Aerospace avionics encompasses the electronic systems and equipment designed for use in aircraft and spacecraft, facilitating functions such as communication, navigation, monitoring and flight control.
The aerospace avionics market consists of sales, by entities (organizations, sole traders and partnerships), of aerospace avionics systems that are integral to both civilian and military aviation, ensuring safe and efficient operations.
The global aerospace avionics market was valued at $69,773.30 million in 2018 which grew up till 2023 at a compound annual growth rate (CAGR) of more than 1.00%.
Growth in Tourism
Growth in tourism drove the aerospace avionics market in the historic period. As international tourism grew, an increasing number of travelers opted for air transportation to reach their destinations. This surge in air travel demand compelled airlines to expand their fleets, thereby driving the need for additional or upgraded aircraft, which includes an increased requirement for aircraft avionics. For example, in May 2023, according to United Nations World Tourism Organization (UNWTO), a Spain-based specialized agency of the United Nations that promotes universally accessible tourism, in the first quarter of 2023, international arrivals reached 80% of pre-pandemic levels. An estimated 235 million tourists traveled internationally during the first three months, more than double the number from the same period in 2022. This growth in tourism expanded their fleet and drove the aerospace avionics market.
Use Of Generative AI To Improve Aircraft Safety
Major companies operating in the aerospace avionics market are developing innovative tools by using generative artificial intelligence to enhance design processes, improve maintenance efficiency and streamline operations. Generative artificial intelligence enables the creation of complex, efficient avionics systems by generating innovative designs that reduce weight, improve aerodynamics and enhance performance. For example, in November 2024, GE Aerospace, a US-based aerospace company in collaboration with Microsoft, a US-based technology company and Accenture, a UK-based technology company to develop a generative AI-powered solution that enables airlines and lessors to access critical maintenance records in minutes, significantly reducing the time spent on manual data retrieval. This collaboration aims to improve aircraft asset tracking and maintenance efficiency, which are critical components of avionics systems, by providing rapid access to essential information, thereby enhancing operational decision-making and overall safety in aerospace operations.
The global aerospace avionics market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 20.1% of the total market in 2023.
Aerospace Avionics Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the aerospace avionics market as it emerges from the COVID-19 shut down.
Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Where is the largest and fastest-growing market for aerospace avionics? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The aerospace avionics market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider aerospace avionics market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by systems, by application and by distribution channel.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the aerospace avionics market.
Global Market Size And Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by systems, by application and by distribution channel in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for aerospace avionics providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Systems: Flight Control System; Communication System; Navigation System; Monitoring System; Other Systems
- 2) By Application: Commercial Aviation; Military Aviation; Business Jets And General Aviation; Other Applications
- 3) By Distribution Channel: OEM; Aftermarket
- Companies Mentioned: Raytheon Technologies Corporation (Collins Aerospace); Honeywell International Inc.; L3Harris Technologies, Inc.; General Electric (GE Aviation); Thales S.A.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia.
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; aerospace avionics indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.