New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electronic Flight Bag Global Market Report 2023" - https://www.reportlinker.com/p06466478/?utm_source=GNW
The global electronic flight bag market is expected to grow from $3.03 billion in 2022 to $3.34 billion in 2023 at a compound annual growth rate (CAGR) of 10.45%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The electronic flight bag market is expected to reach $5.13 billion in 2027 at a CAGR of 11.31%.
The electronic flight bag market consists of revenues earned by entities by providing services such as class 1 EFB systems, class 2 EFB systems, class 3 EFB systems, type A application software, type B application software, and type C application software.The market value includes the value of related goods sold by the service provider or included within the service offering.
Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.
The electronic flight bag market is segmented into portable, installed, hardware, and software products.
An Electronic Flight Bag (EFB) is an electronic device designed to manage information and enhance the efficiency of flight management tasks performed by the flight crew. An Electronic Flight Bag (EFB) is a digital device that electronically stores and retrieves documents necessary for flight operations, including operating manuals, aeronautical charts, airport information, route information, weather information, flight logs, and other pertinent data.
North America was the largest region in the electronic flight bag market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main type of electronic flight bag includes portable and installed that use component like hardware and software.Portable refers to being capable of being transported or carried.
Any portable electronic flight bag is intended primarily for use on the flight deck or in the cabin such as Cockpit iPads.The electronic flight bag is installed in platforms like military and commercial.
The EFB is applied in flight crew operating manuals, static or dynamic electronic charts, planning, zooming, scrolling and used in OEM and aftermarket.
The rising demand for air travel is expected to propel the growth of the electronic flight bag market going forward.Increase in air travel is due to a growing global economy and the availability of low-cost airlines.
The electronic flight bag (EFB) refers to the system that enables electronic documents to be transferred and managed in flight. For instance, in March 2023, according to the International Air Transport Association (IATA), a Canadian organization that advocates for airlines and sets global standards for safety, security, and efficiency, reported a 67.0% increase in total air traffic (measured in revenue passenger kilometers) in January 2023, compared to the same period in 2022. Globally, international air traffic was at 84.2% of January 2019 levels, that climbed to 104.0% in January 2023, with all markets recording strong growth. Therefore, the rising demand for air travel drives the electronic flight bag market.
Product innovations are a key trend gaining popularity in the electronic flight bag market.Major companies operating in the market are introducing innovative products to sustain their position in the electronic flight bag market.
For instance, in June 2021, Wizz Air, the greenest ultra-low cost airline based in Hungary, launched its new electronic flight bag (EFB), a technical solution that will replace all printed onboard manuals and materials with iPads for pilots. The implementation of the new Electronic Flight Bag (EFB) system improves the efficiency of all flight planning processes, while also reducing paper use and fuel consumption in line with Wizz Air’s sustainability commitments, thereby contributing to the airline’s aim to further reduce its carbon emissions and environmental impact.
In November 2021, Collins Aerospace, a US-based supplier of aerospace and defence products, acquired FlightAware for an undisclosed amount.This acquisition supports Collins to unlock the full power of the connected ecosystem for their customers with the data collection, analytics, and customer experience capability of FlightAware.
FlightAware is a US-based multi-national technology company that provides global?flight tracking solutions, predictive technology, analytics, and decision-making tools. It also provides flight status, tracking, and historical data for EFB, including scheduled, estimated, and actual departure and arrival times.
The countries covered in the electronic flight bag market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The electronic flight bag market research report is one of a series of new reports that provides electronic flight bag market statistics, including electronic flight bag industry global market size, regional shares, competitors with electronic flight bag market share, detailed electronic flight bag market segments, market trends, and opportunities, and any further data you may need to thrive in the electronic flight bag industry. This electronic flight bag market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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