Increase in Need for Fuel Efficient Aircraft and Reduction of Cost
Electronic flight bag provides operational data, which improves fuel efficiency and used in safety measures for the pilots, propelling the market demand substantially. Additionally, they are also widely used in the assistance concerning route map and updating live weather report that helps to get alarmed about the situations are other attributes boosting up the growth of the market. The growing software developments across the globe are making the tasks easy in an effective manner that are leading the market. It also assist in route management to avoid discretionary fuel burn.
Increasing Demand for Safety of Passengers
The major factor responsible for the growth of electronic flight bag market is the safety aspect associated with its use, as it helps the pilots stay up-to-date with live weather information. Electronic flight bag increase effectiveness by providing a paperless cockpit and enhance safety.
High Implementation Cost
The costs involved with the implementation of EFBs is very high. Moreover, the cost of maintaining and updating the EFB software also increases the financial burden of airlines. Lacking technical know-how and accessibility of device among crew members. All these factors restrains the growth of electronic flight bag market.
The global electronic flight bag market is anticipated to record a CAGR of around 13% over the forecast period i.e. 2019-2027. It is expected to maintain significant growth as aircraft manufacturers already make fairly routine use of wireless portable devices to make their production and inventory-control functions more efficient. The rise in popularity of fuel-efficient aircrafts, and factors such as reduction in aircraft maintenance cycle, decreasing the pilot’s workload, and real-time access to information, are expected to boost the growth of the electronic flight bag market during the forecast period. On the basis of aircraft type, electronic flight bag market is segmented into commercial and military aircraft. Out of which commercial is expected to have leading market share.
Major players of electronic flight bag market has showcased significant developments in the technology for performing numerous functions concerning delivery of better consumer services. Also, increasing the demand majorly from the airline sector is anticipated to further strengthen the market share of electronic flight bags. On the basis of installation-type electronic flight bag market is segmented into portable and installed type. Out of which the portable EFB class-2 type sub-segment is expected to exhibit highest growth rate in the EFB market during the forecast period attributed to its capability and portability. The portable class 2 EFB can be used during all the phases of a flight.
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Our-in depth analysis of the global electronic flight bag market includes the following segments:
By Installation Type
By Aircraft Type
On the basis of region, the electronic flight bag market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
North America electronic flight bag market is expected to witness fast growth attributed to the growth in aircraft sales volume and reduction in the costs associated with maintenance of aircraft. Europe is second to the North America market in electronic flight bag market attributed to increase spending on advancement of cockpit and need for more accurate in flight operation manuals.
Asia Pacific electronic flight bag market is expected to witness moderate growth. This growth in the EFB market of Asia-Pacific region can be attributed to increase in airlines spending for avionics modernization and the growing GDP of the region.
Global electronic flight bag market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.