing Company (U.S.),Esterline CMC Electronics (Canada),Navarro AB (Sweden),Airbus Group SE (France),Lufthansa Systems (Germany),Flightman (Ireland) ,International Flight Support (Denmark),Rockwell Collins Inc. (U.S.)
Esterline Technologies Corporation, International Flight Support ApS, and Flightman are some well-established electronic flight bag market players.
Rise in popularity of fuel-efficient aviation solutions to boost electronic flight bag market.
APAC flight bag market can hold global foothold in the review period.