The In-flight Entertainment & Connectivity (IFEC) Market is expected to grow at CAGR of 9.2% during 2021-2026, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on In-flight Entertainment & Connectivity (IFEC) Market
In-flight Entertainment & Connectivity (IFEC) Market is likely to witness an impressive CAGR of 9.2% during the forecast period. Technological developments, an increase in aircraft deliveries, and the need to enhance the passenger experience are the major factors expected to drive the global in-flight entertainment & connectivity (IFEC) market during the forecast period.
In terms of regions, North America dominated the in-flight entertainment & connectivity market in 2018, and is expected to maintain its dominance during the forecast period. The aviation industry is one of the most lucrative industries in North America, with the presence of giant aircraft manufacturers, such as Boeing (US), Lockheed Martin (US), Bell Helicopter (US), Sikorsky Aircraft (US), and Bombardier (Canada) in the region.
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Market Scope & Segmentation
In-flight Entertainment & Connectivity (IFEC) Market Share: By Product Type
Based on the product type, the market is segmented as IFE hardware, IFE connectivity, and IFE content. The IFE hardware segment is estimated to lead the market during the forecast period. The operating cost of aircraft is being reduced as several market players are developing portable equipment to accommodate more seats. Further, hardware providers of IFEC systems are considering the advantages of the connectivity option that offers content streaming solutions.
In-flight Entertainment & Connectivity (IFEC) Market Share: By Aircraft Type
Based on the aircraft type, the market is segmented as narrow-body aircraft, wide-body aircraft, very large aircraft, and business jets. The narrow-body aircraft segment is expected to dominate the IFEC market during the forecast period. The growth of the narrow-body aircraft segment is owing to a rise in narrow-body aircraft deliveries worldwide. Boeing anticipated that there would be the total deliveries of 40,410 commercial aircraft worth US$ 6.25 trillion in the global marketplace during 2018-2037. Asia-Pacific and Europe would be the biggest demand generators with a combined share of 64.7% of the total commercial aircraft deliveries during the same period. An anticipated healthy CAGR of 4.7% in air passenger traffic during 2018-2037 will chiefly drive the demand for commercial aircraft. Airlines are currently replacing the older fleet of narrow-body aircraft with the introduction of latest aircraft, such as the A320neo and the 737 Max. They are also attentive on the procurement of the next-generation narrow-body aircraft to enhance profitability.
In-flight Entertainment & Connectivity (IFEC) Market Share: By End-User Type
Based on the end-user type, the market is segmented as OEM and aftermarket. The OEM segment led the market in 2018, and is expected to maintain its dominance during the forecast period. Commercial aircraft manufacturers such as Airbus and Boeing are presently converging on installing enhanced in-flight entertainment systems, which are presently in production. Thus, the OEM segment is estimated to command the market in the coming five years.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2021-2026. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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