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NEW YORK, Sept. 30, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The Global Fishing Bait Market size is estimated to grow by USD 156.3 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  3.58%  during the forecast period. Increase in number of people participating in fishing is driving market growth, with a trend towards growing demand for environmentally friendly baits  However, growing environmental concerns with fishing activities  poses a challenge – Key market players include 13 Fishing, AA Baits and Feeds, American Baitworks Co., Bizz Baits Inc. , BPS Direct LLC, Castaic Inc. , Duel Co., Ltd., Gamakatsu USA Inc., Magic Bait Co. Inc., Newell Brands Inc., Nichols Lures, Nikko Kasei Co. Ltd., O. Mustad and Son AS, Rapala VMC Corp., Smartbaits Inc., Taylor Mans Custom Lures, TIEMCO Ltd., Weihai Guangwei Group Co. Ltd., Weihai Liangchen Fishing Tackle Ltd., and Yakima Bait Co..

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Market Driver

Environmentally friendly fishing baits have gained significant traction in the market due to increasing environmental consciousness. These baits are manufactured using sustainable materials such as cornstarch, soybeans, and other renewable resources. The primary advantage of eco-friendly baits is their biodegradability, which ensures they break down quickly in water without leaving behind harmful chemicals or pollutants. Additionally, they cause minimal harm to fish and other aquatic life, as they dissolve rapidly. Other eco-friendly options include lures made from recycled materials, such as old fishing lines and plastic bottles. The adoption of these baits reduces waste in the water and minimizes the environmental impact of fishing. The growing preference for eco-friendly baits is a key trend fueling the expansion of the global fishing bait market. 

The fishing bait market is thriving with innovative trends, making fishing experiences more successful and enjoyable for anglers. Smart fishing lures, equipped with GPS tracking and wireless connectivity, are revolutionizing the game. Natural scents and flavors are also gaining popularity, making baits more attractive to various species like Bass, Trout, Catfish, Marlin, Tuna, Snapper, and more. High-tech fishing gear includes fishing plugs, jigs, soft plastic worms, crankbaits, spoons, flies, and more. Electronic lures and smart bait systems are the new norm. Freshwater and saltwater fishing styles differ, with brands like Wired2fish and Omnia Fishing catering to diverse fishing needs. Fishing supply stores offer a wide range of biodegradable and non-toxic options, ensuring eco-friendly recreational fishing activities. Anglers can explore various fishing styles, from fly fishing to sport fishing, using the latest fishing bait technology. 

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Market Challenges

• The global fishing bait market faces several environmental challenges that may hinder its growth. Overfishing is a major concern, leading to declines in fish populations and harming marine ecosystems, resulting in economic, social, and ecological consequences. Stricter regulations and sustainability initiatives have been implemented to address this issue. Another environmental concern is pollution from chemicals, plastics, and other materials, which can negatively impact fish populations and their habitats, affecting the quality and safety of fish as a food source and reducing the appeal of fishing as a recreational activity. Climate change also poses a threat, altering fish distribution and behavior, making it harder to catch them, and leading to economic and social impacts. These environmental challenges are expected to significantly impact the growth of the global fishing bait market during the forecast period.
• The fishing bait market is experiencing significant growth due to the introduction of high-tech fishing gear. Smart fishing lures, equipped with GPS tracking and wireless connectivity, are revolutionizing the way anglers fish. Natural scents and flavors are also becoming popular, making baits more attractive to various species like Bass, Trout, Catfish, Marlin, Tuna, Snapper, and more. High-tech fishing gear includes electronic lures and smart bait systems, which are changing fishing styles for freshwater and saltwater. Companies like Wired2fish and Omnia Fishing are leading the way with innovative solutions. However, challenges remain, such as developing biodegradable and non-toxic options to minimize environmental impact. Fishing supply stores cater to recreational fishing activities, offering a wide range of lures, including fishing plugs, jigs, soft plastic worms, crankbaits, spoons, flies, and more. Successful catch relies on the right bait for the fishing style and species. Fishing bait technology continues to evolve, offering anglers new ways to enhance their sport fishing experience.

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Segment Overview 

This fishing bait market report extensively covers market segmentation by

1. Distribution Channel

Type 

• 2.1 Fresh water
• 2.2 Salt water
• 2.3 Fly fishing

Geography 

• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Offline-  The offline segment dominates the global fishing bait market, accounting for the largest share in 2023. Offline distribution channels include Bait and Tackle Shops, Outdoor Retailers, Convenience Stores, Supermarkets, and Wholesale Distributors. Bait and Tackle Shops are specialized retailers selling fishing gear, including bait, with knowledgeable staff. Outdoor Retailers offer a wide range of outdoor gear, including fishing equipment and bait. Convenience Stores near bodies of water sell bait for angler’s convenience. Supermarkets in fishing communities sell bait, while Wholesale Distributors sell products directly to retailers or businesses. The offline segment’s growth is driven by customers preferring to see and handle products before purchasing.

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Research Analysis

The fishing bait market caters to anglers engaged in freshwater and saltwater fishing, including recreational and sport fishing activities. This market encompasses a wide range of baits such as worms, minnows, lures, and flies. Wired2fish and Omnia Fishing are popular online resources for fishing enthusiasts, providing valuable information on the latest fishing techniques and bait trends. Fishing bait comes in various forms, including natural and artificial options. Fresh water and salt water each present unique challenges, necessitating specific bait choices. For freshwater fishing, worms, minnows, and spinnerbaits are commonly used, while saltwater anglers often prefer lures with natural scents and flavors. Advancements in fishing bait technology offer biodegradable and non-toxic alternatives, ensuring a sustainable fishing experience. Smart fishing lures incorporate GPS tracking and wireless connectivity, enhancing the overall angling experience. Natural scents and flavors, as well as innovative designs, continue to drive growth in the lures market.

Market Research Overview

The fishing bait market encompasses a wide range of offerings for both freshwater and saltwater fishing enthusiasts. From wired2fish and Omnia Fishing to fishing supply stores, this industry caters to the needs of anglers engaging in recreational fishing activities and sport fishing. Fishing baits come in various forms such as lures, flies, fishing plugs, jigs, soft plastic worms, crankbaits, spoons, and more. The market offers advanced technology like smart fishing lures, GPS tracking, wireless connectivity, natural scents, and flavors to enhance the fishing experience. Biodegradable and non-toxic options are increasingly popular, ensuring a sustainable approach to the sport. Successful catches can be attributed to high-tech fishing gear, electronic lures, and smart bait systems. Popular species include bass, trout, catfish, marlin, tuna, snapper, and more. Fishing styles vary from spin fishing to fly fishing, and spinnerbaits to crankbaits, catering to diverse angler preferences.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Type
• Fresh Water
• Salt Water
• Fly Fishing
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

NEW YORK, Sept. 30, 2024 /PRNewswire/ — Report on how AI is driving market transformation- The global commercial aircraft avionic systems market  size is estimated to grow by USD 3.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 1.68%  during the forecast period. Increasing demand for commercial aircraft is driving market growth, with a trend towards preference for satellite-based cockpit connectivity. However, complications associated with malfunctioning  poses a challenge. Key market players include Airbus SE, Avidyne Corp., Avilution, LLC, BAE Systems Plc, Curtiss Wright Corp., Field Aerospace, Garmin Ltd., General Electric Co., Honeywell International Inc., L3Harris Technologies Inc., Meggitt Plc, Northrop Grumman Corp., Panasonic Avionics Corporation., Safran SA, Sagetech Avionics Inc., Samtel Avionics., Teledyne Technologies Inc., Thales Group, The Boeing Co., and Universal Avionics Systems Corporation.

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Key Market Trends Fueling Growth

The Commercial Aircraft Avionic Systems Market refers to the industry that produces and installs advanced electronic systems in commercial aircraft. These systems include navigation aids, communication equipment, and surveillance systems. The market is driven by increasing demand for safer and more efficient air travel. Key players include Honeywell, Rockwell Collins, and Thales. Growth is expected due to rising air traffic and technological advancements. 

The Commercial Aircraft Avionic Systems Market is experiencing significant growth in the aviation industry, driven by trends such as defense organizations’ use of uncrewed aerial vehicles and aviation safety initiatives. Regulations and certifications play a crucial role, with regulatory requirements for flight safety, situational awareness, and cybersecurity. Avionics upgrade packages are in demand as aircraft operators seek to enhance their fleet’s capabilities. Military agencies and aircraft manufacturers collaborate to develop innovative technologies like digital cockpits and connectivity solutions. Avionics manufacturers face challenges such as stringent regulations, compatibility issues, and economic downturns. Key players include FAA, Aircraft OEMs, MRO providers, and automotive electronics market. The market is segmented by aircraft models, with widebody jets and narrowbody segments leading the way. Low-cost carriers prioritize flight management, while pilots and passengers focus on emissions, fuel consumption, and comfort features. 

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Market Challenges

• The Commercial Aircraft Avionic Systems Market refers to the sale and supply of advanced electronic systems used in the operation and navigation of commercial aircraft. These systems include communication, navigation, surveillance, and weather radar systems. The market is driven by factors such as increasing air traffic, technological advancements, and growing demand for safety and efficiency in air travel. Major players in this market include Honeywell, Rockwell Collins, and Thales.
• The Commercial Aircraft Avionic Systems Market is experiencing significant growth due to increasing passenger traffic and aircraft demand. Aircraft Original Equipment Manufacturers (OEMs) and Maintenance, Repair, and Overhaul (MRO) providers are under pressure to deliver advanced avionic systems for both widebody and narrowbody jets. The Federal Aviation Administration (FAA) and regulatory frameworks in emerging economies are driving fleet expansion and the integration of new technologies. Challenges include the vulnerability to cyber-attacks, real-time data requirements, and the need for systems that fit next-generation aircraft and commercial aviation networks. Sub-systems like flight management, flight control, navigation & surveillance, electrical & emergency, communication, systems electronics, engine controls, and aircraft operations computer are essential for all types of aircraft, including freighters, narrow body, wide body, regional & business jets. Low-cost carriers are driving demand for cost-effective solutions, while in-flight entertainment and advanced air mobility are emerging trends. The market is expected to continue growing due to the increasing middle-class population and freight volume. However, system expenditure and network capacities remain key concerns. Mosaic ATM and Nextgen aircraft are expected to revolutionize the industry, but the regulatory framework and cybersecurity vulnerabilities must be addressed.

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Segment Overview 

This commercial aircraft avionic systems market report extensively covers market segmentation by

1. Application 

• 1.1 FCS
• 1.2 CN and S
• 1.3 FMS
• 1.4 AHMS

Distribution Channel

• 2.1 Line fit
• 2.2 Aftermarket

Geography 

• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 FCS-  The Commercial Aircraft Avionic Systems Market refers to the business sector that produces and supplies advanced electronic systems for the aviation industry. These systems enhance aircraft safety, navigation, and communication capabilities. Market growth is driven by increasing air traffic, technological advancements, and regulatory requirements. Key players include Honeywell, Rockwell Collins, and Thales. Companies invest in research and development to offer innovative solutions and maintain their competitive edge.

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Research Analysis

The Commercial Aircraft Avionic Systems Market is driven by increasing passenger traffic and aircraft demand. Aircraft OEMs are integrating advanced avionic systems in new aircraft models to meet the needs of airlines and passengers. Regulatory bodies like the FAA are pushing for fleet expansion and the adoption of modern avionic systems for safety and efficiency. Widebody jets and narrowbody segments are witnessing significant growth due to their fuel efficiency and low operating costs. Flight management, flight control, navigation & surveillance systems, electrical & emergency systems, and innovative technologies like digital cockpits and connectivity solutions are key avionic systems in demand. Avionics manufacturers face challenges such as stringent regulations, certifications, cyber threats, compatibility issues, economic downturns, emissions, and fuel consumption. The automotive electronics market is also influencing the avionics industry with advancements in technology and cost savings.

Market Research Overview

The Commercial Aircraft Avionic Systems Market is experiencing significant growth due to increasing passenger traffic and aircraft demand. Avionic systems play a crucial role in aircraft operations, including flight management, flight control, navigation & surveillance, electrical & emergency, communication, systems electronics, engine controls, and in-flight entertainment. The market is segmented into widebody jets, narrowbody segment, freighters, regional & business jets, and sub-systems. Factors driving market growth include fleet expansion, MRO providers, and regulatory framework. However, vulnerability to cyber-attacks, regulatory requirements, and economic downturns pose challenges. Next-generation aircraft, advanced air mobility, and unmanned aerial vehicles are emerging trends. The market comprises airlines, aviation industry players, defense organizations, and avionics manufacturers. Key trends include real-time data, network capacities, system expenditure, and innovative technologies like digital cockpits and connectivity solutions. The market is subject to stringent regulations and certifications, as well as concerns over cyber threats, compatibility issues, and environmental sustainability.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Distribution Channel
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

Trax has proudly provided WestJet Airlines with aircraft maintenance solutions for more than 20 years and has now transitioned the airline to the web-based Trax eMRO product, eMobility apps, and Trax Cloud hosting to boost users’ ability to work from anywhere on their mobile devices.

MIAMI, Sept. 30, 2024 /PRNewswire/ — Trax, a leading global provider of paperless aviation maintenance and engineering software products, announced the successful transition of WestJet Airlines Ltd. to a paperless and mobile fleet maintenance operation, implementing its advanced solutions to support the airline’s digital transformation journey.

WestJet, supported by Trax, implemented the web-based eMRO version and multiple eMobility apps – all hosted on the Trax Cloud environment – to improve users’ offline working experience and add efficiencies to the airline’s workstreams. WestJet also elected to integrate Trax’s QuickTurn, TaskControl, and Line Control apps to realize additional benefits. This implementation marks the continued expansion of Trax’s customer base that is using its full range of applications and technology services to power a digital approach to aviation maintenance.

Trax’s eMRO product is a device-agnostic web-based application that offers a complete maintenance and engineering system with integrated information flow, allowing its users to stay connected from any work location. The enterprise eMRO system is combined with mobile apps to enable users to benefit from maximum mobility while accessing required documentation and electronic data, viewing assigned maintenance tasks, receiving real-time updates on planned and completed work, and tapping into integrated materials modules.

“With the technical aspects managed by Trax Cloud hosting, WestJet can focus on what we do best — maintaining our fleet, flying, and successfully serving our customer base,” said Gandeephan Ganeshalingam, Vice President of Technical Operations at WestJet. “The implementation of additional Trax solutions will enable us to stay focused on quality and compliance while further modernizing our operation. We’re grateful for the continued partnership and look forward to our digital future with Trax.”

“Trax has partnered with WestJet since 2004, and we are honored to help the airline move to paperless maintenance and engineering with additional solutions. We are proud to be part of advancing our customers’ operations through further use of our products,” said Omar Santos, Vice President at Trax. “Trax congratulates WestJet on their efforts to achieve a successful digital transformation.”

About Trax

Trax is the premier provider of aviation maintenance mobile and cloud products in the global aviation market and a wholly-owned subsidiary of AAR CORP. (NYSE: AIR). Trax products support digital signatures, paperless working, including workpacks and manuals, RFID-capability for logistics, biometric security, offline capability for its suite of mobile apps, web-based applications, and the ability for users to work anywhere with easy access to real-time information. Through its eMRO and eMobility products, Trax provides comprehensive software solutions designed to manage all aspects of aircraft maintenance. Additional information can be found at trax.aero.

About WestJet

In 28 years of serving Canadians, WestJet has cut airfares in half and increased the flying population in Canada to more than 50 per cent. WestJet launched in 1996 with three aircraft, 250 employees and five destinations, growing over the years to more than 180 aircraft, 14,000 employees and more than 100 destinations in 26 countries. Additional information can be found at westjet.com. 

Contact
Media Team
[email protected]
+1-630-227-5100

This press release may contain certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, reflecting management’s expectations about future conditions. Forward-looking statements may also be identified because they contain words such as ”anticipate,” ”believe,” ”continue,” ”could,” ”estimate,” ”expect,” ”intend,” ”likely,” ”may,” ”might,” ”plan,” ”potential,” ”predict,” ”project,” ”seek,” ”should,” ”target,” ”will,” ”would,” or similar expressions and the negatives of those terms. These forward-looking statements are based on beliefs of management, as well as assumptions and estimates based on information currently available to management and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. For a discussion of these and other risks and uncertainties, refer to “Risk Factors” in AAR CORP.’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. These events and uncertainties are difficult or impossible to predict accurately and many are beyond management’s control. Management assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

SOURCE Trax

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