The global commercial aircraft nextgen avionics market size was US$ 1,651.6 million in 2021. The global commercial aircraft nextgen avionics market is forecast to grow to US$ 4,099.6 million by 2030 by growing at a compound annual growth rate (CAGR) of 8.9% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The increasing dependency on avionics to make critical flying decisions is the primary factor driving the global commercial aircraft nextgen avionics market forward. In today's world, almost every aircraft uses electronic systems to perform a variety of functions like offering services, tracking and reporting performance measures, and performing within recognized safety constraints. In addition to that, various advanced avionics are capable of managing costs and simplifying maintenance. As a result of such beneficial applications, the global commercial aircraft nextgen avionics market will grow rapidly.
Growing advancements in commercial aircraft nextgen avionics will fuel the growth of the overall market. For instance, Collins Aerospace is developing next-generation flight control computer systems. The system will have nearly 20 times the processing power of current generation systems. Thus, such advancements will gain significant traction during the analysis period.
Growing initiatives and incentives provided by government bodies to make aerospace safer and more efficient will contribute to the growth of the global commercial aircraft nextgen avionics market. The U.S. government is introducing various plans to modernize its air transportation system. For instance, the Federal Aviation Administration (FAA) intends to modernize the national airspace system (NAS) through new technologies and methods. These methods aim at enhancing the capacity, flexibility, and resilience of the aircraft. Thus, such efforts by governments will benefit the global commercial aircraft nextgen avionics market.
Growing air passenger traffic will escalate the growth of the commercial aircraft nextgen avionics market. The International Civil Aviation Organization (ICAO) estimates that the total number of commuters carried on scheduled flights increased by 3.65% in 2019 as compared to the previous year. Thus, it will upsurge the demand for efficient commercial aircraft nextgen avionics during the study period.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic has negatively impacted the entire aviation industry. The imposed lockdowns in various countries reduced the air passenger traffic, which resulted in a significant downfall for the overall commercial aircraft nextgen avionics market. In addition, this global health emergency also forced avionics parts manufacturing facilities to partially or completely stop the activities. As a result, the COVID-19 pandemic had an adverse effect on the global commercial aircraft nextgen avionics market.
Regional Analysis
The Asia-Pacific commercial aircraft nextgen avionics market is forecast to emerge as the largest market. It is owing to the increasing air passenger traffic in the region. In addition, growing initiatives for improving aviation infrastructure and government initiatives to strengthen the safety of the passengers will contribute to the growth of the commercial aircraft nextgen avionics market.
Europe is forecast to register a significant growth rate, owing to the presence of prominent airline component manufacturers in the region. In addition to that, growing investment and R&D activities will boost the growth of the European commercial aircraft nextgen avionics market.
Competitors in the Market
Market Segmentation
The global commercial aircraft nextgen avionics market segmentation focuses on Systems, Installation Stage, Aircraft, and Region.
By Systems
By Installation Stage
By Aircraft Type
By Regional Outlook
