Albany, NY -- (SBWIRE) -- 02/15/2018 -- The global in-flight entertainment market is projected to receive telling growth prospects owing to a large demand for amusement devices for long distance flights to make time-consuming journeys enjoyable and comfortable. Excellent audio and video services are offered by aircraft carriers today to provide amusement for air passengers. Changing consumer pattern and technological development could be key for the demand for in-flight entertainment services. New airliners offering state-of-the-art infrastructure and modern in-flight entertainment equipment are foretold to augur well for market growth. In-flight entertainment could also be engaged by advertisement companies to create brand awareness through photographs and television commercials.
The global in-flight entertainment market, as noted by Transparency Market Research (TMR), is envisaged to rise at a CAGR of 12.7% between 2017 and 2022 to attain a valuation of US$6.4 bn by the final forecast year. In 2017, it was valued at a US$3.5 bn.
The world in-flight entertainment market is predicted to be classified into in-flight entertainment hardware, communication system, connectivity system, and support services as per a segmentation by component. Out of these, the market could witness the lead secured by in-flight entertainment hardware. By 2022 end, it could bag a valuation of US$3.4 bn. It is expected to rise annually with an absolute growth of US$0.3 bn, which could be larger than that of other segments in the component classification. In 2017, it gained a market share of 47.9%.
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According to a segmentation by fit, the world in-flight entertainment market is anticipated to include segments such as line fit and retrofit. By application, the market could find opportunities in segments such as moving map system, audio system, video system, in-flight games, and network connectivity.
Each segment of the world in-flight entertainment market is carefully studied on the basis of revenue, market share, and year-on-year (Y-o-Y) growth comparison.
North America to See Overwhelming Growth with Rising In-flight Entertainment Connectivity Deals
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The international in-flight entertainment market is prognosticated to testify the ascendancy expected to be gripped by North America in the coming years. This region could expand at a CAGR of 14.3% and attract a larger share of the market all through the course of the forecast period. In 2017, it earned a valuation of US$1.1 bn. Not the case with most markets, but Europe could be on the slower side of growth while increasing at a 10.8% CAGR. It is prophesied to be joined by the Middle East and Africa (MEA) region, which could exhibit a minimal growth of US$0.3 bn by the concluding forecast year.
With that said, Asia Pacific Excluding Japan (APEJ) and Japan are foreseen to secure an impressive share in the international in-flight entertainment market. APEJ accounted for a 13.8% of the total revenue share in 2017 whereas Japan could gain 85 basis points (BPS) during the forecast period.
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Some of the important companies operating in the worldwide in-flight entertainment market could include Thales Group, Rockwell Collins, Inc., Gogo LLC, Honeywell International, Inc., Zodiac Aerospace, Global Eagle Entertainment, ViaSat, Inc., Panasonic Avionics Corporation, and FDS Avionics Corp.