EFB Market Comparative And Regulatory Analysis Revenue Forecast, Size, Share by 2030
Market Overview:
Electronic Flight Bag Market Size was valued at USD 1.5 billion in 2022. The Electronic Flight Bag market industry is projected to grow from USD 1.59 Billion in 2023 to USD 2.2 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2023 - 2030)
An electronic Flight Bag is an electronic device that stores important documents for flight operations such as aeronautical charts, operating manuals, weather information, airport information, route information and other relevant documents. The EFB provides real-time access to various kinds of data to the pilots. The increase in commercial aircraft globally and rising demand for safe and efficient flight operations are the main growth drivers for this market. Increasing focus on aircraft fuel efficiency by weight reduction is another factor for the EFB market growth.
The conventional flight bags weigh 18 kg and more, excluding the documents stored. EFBs, on the other hand, weigh just 500 grams to 2.5 kilograms and store documents in digital format. As a result, the EFB lightens the aircraft, leading to more fuel efficiency. The introduction of new technologies in the EFBs is also driving the growth of this market.
High capital investment is a major restraining factor for the market. Smaller airlines are more averse to the high cost of installing, maintaining and updating EFBs. The risk of electronics systems failure is another growth dampener for this market. Covid-19 pandemic disrupted the global supply chain of EFBs, which hampered its market growth. Lesser delivery of new aircraft during the pandemic also slowed down the growth.
Key Players:
UTC Aerospace Systems (U.S.), L-3 Communications Holdings Inc (U.S.), Teledyne Controls LLC (U.S.), Thales Group (France), DAC International Inc(U.S.), Astronautics Corporation of America (U.S.), The Boeing Company (U.S.), Esterline CMC Electronics (Canada), Navarro AB (Sweden), Airbus Group SE (France), Lufthansa Systems (Germany), Flightman (Ireland), International Flight Support (Denmark), Rockwell Collins Inc (U.S.)
Market Segmentation:
On the basis of type, the global EFB market industry is divided into portable and installed. The portable segment holds the largest market share and is expected to grow at the fastest rate in the forecast period. The portable segment is further subdivided into Class 1 and Class 2. Class 2 subsegment is projected to grow fastest in the forecast period due to more portability and no requirement of an airworthiness certificate.
The global EFB market is divided into commercial, and military based on the platform. The commercial segment held the largest share in 2020 and is projected to register the highest CAGR in the forecast period. This is mainly due to the rising number of airline passengers translating into more commercial aircraft hitting the sky.
On the basis of components, the global EFB market is divided into hardware and software. While hardware is estimated to hold the largest share in the forecast period, the software is projected to register the highest growth rate.
Regional Analysis:
On the basis of geography, the global EFB market is divided into North America, Asia Pacific, Europe, Latin America and the Middle East and Africa.
The North American EFB market’s value was USD 0.74 billion in 2020. It is expected to dominate the global EFB market in the forecast period. This is mainly due to key players in the region and rising demand for next-generation aircraft.
The Asia Pacific is estimated to register the highest growth in the forecast period. The main reason is an increase in commercial aircraft delivery, especially in rising economies such as India and China.
Industry News
● In February 2021, a South Korean airline named Korean Air awarded a contract to NAVBLUE to integrate its cockpit operations with the EFB technology named Flysmart+.
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