The global avionics market was valued at USD 91.32 billion in 2023 and is expected to grow from USD 99.33 billion in 2024 to USD 179.44 billion by 2032, registering a compound annual growth rate (CAGR) of 7.67% during the forecast period. In 2023, North America held the largest share of the market, accounting for 37.25%.
This steady growth in the avionics sector is fueled by advancements in aircraft technology, an increasing demand for modernized flight systems, and the rising production of both commercial and military aircraft. Avionics systems are crucial for enhancing flight safety, navigation, communication, and overall operational efficiency. As the aviation industry evolves, the integration of next-generation avionics solutions becomes vital. Additionally, growing investments in aerospace innovation and a heightened focus on fuel efficiency and automation are further driving market expansion across various regions.
This information is sourced from Fortune Business Insights™ in their research report titled “Avionics Market Size, Share, Forecast, and 2024-2032.”
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
Hardware Segment to Exhibit Substantial Growth Due to Trajectory Projection Capabilities
On the basis of system, the market is fragmented into software and hardware. The hardware segment is poised to expand at a considerable CAGR over the projected period. The segment held a leading share in the market in 2022 impelled by the multitasking capability of the system.
Commercial Segment to Gain Traction Considering the Rising Product Demand
By platform, the market is categorized into helicopters, general aviation, business jets, military, and commercial. The commercial segment accounted for a large market share and is estimated to record a substantial CAGR over the study period. The expansion is driven by the soaring demand for commercial aircraft.
Aftermarket Segment to Lead Impelled by Increase in Aircraft Upgradation Opportunities
By end-use, the market is segmented into aftermarket and original equipment manufacturers. The aftermarket segment accounted for a key market share in 2022 and is set to expand at an appreciable pace over the forecast period. The rise is driven by an increase in upgradation programs from numerous commercial airlines.
Based on geography, the market for avionics is segregated into North America, Europe, Asia Pacific, and Rest Of The World.
The report offers a comprehensive analysis of the vital trends impelling industry expansion over the projected period. It further gives an overview of the major factors fueling market growth over the forthcoming years. Additional aspects of the report comprise an impact of the COVID-19 pandemic and an account of the significant steps undertaken by leading companies for strengthening their industry positions.
Rising Adoption of Flight Management System to Impel Industry Expansion
One of the key factors impelling avionics market growth is the soaring adoption of flight management and aircraft computing systems. These solutions provide surveillance systems, integrated cabin electronics solutions, navigation systems, proline fusion capabilities, and others.
However, the industry expansion may be hampered by the high cost associated with the maintenance of avionics systems.
North America to Emerge as Key Region Owing to Increasing Commercial Aircraft Demand
North America avionics market share is anticipated to expand at a substantial rate over the study period. The region accounted for a dominating share in 2022 owing to the presence of key manufacturers.
The Europe market is poised to grow at a considerable CAGR over the estimated period. The rise is driven by the extensive portfolios of key companies in the region.
Major Companies Enter Strategic Deals to Strengthen Industry Foothold
Leading industry players devise various strategies for strengthening their market positions. These comprise merger agreements, partnerships, and the launch of new products. Other initiatives include acquisitions, collaborations, R&D activities, and the formation of alliances.
May 2023: Lockheed Martin Corporation formed a strategic partnership with IFS Global to enhance their market presence by leveraging each other’s strengths. The collaboration focuses on promoting a range of services and solutions designed to support aerospace and defense organizations in modernizing their equipment and underlying technological infrastructure.