The global avionics market was valued at USD 91.32 billion in 2023 and is projected to grow from USD 99.33 billion in 2024 to USD 179.44 billion by 2032, reflecting a CAGR of 7.67% during the forecast period. In 2023, North America led the market, holding a 37.25% share. Fortune Business Insights™ provides this information in its research report, titled “Avionic Market Size, Share, 2024-2032”.
The avionics market is experiencing significant growth, driven by advancements in technology and an increasing demand for more efficient and safer aviation systems. Airlines and manufacturers are focusing on modernizing fleets, with innovations such as integrated flight management systems, enhanced navigation capabilities, and advanced communication technologies becoming essential. The shift towards automation and the rise of unmanned aerial vehicles (UAVs) further fuel market expansion. Additionally, environmental concerns are pushing for greener avionics solutions, leading to the development of eco-friendly technologies. The continuous evolution of air travel positions the avionics sector as a crucial player in shaping the future of the aerospace industry.
Key Players Mentioned in the Avionics Market Report:
BAE Systems PLC (U.K.)
Cobham PLC (U.K.)
Raytheon Technologies Corporation (U.S.)
Garmin Ltd. (U.S.)
General Electric Company (U.S.)
Honeywell International Inc. (U.S.)
L3Harris Technologies Inc. (U.S.)
Meggitt Ltd. (U.K.)
Safran S.A. (France)
Teledyne Technologies Incorporated (U.S.)
Thales Group (France)
Transdigm Group Inc. (U.S.)
https://www.fortunebusinessinsights.com/industry-reports/avionics-market-101819
Segmentation Insights:
Hardware Segment: Expected to exhibit substantial growth due to trajectory projection capabilities. This segment held a leading share in 2022, driven by its multitasking capabilities.
Commercial Segment: Anticipated to gain traction considering the rising demand for commercial aircraft. This segment accounted for a large market share and is estimated to record a substantial CAGR over the study period.
Aftermarket Segment: Set to lead due to increasing aircraft upgradation opportunities. The aftermarket segment captured a significant market share in 2022 and is projected to expand appreciably over the forecast period, driven by upgradation programs from various commercial airlines.
Geographic Segmentation: The market for avionics is segmented into North America, Europe, Asia Pacific, and Rest of the World.
The report provides a comprehensive analysis of vital trends propelling industry expansion over the projected period. It includes an overview of major factors driving market growth in the forthcoming years, the impact of the COVID-19 pandemic, and significant steps taken by leading companies to strengthen their industry positions.
Drivers: The rising adoption of flight management and aircraft computing systems is a key factor contributing to market growth. These solutions offer surveillance systems, integrated cabin electronics, navigation systems, and proline fusion capabilities.
Restraints: The high maintenance costs associated with avionics systems may hinder industry expansion.
North America: Expected to emerge as a key region due to increasing demand for commercial aircraft. The region accounted for a dominant share in 2022, supported by the presence of major manufacturers.
Europe: Projected to grow at a considerable CAGR, driven by the extensive product portfolios of key companies in the region.
Leading industry players are employing various strategies to strengthen their market positions, including mergers, partnerships, and the launch of new products. Other initiatives encompass acquisitions, collaborations, R&D activities, and the formation of alliances.
In May 2023, Lockheed Martin Corporation partnered with IFS Global to leverage their respective market strengths and enhance their competitive position. This collaboration focuses on promoting a range of services and products designed to aid aerospace and defense organizations in modernizing their equipment and technological infrastructure.