Avionics Global Market Report 2024

Avionics encompasses a combination of multiple display units integrated into aircraft to facilitate flight operations. Widely utilized in spacecraft, artificial satellites, and aircraft, avionics play a critical role in communication, navigation, and the management of various systems. The avionics system comprises diverse flight sub-systems, including health monitoring systems, flight management, flight control, navigation and surveillance systems, electrical and emergency systems, as well as communication and electronics systems.

The primary market segments for avionics are categorized into commercial aviation, military aviation, business jets, general aviation, and helicopters. Commercial aviation involves the use of aircraft for passenger and cargo transportation for non-military purposes. The various subsystems within avionics, such as flight management and control, health monitoring, electrical and emergency systems, communication and navigation, and surveillance, cater to a broad range of end-users, including original equipment manufacturers and the aftermarket.

The avionics market research report is one of a series of new reports that provides avionics market statistics, including avionics industry global market size, regional shares, competitors with an avionics market share, detailed avionics market segments, market trends and opportunities, and any further data you may need to thrive in the avionics industry. This avionics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The avionics market size has grown strongly in recent years. It will grow from $79.6 billion in 2023 to $86.11 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth observed during the historical period can be attributed to robust economic growth, a heightened demand for commercial aircraft, the expansion of the aerospace and defense industry, the enforcement of stringent environmental regulations, and initiatives focused on military modernization. These factors collectively contributed to the growth and development of the relevant sectors during the specified historical timeframe.

The avionics market size is expected to see strong growth in the next few years. It will grow to $117.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period can be linked to the ongoing digital transformation, a rise in consumer disposable income, investments in expanding aircraft fleets, and an increasing demand for unmanned aerial vehicles (UAVs). Key trends expected during this period involve the integration of artificial intelligence (AI) and machine learning, advanced cockpit displays, the adoption of data analytics and predictive maintenance practices, a shift towards remote and autonomous operations, and the incorporation of augmented reality (AR) and virtual reality (VR). These trends reflect significant considerations in the aviation industry as it prepares for future opportunities and embraces advanced technologies.

The growth of the avionics market is expected to be propelled by the increasing demand for new commercial aircraft. Commercial aircraft, serving the transportation of passengers or goods, relies on avionics for managing various systems and controlling electronic equipment. According to Airbus, a Netherlands-based aerospace corporation, the Asia-Pacific region alone required 17,620 new passenger and freighter aircraft in February 2022. This demand includes 13,660 aircraft in the small category and 2,470 and 1,490 aircraft in the medium and large categories, respectively. Consequently, the surge in demand for new commercial aircraft is a significant driver behind the increasing demand for avionics in the market.

The avionics market is poised for growth due to the rising military expenditure globally. Military expenditure encompasses the financial resources allocated by countries or governments for their military forces and related activities. The allocation of military expenditure is crucial for acquiring, upgrading, and maintaining avionics systems that support defense and security objectives. As of April 2023, according to the Stockholm International Peace Research Institute, world military spending increased by 3.7% in 2022, reaching $2240 billion in real terms. This increase in military expenditure is a key factor driving the growth of the avionics market.

Technological innovations have emerged as a prominent trend in the avionics market, with major companies actively focusing on new innovations to enhance their market position. For instance, in March 2022, Genesys Aero Systems, a US-based manufacturer of flight systems, autopilot systems, and avionics components, launched HeliSAS, a helicopter autopilot system. This innovative system governs airspeed and enables hands-free operation for pilots to conduct cockpit tasks. Operating on stability augmentation technology, the HeliSAS system effectively controls helicopters using various sensors, including magnetometers. This trend highlights the industry's commitment to advancing technology and introducing innovative solutions in the avionics market.

Leading companies in the avionics market are strategically focusing on the development of innovative products to maintain a competitive edge, as exemplified by the introduction of the AeroSync Mission (AEC115). This avionics product is utilized in both commercial and military aerospace applications. In March 2022, Astronautics Corporation of America, a prominent US-based manufacturer of avionics equipment, launched the AeroSync Mission (AEC115). This solution serves as a connectivity solution designed to facilitate secure and integrated wireless data transmission for aircraft. It represents a comprehensive air-to-ground data management platform that ensures the simple and secure transfer of information to and from the aircraft. The AeroSync Mission (AEC115) provides high-speed transmission of flight, mission, and maintenance data, meeting the evolving needs of modern avionics.

In a strategic move in May 2022, Joby Aviation, a US-based aviation company, acquired Avionyx for an undisclosed amount. This acquisition is expected to provide Joby Aviation with valuable resources to support its certification activities, leveraging the expertise of an experienced team with a proven track record. Additionally, the acquisition will enable Joby Aviation to expand its business operations in the US. Avionyx, based in Costa Rica, is an aerospace company specializing in providing software and hardware engineering services for the commercial aerospace industry. This strategic acquisition aligns with Joby Aviation's growth strategy and enhances its capabilities in meeting the demands of the evolving avionics market.

Major companies operating in the avionics market include Safran SA, Honeywell International Inc., Thales Group, L-3 Avionics Systems, Raytheon Technologies Ltd., GE Aviation Inc., BAE Systems PLC, Meggitt PLC, Rockwell Collins Inc., Panasonic Avionics Corporation, Garmin Ltd., Universal Avionics System Corporation, Airbus SE, The Boeing Company, Cobham Limited, Curtiss-Wright Corporation, Teledyne Technologies Inc., Raytheon Technologies Corp., L3Harris Technologies Inc., Leonardo S.p.A., Moog Inc., Esterline Technologies Corporation, Astronics Corporation, Elbit Systems Ltd., FLIR Systems Inc., Avidyne Corporation, Aspen Avionics Inc., FreeFlight Systems, Mid-Continent Instruments and Avionics, Bendix Aviation Corporation

North America was the largest region in the avionics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the avionics market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the avionics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The avionics market consists of sales of weather control and display control. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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