Pune, India, Dec. 19, 2023 (GLOBE NEWSWIRE) -- The global electronic flight bag (EFB) market is expected to grow and reach a value of USD 5.86 billion by 2028. This growth is attributed to the increasing emphasis on adopting integrated and smart product solutions. According to a report by Fortune Business Insights™ titled "Electronic Flight Bag Market, 2021-2028," the market was valued at USD 2.90 billion in 2021 and is anticipated to show a Compound Annual Growth Rate (CAGR) of 10.57% from 2021 to 2028. An EFB is a tool used in aviation to store and access important documents like weather information, operating manuals, route details, and other essential data during flight operations.
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Here Are Companies Covered in the 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.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 10.57% |
| 2028 Value Projection | USD 5.86 Billion |
| Market Size in 2021 | USD 2.90 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Electronic Flight Bag Market Growth Drivers | The surge in Commercial Aircraft Deliveries to Boost Market Growth |
| Rising Safety Concerns and Real-Time Access of Information to Surge Demand for Electronic Flight Bag |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/electronic-flight-bag-market-103689
Market Segmentation:
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.
COVID-19 Impact:
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.
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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.
Driving Factors:
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.
Regional Insights:
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.
Competitive Landscape:
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.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Electronic Flight Bag Market
- Impact of COVID-19 Pandemic on Global Electronic Flight Bag Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential opportunities due to COVID-19 Pandemic
- Global Electronic Flight Bag Market Analysis, Insights and Forecast, 2017-2028
- Segment Definitions
- Market Analysis, Insights and Forecast – By Type
- Portable
- Class 1
- Class 2
- Installed
- Portable
- Market Analysis, Insights and Forecast – By Component
- Hardware
- Class 1
- Class 2
- Class 3
- Software
- Hardware
- Market Analysis, Insights and Forecast – By Platform
- Commercial
- Military
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-Pacific
TOC Continued...!
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Industry Development:
- February 2021 – A flag carrier in South Korea, Korean Air, signed an agreement with NAVBLUE to optimize and digitalize its cockpit operations with the electronic flight bag solution Flysmart+ on IOS devices. This contract is expected to improve Korean Air’s cockpit operation efficiency and optimize aircraft performance computations.
- November 2020 – NAVBLUE signed a cooperation agreement with Ultramain Systems to integrate Ultramain Electronic Logbook (ELB) into NAVBLUE’s EFB applications. This agreement will allow ELB and EFB solutions in one single platform.
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