Aircraft Avionics Market

Description

The aircraft avionics market is projected to expand from US$ 43.48 billion in 2024 to US$ 71.14 billion by 2031, with an estimated CAGR of 7.60% during the period from 2031 to 2031.

Analyst Perspective:

The aircraft avionics sector has experienced significant growth in recent years. A key driver of this expansion is the increasing global aircraft fleet and the modernization of older aircraft. Additionally, the growing electrification of aircraft components is creating a demand for electronic controls that pilots require to operate the aircraft. To stay competitive, avionics manufacturers are focusing on developing innovative products. However, challenges such as rising environmental concerns related to aircraft operations and the high installation costs of avionics components are impacting the market.

Market Overview:

The aircraft avionics market is anticipated to see robust growth in the upcoming years, primarily due to expected aircraft deliveries. For example, Boeing's Commercial Market Outlook (CMO) 2023 report indicates that airlines will require 42,595 new commercial aircraft over the next two decades to accommodate the rapidly increasing air passenger traffic. Similarly, Airbus's Global Market Forecasts (GMF) report predicts that airlines will acquire approximately 40,850 new aircraft by 2042. These factors are likely to create substantial opportunities for vendors in the aircraft avionics market, which will also see increased demand for other aircraft components during this time. Furthermore, the ongoing electrification of aircraft components and the transition from mechanical to electrical systems are additional factors propelling the growth of the aircraft avionics market across various regions.

Strategic Insights

Market Driver:

Expanding MRO Industry is Creating New Demand for Aircraft Avionics

Retrofitting, which involves adding new technologies to older aircraft fleets, enhances passenger comfort and safety while assisting airlines in maintaining their aging fleets. Ongoing advancements in aircraft technology are improving MRO capabilities. MRO service providers are actively seeking upgrades and new technologies to service modern aircraft and retrofit older fleets. Currently, global commercial airlines are retaining their older aircraft due to decreased fuel prices, prompting frequent MRO activities. This trend allows MRO service providers to offer retrofitting services with the latest technologies. The retrofitting trend is gaining momentum among MRO providers, leading to the integration of advanced avionics systems into older aircraft fleets, which is expected to significantly influence the aircraft avionics market and the aviation industry in the coming years.

There is also a growing demand for real-time data analytics, particularly in technologically advanced regions like Europe and North America, where the adoption of such technologies is rapidly increasing.

Product Code: TIPRE00030323

1. Introduction

1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness Analysis

3. Research Methodology

4. Aircraft Avionics Market Landscape

4.1 Overview
4.2 Porter’s Five Forces Analysis
4.3 Ecosystem Analysis
- 4.3.1 List of Vendors in the Value Chain

5. Aircraft Avionics Market - Key Market Dynamics

5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints

6. Aircraft Avionics Market - Global Market Analysis

6.1 Aircraft Avionics - Global Market Overview
6.2 Aircraft Avionics - Global Market and Forecast to 2031

7. Aircraft Avionics Market and Revenue Analysis (USD Million) and By System Type, 2021-2031

7.1 Overview
7.2 Navigation Systems
7.3 Communication Systems
7.4 Power and Flight Management Systems
7.5 Weather Monitoring Systems
7.6 Electronic Flight Display
7.7 Others

8. Aircraft Avionics Market and Revenue Analysis (USD Million) and By Aircraft Type, 2021-2031

8.1 Overview
8.2 Commercial Aircraft
8.3 Military Aircraft

9. Aircraft Avionics Market - Revenue Analysis (USD Million), 2021-2031 and Geographical Analysis

9.1 North America
- 9.1.1 North America Aircraft Avionics Market Overview
- 9.1.2 North America Aircraft Avionics Market Revenue and Forecasts to 2031
- 9.1.3 North America Aircraft Avionics Market Revenue and Forecasts and Analysis - By System Type
- 9.1.4 North America Aircraft Avionics Market Revenue and Forecasts and Analysis - By Aircraft Type
- 9.1.5 North America Aircraft Avionics Market Revenue and Forecasts and Analysis - By Countries
  - 9.1.5.1 United States Aircraft Avionics Market
    - 9.1.5.1.1 United States Aircraft Avionics Market, by System Type
    - 9.1.5.1.2 United States Aircraft Avionics Market, by Aircraft Type
  - 9.1.5.2 Canada Aircraft Avionics Market
    - 9.1.5.2.1 Canada Aircraft Avionics Market, by System Type
    - 9.1.5.2.2 Canada Aircraft Avionics Market, by Aircraft Type
  - 9.1.5.3 Mexico Aircraft Avionics Market
    - 9.1.5.3.1 Mexico Aircraft Avionics Market, by System Type
    - 9.1.5.3.2 Mexico Aircraft Avionics Market, by Aircraft Type
9.2 Europe
- 9.2.1 Germany
- 9.2.2 France
- 9.2.3 Italy
- 9.2.4 Spain
- 9.2.5 United Kingdom
- 9.2.6 Rest of Europe
9.3 Asia-Pacific
- 9.3.1 Australia
- 9.3.2 China
- 9.3.3 India
- 9.3.4 Japan
- 9.3.5 South Korea
- 9.3.6 Rest of Asia-Pacific
9.4 Middle East and Africa
- 9.4.1 South Africa
- 9.4.2 Saudi Arabia
- 9.4.3 U.A.E
- 9.4.4 Rest of Middle East and Africa
9.5 South and Central America
- 9.5.1 Brazil
- 9.5.2 Argentina
- 9.5.3 Rest of South and Central America

10. Industry Landscape

10.1 Mergers and Acquisitions
10.2 Agreements, Collaborations, Joint Ventures
10.3 New Product Launches
10.4 Expansions and Other Strategic Developments

11. Competitive Landscape

11.1 Heat Map Analysis by Key Players
11.2 Company Positioning and Concentration

12. Aircraft Avionics Market - Key Company Profiles

12.1 L3 Harris Technologies Inc
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
12.2 Raytheon Technologies
12.3 Curtiss-Wright Corporation
12.4 Honeywell International Inc
12.5 GE Aviation
12.6 Safran
12.7 BAE Systems Plc
12.8 Moog Inc
12.9 Meggitt Plc
12.10 Garmin Ltd

13. Appendix

13.1 Glossary
13.2 About The Insight Partners
13.3 Market Intelligence Cloud