Competition in the global in-flight entertainment market is likely to increase in the coming years, as key players in the market are providing advanced entertainment services to the passengers, observes Transparency Market Research in its recent report. Manufacturers in this market are developing products that are cost-effective and high safety. Key players are engaged in launching new products and product expansion. They are also focusing on integrating new business development strategies to gain a larger share in the global market. Rising competition among these players and increasing focus on adopting new strategies is expected to expand the growth potential in this market in the forthcoming years. Some of the key players in the market are ViaSat, Inc., Panasonic Avionics Corporation, Global Eagle Entertainment, Honeywell International, Inc., and Zodiac Aerospace.
As per the TMR report, the global in-flight entertainment market is likely to exhibit an excellent growth rate of 12.7% over the forecast tenure between 2017 and 2022. During this period, the market valuation is expected to reach US$6.4 bn by 2022, progressing from US$3.5 bn earned in 2017.
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In terms of component, the demand for in-flight entertainment hardware has significantly grown in the past few years and is projected to hold a larger share in the market. This segment is expected to beg a value of US$3.4 bn by the end of the forecast period. Based on geography, North America might lead the global in-flight entertainment market in the near future due to rapid growth in international and domestic travels. However, Asia Pacific is also expected to contribute significantly in this market due to rapid economic development taking place in emerging economies such as India and China.
Rapid Growth in International Travel to Boost In-Flight Entertainment
Globally, traveling on flights has increased at a significant rate in the past couple of years. Increasing international and domestic travel, business tours, and medical travel has seen skyrocketing growth from the starting of this decade. In addition, advancement in connectivity technologies, growing preference for air travel, and supportive policies to use personal electronics device onboard further augmented demand in the in-flight entertainment market.
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Moreover, adoption of advanced technology has played a crucial role in expanding the growth in the in-flight entertainment market, as aircraft carriers are now integrated with video and audio devices. Presence of newer airliners with modern equipment and state of art infrastructure has also provided a fillip in this market.