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Electronic Flight Bag Market 2024: Innovations and Growth Forecast
Electronic Flight Bag Market 2024
According to The Business Research Company's, The electronic flight bag market size has grown rapidly in recent years. It will grow from $3.34 billion in 2023 to $3.71 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to fuel efficiency and cost reduction, environmental considerations, safety and situational awareness, operational efficiency, industry endorsement and acceptance..
The electronic flight bag market size is expected to see rapid growth in the next few years. It will grow to $5.76 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to integration with next-generation aircraft, transition to paperless cockpits, emphasis on safety measures, cost-efficiency measures, increased air traffic.. Major trends in the forecast period include mobile device evolution, data analytics and connectivity, integration of advanced features, cybersecurity measures, cloud-based solutions..
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Market Drivers and Trends:
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.
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Major Key Players of the Market:
Airbus SAS; Astronautics Corporation of America; Avilution LLC; Avionics Innovations Inc.; AvioVision; Bluebox Aviation Systems Ltd.; Boeing Digital Solutions Inc.; CMC Electronics Inc.; DAC International Inc.; Shanghai Deer Jet Aviation Co.Ltd.; Esterline Technologies Corporation; Flightman; Flygprestanda AB; GE Aviation; Honeywell International Inc.; International Flight Support; L3Harris Technologies Inc.; Lufthansa Systems GmbH & Co. KG.; Navarro AB; Raytheon Technologies Corporation; Rockwell Collins Inc.; Teledyne Technologies Inc.; The Boeing Company; Thales Group; Universal Avionics Systems Corporation; AirFusion Inc.; Apprimus Informatik GmbH; Anuvu Operations LLC; Collins Aerospace; Scandinavian Avionics A/S
Electronic Flight Bag Market 2024 Key Insights:
• The electronic flight bag market will grow to $5.76 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
• Skyrocketing Air Travel Demands Propel Growth In The Electronic Flight Bag (EFB) Market
• Innovative Electronic Flight Bag (EFB) To Enhance Cockpit Operations
• North America was the largest region in the electronic flight bag market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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