Market Research Future (MRFR) has published on the “Global Avionics Market”.
The Avionics market is estimated to register a CAGR of 9.10% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Avionics market— Avilution LLC (The U.S.), BAE Systems (The U.K.), CCX Technologies (Canada), Cobham PLC (The U.K.), Collins Aerospace (The U.S.), Garmin Ltd. (The U.S.), General Electric (The U.S.), Honeywell International Inc (The U.S.), L3Harris Technologies, Inc. (The U.S.), Meggitt (The U.K.), Nucon Aerospace (India), Safran S.A.(France), Teledyne Technologies Incorporated. (The U.S.), Thales Group(France), Transdigm Group, Inc. (The U.S.), uAvionix Corporation (The U.S.) and others
The global avionics market is accounted to register a CAGR of 9.10% during the forecast period and is estimated to reach USD 100.9 Billion by 2032.
The global aerospace electronics sector, which includes the design, development, production, and integration of electronic equipment for airplanes, is referred to as the "avionics market" as of my most recent update in September 2021. Navigation, communication, flight control, surveillance, and entertainment are all included in these systems. Due to rising air travel, technical improvements, regulatory requirements, and the desire for safe and fuel-efficient aircraft, the industry has been expanding steadily. Unmanned aerial vehicle (UAV) development also offers avionics manufacturers new business opportunities. However, issues like budgetary restrictions and supply-chain interruptions could alter the dynamics of the market.
The global avionics market has been segmented into type, platform and fit.
On the basis of type, the market is segmented into navigation, payload & mission management, traffic & collision management, communication, power & data management, weather detection, flight management and electric flight display. The flight management segment dominated the market in 2022. Airlines and aircraft manufacturers are constantly seeking for ways to reduce fuel consumption and operating costs.
Based on platform, the global avionics market has been segmented into commercial aviation, military aviation and general aviation. The military aviation category generated the most income in 2022. Due to the shifting nature of international security and potential threats from opponents, military aviation capabilities must always be improved.
Based on fit, the global avionics market has been segmented into line fit and retrofit. The retrofit segment dominated the market in 2022. Businesses may make retrofits to their current goods or services to meet consumer needs for updated functions, greater safety, or improved performance.
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The global avionics market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Avionics market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Avionics market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Avionics market comprises of Middle East, Africa, and Latin America.
The second-largest market share belongs to the North American avionics market. Urban air mobility options are becoming more popular in North America, which calls for specialized avionics for eVTOL and other aerial mobility platforms.
Moreover, from 2023 to 2032, the Europe avionics market is anticipated to experience the quickest CAGR growth. Strict safety and regulatory standards are upheld by European aviation authorities including the European Union Aviation Safety Agency (EASA). Manufacturers of avionics must adhere to these rules, which promotes ongoing advancements and updates in avionics technology.
Additionally, the Asia-Pacific avionics market dominated this market in 2022 (45.80%). The Asia Pacific region has one of the aviation sectors with the quickest growth rates in the world because of factors like increasing passenger demand, economic growth, and the emergence of low-cost carriers. This growth stimulates the market for modern avionics goods.
Furthermore, the rest of the world's avionics market is divided into the Middle East, Africa, and Latin America. It involves designing, producing, and integrating electronic systems for aircraft navigation, flight control, and communication. The market in Latin America has been stimulated by increased air travel, measures to modernize the aviation industry, and efficiency and safety-related regulations.
Key Findings of the Study