The avionics market size is projected to grow from USD 46.7 Billion in 2022 to USD 66.3 Billion by 2027, at a CAGR of 7.3% from 2022 to 2027. The growing need for aircraft modernization to improve operating safety and fuel efficiency, consequently minimizing the operational costs, is something that is propelling the adoption of advanced avionics.
The Navigation segment is projected to dominate market share in the system segment during the forecast period
Based on system, the navigation segment is projected to dominate market share during the forecast period. The market is further segmented into navigation, payload & mission management, traffic & collision management, communication, power & data management, weather detection, flight management, electronic flight display. One of the key factors driving the avionics market is to meet the demand of the air travel, thus major airlines are expanding their fleet size, and additionally the outdated aircrafts will be upgraded with advanced avionics systems.
The Military Aviation segment projected to lead avionics market during forecast period
Based on Platform, the commercial aviation segment is projected to lead the avionics market during the forecast period. Increase in the demand of advanced military aircraft and helicopter fleet to strengthen their defense capabilities. Additionally, the market is also influenced by the latest technological development in the filed such as stealth technology, advanced composite and fifth generation technology.
Line Fit is expected to account for the largest share in 2022
Based on Fit, the line fit segment is projected to lead the avionics market during the forecast period. The line fit segment is driven by the demand generated from the aircraft OEMs who are increasing their production rate to satiate the demand for new aircraft as airlines undertake fleet expansion to cater to the increasing passenger traffic.
North America is expected to account for the largest share in 2022
The avionics market industry has been studied for North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounted for the largest market share in 2022, and Latin America is projected to witness the highest CAGR during the forecast period. The increasing need for air travel in the area is expected to increase demand for commercial and general aviation. The major airliners will increase the fleet size of aircraft to meet the demand hence it will influence the avionics market in the region.
The break-up of profile of primary participants in the Avionics market:
- By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
- By Designation: C Level – 50%, Director Level – 25%, Others-25%
- By Region: North America – 60%, Europe – 20%, Asia Pacific – 10%, Middle East – 5%, and Latin America – 5%
Major players operating in the avionics market include Raytheon Technologies Corporation (US), Curtiss-Wright Corporation (US), Honeywell Internationals Inc. (US), L3Harris Technologies Inc. (US), General Electric Company (US), Safran SA (France ), BAE Systems PLC (UK), Astronautics Corporation of America (US), and Garmin Limited (US). are some of the market players.
The report segments the avionics market based on System, Platform, Fit and Region. Based on System, the market is segmented into navigation, payload & mission management, traffic & collision management, communication, power & data management, weather detection, flight management, electronic flight display. Based on Platform, the avionics market is segmented into commercial aviation, general aviation and military aviation. Based on fit, the market is segmented into line-fit and retrofit The avionics market has been studied for North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the avionics market. A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; Contracts, partnerships, agreements new product & service launches, mergers and acquisitions; and recent developments associated with the avionics market. Competitive analysis of upcoming startups in the avionics market ecosystem is covered in this report.
Reasons To buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall avionics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on avionics offered by the top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the avionics market
- Market Development: Comprehensive information about lucrative markets – the report analyses the avionics market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the avionics market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players in the avionics market