The aircraft avionics market is expected to grow from US$ 41.23 billion in 2022 to US$ 69.60 billion by 2030; it is estimated to register a CAGR of 6.8% from 2022 to 2030.
Analyst Perspective:
The aircraft avionics market has witnessed tremendous growth in the past few years. One of the major factors driving the growth of aircraft avionics is the rising global aircraft fleet and refurbishment of older aircraft fleet. Another major factor driving the growth for aircraft avionics market includes the rising electrification of aircraft components that is also generating the need for electronic controls for pilots who operates the aircraft. Manufacturers of aircraft avionics majorly focus on the development of innovative products to remain competitive in the market. However, some of the factors acting as challenges for the market include rise in environmental concerns caused by the aircraft operations and higher installation costs for avionics components.
Market Overview:
The aircraft avionics market is likely to register a healthy growth in the coming years. This is mainly due to the expected aircraft deliveries in the coming years. For instance, according to the Boeing’s Commercial Market Outlook (CMO) 2023 report, the airlines are expected to need 42,595 new commercial aircraft in the next 20 years to cater to the rapidly growing air passenger traffic. Similarly, according to the Airbus Global Market Forecasts (GMF) report, the airlines are expected to procure around 40,850 new aircraft by the end of 2042. Such factors are likely to generate huge opportunities for aircraft avionics market vendors in the coming decades that will is also expected to witness a huge demand for other aircraft components as well during the same period. Moreover, the rising electrification of aircraft components and the shift from mechanical to electrical components of the aircr5aft are some of the other factors driving the growth for aircraft avionics market across different regions.
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Aircraft Avionics Market: Strategic Insights
Market Size Value in US$ 41.23 billion in 2022 Market Size Value by US$ 69.60 billion by 2030 Growth rate CAGR of 6.8% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Aircraft Avionics Market: Strategic Insights
| Market Size Value in | US$ 41.23 billion in 2022 |
| Market Size Value by | US$ 69.60 billion by 2030 |
| Growth rate | CAGR of 6.8% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Driver:
Growing MRO Industry is Generating New Demand for Aircraft Avionics
Retrofitting, which refers to the installation or addition of newer technologies on older aircraft fleets, helps increase passenger comfort and safety and facilitates the airlines in maintaining their older fleets. Continuous advancements in aircraft technologies are resulting in the upgrade of MRO capabilities. MRO service providers are constantly seeking upgrades and procurement of newer technologies in order to service the newer aircraft as well as retrofit the upgraded technologies on the older aircraft fleets. In the current scenario, global commercial airlines are holding on to their older aircraft fleet owing to the drop in fuel prices. This factor is compelling the airlines to opt for MRO activities frequently, which is facilitating the MRO service providers to offer the airlines to retrofit the aircraft fleet with newer technologies. The retrofitting trend is soaring among the MRO service providers. Thus, the integration of advanced and modern technologies such as advanced aircraft electronics including the avionics systems into older aircraft fleets is expected to drive the aircraft avionics market landscape as well as the face of the aviation industry in the coming years.
There is a rise in demand for real-time data analytics, especially in technologically advanced potential regions such as Europe and North America, where the adoption of the above-mentioned technology is maturing at an exponential rate.
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Segmental Analysis:
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Based on avionics type, the market is segmented into navigation systems, communication systems, power & flight management systems, weather monitoring system, electronic flight display, and others. The power & flight management systems segment held the largest share of the market in 2022 and it is expected to retain its dominance during 2022 to 2030 as well. Further, the power & flight management systems is also anticipated to register the highest CAGR in the aircraft avionics market during 2022-2030. The main factor behind the largest market share of power & flight management systems segment is its higher price, technology integration, and it is one of the key controllers for the pilot that allows them to have the visibility for aircraft operations during any flight. Moreover, the demand for power & flight management systems segment is also driven due to the fact that power & flight management systems are used in most of the aircraft operations during any flight. Further, the necessity to provide better management of flight components and real-time status of the flight controls is another major factor driving the growth for aircraft avionics market across different regions.
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Regional Analysis:
The North America aircraft avionics market was valued at US$ 13.26 billion in 2022 and is projected to reach US$ 21.24 billion by 2030; it is expected to register a CAGR of 6.1% during 2022 to 2030. North America region some of the major aircraft OEMs such as Boeing, Bombardier, Lockheed Martin, and Airbus that have their respective production facilities across different parts of the region and keeps generating new demand for aircraft electronic products from their respective facilities. Such factor has been pushing the growth for aircraft avionics products across the region. Further, another major factor catalyzing the growth for North American aircraft avionics market includes the presence of aircraft avionics manufacturers across the countries such as the US and Canada. Such companies includes vendors such as Raytheon Technologies Corporation, Curtiss-Wright Corporation, Honeywell International Inc, General Electric Company, Moog Inc, and BAE Systems Plc.
Key Player Analysis:
The aircraft avionics market analysis consists of the players such as L3Harris Technologies Inc, Raytheon Technologies Corporation, Curtiss-Wright Corporation, Honeywell International Inc, General Electric Company, Safran SA, BAE Systems Plc, Moog Inc, Meggitt Plc, and Garmin Ltd. Among these mentioned aircraft avionics market players BAE Systems Plc, Raytheon Technologies Corporation, General Electric, Meggitt Plc, Curtiss-Wright Corporation are among some of the top aircraft avionics market players owing to the diversified product portfolio offered.
Recent Developments:
Inorganic and organic strategies such as product launches, mergers, and acquisitions are highly adopted by companies in the aircraft avionics market. For instance, in April 2023, GE Aerospace and AJW Group signed an agreement to provide the support for avionics and electrical power systems for B777, B737 and A320/30/40 family of aircraft models. Similarly, in December 2021, HAL (Hindustan Aeronautics Limited) signed a contract worth US$ 288 million with BEL (Bharat Electricals Limited) to supply avionics components for the LCA Tejas Mk1A fighter aircraft programme. Such factors are also driving the aircraft avionics market growth from the suppliers perspective.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Avionics Type, Aircraft Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Integration of advanced artificial intelligent technologies into aircraft avionics is one of the major trends expected to drive the market in the coming years.
L3Harris Technologies Inc, Raytheon Technologies Corporation, Curtiss-Wright Corporation, Honeywell International Inc, and General Electric are some of the key market players operating in the global aircraft avionics market.
North America is expected to account for the largest share during the forecast period; however, Asia Pacific is likely to surpass North America by 2026 and is expected to dominate the global aircraft avionics market by 2030.
Retrofitting of older aircraft fleet and the expected aircraft deliveries in the coming years are some of the key factors likely to generate new opportunities for market vendors during the forecast period.
The rising global aircraft fleet; growing MRO industry; and accentuating aircraft order and delivery volumes are contributing to the growth of aircraft avionics market.
The List of Companies - Aircraft Avionics Systems Market
- L3Harris Technologies Inc
- Raytheon Technologies Corporation
- Curtiss-Wright Corporation
- Honeywell International Inc
- General Electric Company
- Safran SA
- BAE Systems Plc
- Moog Inc
- Meggitt Plc
- Garmin Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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