Global Avionics Market is valued at approximately USD 57.29 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 9.25 % over the forecast period 2022-2028. Avionics are high-tech systems that are utilised in planes, artificial satellites, and spacecraft. The aircraft flight computer system is made up of a number of display units that are all capable of performing flight operations. Surveillance (CNS), communication, navigation, and automatic flight management systems are among these systems (AFMS). Avionics is utilised in a variety of applications, including commercial, defence, and unmanned aerial vehicles (UAVs). An expansion of retrofit aircraft market, modernization of aircraft with cutting-edge technology have led to the adoption of Avionics across the forecast period. For Instance: as per Statista in 2022, the Global Market size of the industry in 2020 was just 359.3 billion US dollars, a 56 percent decrease from the previous year. Though this is expected to rise to 471.8 billion dollars in 2021, it is still a minor improvement above pre-pandemic levels. The aviation sector employs 87.7 million people worldwide. Also, the use of advanced navigation and surveillance technologies, adoption of Next-Generation Flight Management Systems, are likely to increase the market growth during the forecast period. However, high cost associated with Avionics Systems impedes the growth of the market over the forecast period of 2022-2028.
The key regions considered for the Global Avionics Market study include Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the both leading and fastest growing region in Avionics Market owing to an expansion of retrofit aircraft market coupled with modernization of aircraft with cutting-edge technology.
Major Market players included in this report are:
Honeywell International Inc
The objective of the study is to define Market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the Market. Additionally, the report shall also incorporate available opportunities in micro Markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the Market are explained below:
Business Jets & General Aviation
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2018, 2019, 2020
Base year - 2021
Forecast period - 2022 to 2028
Target Audience of the Global Avionics Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers