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The global electronic flight bag market size was USD 2.02 billion in 2020 and is projected to grow from USD 2.90 billion in 2021 to USD 5.86 billion in 2028 at a CAGR of 10.57% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with electronic flight bags witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market had shown a huge decline of 54.6% in 2020 as compared to the average year-on-year growth during 2017-2019.
An electronic flight bag (EFB) stores and retrieves documents needed for flight operations such as aeronautical charts, operating manuals, airport information, weather information, route information, flight log, and other required information. The EFB also provides real-time data, which helps the pilot operate and reduces aircraft weight, improving fuel efficiency. The surge in commercial aircraft deliveries and the rising safety concerns is driving the market. Similarly, the focus on enhanced operational efficiency will spur opportunities for the market.
Negative Impact of COVID-19 Pandemic on the Aviation Sector Expected to Harm the Market
In 2020, due to the COVID-19 impact, a decrease in the delivery of new aircraft hampered the growth of the market. Reduced production and delivery by major aircraft manufacturers such as Airbus SAS and Boeing Company till April 2020 has largely impacted the overall growth rate of the market. The overall supply chain of the electronic flight bag hampered the production of the products and services in the market.
Moreover, legislative restrictions on trade and travel and the reduced demand for air travel led to a huge revenue drop in the aviation industry. The loss in income due to low passenger demand also led to the termination of new aircraft orders, resulting in the decreased demand for the overall OEMs supply of EFBs.
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Rising Adoption of Integrated and Smart EFB Solutions to Lead to Electronic Flight Bag Market Growth
The rise in demand for advanced electronic flight bag solutions increases airline efficiencies by lowering ground operation costs, and streamlining pilot workflows is likely to boost the demand for the market.
The surge in Commercial Aircraft Deliveries to Boost Market Growth
Strong economic growth and the increasing middle-class population are some of the reasons for an increase in air passenger traffic. Owing to the rising number of passengers traveling by air, airliners are focused on expanding their fleets. Thus, the rise in demand for air travel has facilitated the growth of commercial aircraft, which, in turn, has increased the demand for flight bags in the aviation industry. Moreover, the growing demand for next-generation aircraft is expected to propel the growth of the EFB market analysis. The rise in aircraft deliveries in emerging economies in Asia-Pacific is anticipated to fuel market growth.
Rising Need for Low Fuel Costs to Support Market Growth
The conventional pilot’s flight bag helps the pilot operate the aircraft and has been replaced by an electronic flight bag. The typical flight bag is heavy, weighing around 40 pounds, whereas an EFB weighs approximately 5 pounds. The weight advantage is driving the growth of the market as the overall weight of an aircraft is the most important factor to increase operational efficiency and reduce fuel consumption. Thus, it helps in reducing the overall weight of the aircraft, which increases efficiency. Thus, the need to improve operational efficiency and reduce fuel costs is anticipated to boost the growth of the global market during the forecast period.
Rising Safety Concerns and Real-Time Access of Information to Surge Demand for Electronic Flight Bag
Passenger safety is the most important concern of airlines due to which procurement of next-generation aircraft has increased. Besides, the real-time access to information helps the pilot stay up to date with live weather information while assisting in route management. The rising fluctuations in climate change have increased the concern about passenger safety.
High Capital Cost Involved in Implementation of EFBs to Hamper Growth
The cost involved in implementing electronic flight bags is restraining the market growth as the cost is considerably higher. Minor domestic airlines avoid employing EFBs owing to their higher initial capital cost. Also, the cost of updating and maintaining the software adds to the financial burden of airlines.
Portable Electronic Flight Bag Segment to Dominate
Based on type, the market is divided into the portable and installed segment. The portable EFB segment is further classified into Class 1 and Class 2.
The portable segment is expected to be the fastest-growing segment during the forecast period. The portable Class 2 EFBs is anticipated to grow at a higher CAGR during the forecast period, owing to the portability and capability of the products. Moreover, Class 2 portable electronic flight bag does not require airworthiness authorization, which makes it easier to use.
Software Segment to Grow at Higher CAGR
Based on the component, the market is classified into hardware and software.
The hardware segment is further divided into Class 1, Class 2, and Class 3 segments.
The hardware segment is predicted to be the largest segment during the forecast period. In contrast, the software segment is expected to be the fastest-growing segment, owing to rapid development in the software for the systems. The developers are focusing on including operations of aircraft cockpit into the electronic flight bag suits.
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Rising Commercial Aircraft Fleet to Create Demand for EFBs
Based on the platform, the market is segmented into commercial and military.
The commercial segment dominated the market in 2020 and is expected to grow at a higher CAGR, owing to a large commercial aircraft fleet. The rising demand for air travel, coupled with improving economies, is expected to fuel the market growth.
The military segment is expected to witness substantial growth in the market during the forecast period, owing to the increasing military aircraft procurement in developing countries such as India.
North America Electronic Flight Bag Market Size, 2020 (USD Billion)
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The global market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
North America stood at USD 0.74 billion in 2020. North America is estimated to dominate the global market during the forecast period owing to rising demand for next-generation aircraft in the region. Moreover, the dominance of the market is due to the presence of key players in the region, such as the Boeing Company, Collins Aerospace, and others.
The market in Asia Pacific is anticipated to be the fastest-growing due to the rise in aircraft deliveries in emerging economies such as China and India. The improving economy and rising air passenger traffic have led to an increase in aircraft procurement by airliners. Moreover, the growing focus on achieving higher fuel efficiency by reducing the overall weight of the electronic systems is expected to drive market growth in the region.
Europe is anticipated to showcase significant growth in the market due to the rise in investments in the cockpit's advancement and increased demand for more accurate in-flight operation manuals.
The market in the Middle East is expected to develop due to rising tourism in countries located in this region.
Airbus SAS Announces its Plan to Strengthen Position and Profitability in Market
Airbus SAS is a leading global provider of aircraft and aerospace services. The company’s strategy is focused on providing cutting-edge technologies and offering safer and better-connected services. Airbus’s connected services offer smart execution of maintenance data which reduces costs and improves profitability.
Other major players in the market are Thales Group, The Boeing Company, Collins Aerospace, and others. The companies primarily focus on contracts, which helps them strengthen their position in the market. Key players are engaged in mergers, acquisitions, and partnerships to gain an advantage over competitors.
An Infographic Representation of Electronic Flight Bag Market
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The global electronic flight bag market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market over recent years.
Value (USD Billion)
Fortune Business Insights says that the global market size was USD 2.02 billion in 2020 and is projected to reach USD 5.86 billion by 2028.
Growing at a CAGR of 10.57%, the market will exhibit steady growth during the forecast period (2021-2028).
The portable segment is expected to be the leading segment in this market during the forecast period.
Airbus SAS and Collins Aerospace are the leading players in the global market.
North America dominated the market share in 2020.
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