The new commercial aircraft interface device market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Commercial Aircraft Interface Device Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the commercial aircraft interface device market.
"One of the primary growth drivers for this market is the augmented scope of application in aircraft maintenance and operations," says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the commercial aircraft interface device market size to grow by $ 66.58 mn during the period 2020-2024.
Commercial Aircraft Interface Device Market Segment Highlights for 2020
The commercial aircraft interface device market is expected to post a year-over-year growth rate of -9.35%.
Based on the application, the narrow-body aircraft segment led the market in 2019. The growing need for newer and improved versions of aircraft is driving the growth of the narrow-body segment.
The growth of the market will be significant in the segment during the forecast period.
40% of the growth will originate from the North America region.
The increasing demand from IFE and EFB devices will drive commercial aircraft interface device market growth in North America during the forecast period.
The US is the key market for commercial aircraft interface devices in North America. Market growth in this region will be faster than the growth of the market in other regions.
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The commercial aircraft interface device market size is expected to accelerate at a CAGR of about 9% during the forecast period.
The commercial aircraft interface device market is segmented by application (Narrow-body, Wide-body, and Regional jet), geography (North America, Europe, APAC, South America, and MEA), and aircraft fitment (Retrofit and Linefit).
The market is concentrated due to the presence of several established vendors holding significant market share.
The research report offers information on several market vendors, including Astronics Corp., Avionica Inc., Global Eagle Entertainment Inc., Raytheon Technologies Corp., Sanmina Corp., Teledyne Technologies Inc., Thales Group, The Boeing Co., and TransDigm Group Inc.
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