Pune, India, May 30, 2019 (GLOBE NEWSWIRE) -- The immense pressure on international airline carriers to provide premium customer service is tantamount to its revenue. Cabin crews serve all classes of passengers with high efforts to retain their pledge. In-flight entertainment has evolved from food and drinks to latest movies being projected on in-built screens. The global in-flight entertainment market report on Wise Guy Reports (WGR) outlines the latest trends and opportunities in the sector.
Market Scope
The global in-flight entertainment market is estimated to witness a CAGR of 13.07% during the forecast period (2017-2023). The market growth can be credited to short-haul and long-haul flights coupled with growing passenger volume. High demand in long duration flights is projected to drive market volume. In addition, the pressure on airlines to modernize their equipment to cater to consumer demand can work in favor of the market.
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Developments in LED TVs which are negligible in weight and compact in nature are likely to boost market revenues. Furthermore, tie-ups between content providers such as Netflix and airlines which can provide videos at the affordable bandwidth on flights will be a trend to watch out for in the coming years. Domestic airlines unable to afford upgrades of IFE are offering iPads and tablets to compensate for the lack of seat screens.
Segmental Analysis
The global in-flight entertainment market has also been segmented on the basis of platform, product type, and service.
The in-flight entertainment market, in this report, has been segmented on the basis of platform into three types, namely narrow-body aircraft, wide-body aircraft, and business jets. Narrow-body aircraft market is projected to register the highest CAGR of 13.43% during the forecast period.
The global in-flight entertainment market is segmented on the basis of product type into hardware and connectivity & communication. The connectivity & communication segment is projected to register the highest CAGR of 13.85% during the forecast period.
Services include data connectivity, video display systems, flight tracker, and others. The data connectivity segment market is projected to register the highest CAGR of 13.35% during the forecast period.
Regional Analysis
North America led the global market with 32.99% share in 2016, followed by Europe and Asia Pacific with shares of 28.71% and 24.90%, respectively.
The Asia Pacific region has become lucrative owing to various airline carriers providing in-flight entertainment services, due to the significant domestic air traffic in countries such as India and China. Investments in research and development by airline carriers to ensure a smooth and uninterrupted journey for passengers. This is exemplified by the establishment of AirAsia’s technology center in Bengaluru, India.
North America possesses a high market share due to sheer existence of major in-flight entertainment companies, such as Global Eagle, Panasonic Avionics Corporation, and Gogo, combined with the availability of sophisticated technologies to deliver in-flight solutions through various platforms. Moreover, it is expected that approximately 10,000 aircraft would be in service in the region by 2035, which would create additional opportunities for the major in-flight entertainment companies, along with the emerging companies in the region. The region can experience a CAGR of 13.05% during the forecast period to reach a value of USD 2,555.9 million by 2023.
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Competitive Landscape
Honeywell International Inc., Lufthansa Systems, Viasat Inc., Rockwell Collins, Inc., Panasonic Avionics Corporation, Inmarsat Plc, Gogo Inc., Global Eagle Entertainment Inc., FDS Avionics Corp., SITAONAIR, Zodiac Aerospace, Thales Group, and others are notable names in the in-flight entertainment market.
Players in the market are upgrading their hardware or software to keep up with consumer demands. Partnerships with content service providers as well as relying on high-satellite throughput bands to ensure high net speeds is likely to play a major role in the market.
Industry Buzz
Airline Apps – Airlines are offering their proprietary applications to customers for enhancing their flight experience. In addition to comfort, customers have the privilege to choose the content they wish to view. For instance, Panasonic Avionics has upgraded its IFE system to be accessed with multimodal biometric technology which gives flight passengers a personalized experience.
Virtual Reality – Immersive experiences are being heralded as the latest form of entertainment. Recently, SkyLights partnered with Air France to offer virtual reality (VR) headsets to block out neighbor noise and enjoy their journey. SkyLights has partnered with content provider such as Dreamworks and 20th Century Fox for fulfilling their content needs.
Consumer Wellness – Although at a nascent stage, Virgin Australia has partnered with Smiling Mind, one of the premium providers in wellness and meditation videos. Passengers can leverage on these videos to control their flight-driven anxiety and have face-to-face interactions with others.
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