The Aerospace Avionics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Aerospace Avionics Global Market Report 2024, The aerospace avionics market size has grown steadily in recent years. It will grow from $79.41 billion in 2023 to $83.06 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to evolution of aircraft, military sector demand, transition to digital cockpits, safety enhancements, surveillance and air traffic control..
The aerospace avionics market size is expected to see steady growth in the next few years. It will grow to $99.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to emerging market expansion, electrical aircraft systems, defense sector growth, modernization of legacy aircraft, artificial intelligence integration.. Major trends in the forecast period include advanced flight management systems, rising demand for next-generation aircraft, autonomous systems and uavs, digital cockpit innovations, communication and connectivity..
Rising demand for air travel is expected to propel the aerospace avionics market going forward. Air travel refers to a type of travel that involves air vehicles like airplanes, jets, and helicopters. It includes both local and foreign passengers carried by airlines with national registrations. An increase in air travel across the globe creates the demand for aerospace avionics. For instance, in June 2022, the International Air Transport Association, a trade association of the world’s airlines, reported that international air traffic increased by 229.5% in 2022 compared to 2021. Therefore, the rising demand for air travel is driving the aerospace avionics market.
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The aerospace avionics market covered in this report is segmented –
1) By Systems: Flight Control System, Communication System, Navigation System, Monitoring System, Others Systems
2) By Application: Commercial Aviation, Military Aviation, Business Jets And General Aviation
3) By Distribution Channel: OEM, Aftermarket
Product innovations are a key trend gaining popularity in the aerospace avionics market. Major companies operating in the aerospace avionics market are focused on developing innovative products to strengthen their position. For instance, in March 2022, Flightcell International, Ltd., a New Zealand-based leader in airborne communications operating in aerospace avionics launched the cockpit recording solution “”SmartHUB.”” The unique features it offers are HD (high definition) video and audio, an access point for USB (universal serial bus) and IP (internet protocol) devices, and a flight data recorder. The system is expected to monitor different parameters like GPS (global positioning system) position data, pressure, altitude, turn rate, altitude, speed, g-force, and roll.
The aerospace avionics market report table of contents includes:
- Executive Summary
- Aerospace Avionics Market Characteristics
- Aerospace Avionics Market Trends And Strategies
- Aerospace Avionics Market – Macro Economic Scenario
- Global Aerospace Avionics Market Size and Growth
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- Global Aerospace Avionics Market Competitive Benchmarking
- Global Aerospace Avionics Market Competitive Dashboard
- Key Mergers And Acquisitions In The Aerospace Avionics Market
- Aerospace Avionics Market Future Outlook and Potential Analysis
- Appendix
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