Inflight Advertising Market Set To Soar, Projected To Reach USD 5.68 Billion By 2032, According To MRFR.
Apr 19, 2024
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Inflight Advertising Market Overview
The global inflight advertising market will touch USD 5.68 billion at an 11.70% CAGR by 2032, as per the recent Market Research Future report.
Drivers
Need to Improve Customer Experience to Boost Market Growth
The rise in demand for in-flight advertising largely stems from the escalating preference for personalized entertainment. To enhance the traveler experience, numerous airlines have adopted wireless technologies and seat-centric solutions. This pivotal development is driving the growth of the in-flight advertising sector.
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Key Players
Eminent market players profiled in the global inflight advertising market report include Panasonic Avionics Corporation, Eagle, IMM International, Onboard Partners, Atin OOH, Zagoren Collective, and Blue Mushroom.
Opportunities
Growing Usage of Smartphones to offer Robust Opportunities
With the growing prevalence of smartphones and tailored computing, advertisers can now precisely target consumer demographics such as age, income, and education level to enhance sales of specific products. These variables are increasingly integrated into in-flight advertising, leveraging audio-visual elements to create engaging experiences for passengers and significantly impacting the businesses being promoted. As air travel continues to rise in popularity, both airlines and advertisers recognize the benefits of engaging with passengers while they are in the air.
Restraints and Challenges
Security Concerns to act as Market Restraint
Security concerns, and system incompatibility issues may act as market restraints over the forecast period.
COVID-19 Analysis
The airline industry took a major hit from the COVID-19 pandemic, which in turn affected the market for inflight advertising. With travel restrictions, lockdowns, and health concerns, air traffic plummeted in the initial months of the crisis. Numerous airlines were forced to cancel flights, and even those that continued operating saw significantly reduced passenger numbers. Consequently, the potential audience for inflight advertising diminished alongside the decline in air travel. Advertisers likely adjusted their strategies or reduced their investments in this channel due to the decreased number of flyers. Moreover, airlines, grappling with financial challenges, prioritized cost-cutting measures over seeking new revenue streams.
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Regional Analysis
North America to Head Inflight Advertising Market
North America stands out as a powerhouse in the inflight advertising market, buoyed by its extensive network of passengers, major airlines, and pivotal hub airports for global travel. The region's dominance is particularly driven by the increasing reliance of its airlines on in-flight entertainment systems. With a substantial population of travelers and a highly developed aviation industry, North America commands the largest share of the global inflight advertising market. Leading carriers such as Delta Air Lines, American Airlines, and Southwest Airlines offer a diverse array of advertising options, ranging from in-flight magazines to video displays and sponsored content, within the United States. Moreover, the growing demand for interactive and personalized advertising experiences is spurred by the expanding accessibility of in-flight Wi-Fi services.
APAC to Have Admirable Growth in Inflight Advertising Market
Between 2023 and 2032, the Asia-Pacific inflight advertising market is anticipated to experience the fastest Compound Annual Growth Rate (CAGR). Factors driving this growth include population growth, the rise of low-cost airlines, and the expansion of airports, all contributing to a positive outlook for the aviation sector. Consequently, sustained high growth rates are expected in the foreseeable future. Notably, India exhibited the highest growth rate within the APAC region, while China dominated the inflight advertising market with the largest market share.
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