In-flight Entertainment and Connectivity (IFEC) Market Worth $7.65 Billion by 2023

PUNE, India, August 9, 2018 /PRNewswire/ --

According to the latest market research report "In-flight Entertainment & Connectivity (IFEC) Market by End User (OEM, Aftermarket), Aircraft Type (NBA, WBA, VLA, Business Jets), Product (IFE Hardware, IFE Connectivity, IFE Content), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated to be USD 5.03 billion in 2018 and is projected to reach USD 7.65 billion by 2023, at a CAGR of 8.72% from 2018 to 2023. The need to enhance the passenger experience, technological developments, and an increase in aircraft deliveries are factors expected to drive the market.

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Browse 145 market data Tables and 46 Figures spread through 183 Pages and in-depth TOC on "In-flight Entertainment & Connectivity (IFEC) Market - Global Forecast to 2023"

https://www.marketsandmarkets.com/Market-Reports/in-flight-entertainment-communications-market-860.html

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The OEM segment of the in-flight entertainment & connectivity market is expected to grow at a higher CAGR during the forecast period 

The OEM segment is expected to grow at a higher CAGR during the forecast period, as compared to the aftermarket segment. OEM refers to the installation of equipment during the manufacturing of a new aircraft. Leading airlines are focused on the installation of new IFEC systems. The installation of IFEC systems primarily depends on the number of aircraft manufactured in a year. Commercial aircraft manufacturers such as Airbus and Boeing are currently focused on the installation of advanced in-flight entertainment systems, which are currently in the production phase.

The Narrow-body Aircraft (NBA) segment is expected to grow at the highest CAGR during the forecast period 

Based on aircraft type, the narrow-body aircraft segment of the in-flight entertainment & connectivity market is projected to grow at the highest CAGR during the forecast period. The growth of the narrow-body aircraft segment can be attributed to an increase in narrow-body aircraft deliveries worldwide. Airlines are presently 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 focused on the procurement of the next-generation narrow-body aircraft to improve profitability.