Avionics Market Outlook
The avionics market is projected to grow at a CAGR of 9.10% during the forecast period, reaching an estimated value of USD 100.9 billion by 2032.
The global aerospace electronics sector, known as the avionics market, encompasses the design, development, production, and integration of electronic equipment for airplanes. This includes systems for navigation, communication, flight control, surveillance, and entertainment. The industry has been steadily expanding due to factors such as increasing air travel, technological advancements, regulatory requirements, and the demand for safe and fuel-efficient aircraft. The development of unmanned aerial vehicles (UAVs) also presents new business opportunities for avionics manufacturers. However, challenges like budgetary constraints and supply chain disruptions could impact market dynamics.
Segment Analysis
Type:
- Navigation
- Payload & Mission Management
- Traffic & Collision Management
- Communication
- Power & Data Management
- Weather Detection
- Flight Management
- Electric Flight Display
The flight management segment dominated the market in 2022, driven by airlines and aircraft manufacturers' efforts to reduce fuel consumption and operating costs.
Platform:
- Commercial Aviation
- Military Aviation
- General Aviation
The military aviation segment generated the most revenue in 2022, reflecting the ongoing need to enhance military aviation capabilities amid evolving international security threats.
Fit:
- Line Fit
- Retrofit
The retrofit segment dominated the market in 2022, as businesses seek to upgrade existing products or services to meet customer demands for enhanced functionality, safety, or performance.
Key Players
Key players in the global avionics market include Avilution LLC, BAE Systems, CCX Technologies, Cobham PLC, Collins Aerospace, Garmin Ltd., General Electric, Honeywell International Inc., L3Harris Technologies, Inc., Meggitt, Nucon Aerospace, Safran S.A., Teledyne Technologies Incorporated, Thales Group, Transdigm Group, Inc., and uAvionix Corporation, among others.
Regional Analysis
North America: The second-largest market share belongs to the North American avionics market. The region is witnessing increasing popularity of urban air mobility options, driving demand for specialized avionics for electric vertical takeoff and landing (eVTOL) and other aerial mobility platforms.
Europe: The Europe avionics market is expected to experience the fastest CAGR growth from 2023 to 2032. Strict safety and regulatory standards enforced by European aviation authorities promote ongoing advancements and updates in avionics technology.
Asia-Pacific: The Asia-Pacific avionics market dominated in 2022, with factors such as increasing passenger demand, economic growth, and the emergence of low-cost carriers driving market growth. The region has one of the world's fastest-growing aviation sectors.
Rest of the World: The avionics market in Latin America has been stimulated by increased air travel, modernization efforts in the aviation industry, and safety-related regulations. This region includes the Middle East, Africa, and Latin America, where designing, producing, and integrating electronic systems for aircraft navigation, flight control, and communication are key market activities.
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