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The global avionics market value reached around USD 76.74 billion in 2023. The market is further projected for steady growth over the forecast period of 2024-2032 at a CAGR of 4.50%.
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Hardware components of an aircraft, such as flight management systems and communication systems, are extremely crucial for safe and smooth flying. Flight management systems bolster the operational harmony between the integral elements of the aircraft linked with a flight from take-off to landing. A flight management system pre-programs the travel route of an aircraft which makes the journey accurate and timely.
Avionics demand forecasts the incorporation of flight management systems in commercial and military aircraft.
Meanwhile, communication systems are integral hardware in an aircraft as they improve the coordination between crew members and ground personnel. Therefore, the increasing need for efficient communication systems in commercial aircraft is anticipated to propel the avionics market growth.
As per the International Air Transport Association (IATA), in December 2023, the global air passenger market exhibited robust growth, with a 25.3% year-on-year increase in revenue passenger kilometers (RPK) and a 24.1% rise in available seat kilometers (ASK), leading to an overall load factor (PLF) of 82.1%, thus boosting the growth of the avionics market.
The Asia Pacific region led in growth with a 60.7% increase in RPK and a 53.4% rise in ASK, achieving an 81.2% load factor, up 3.7 percentage points (PT). Europe held the largest market share at 30.8%, with a 12.5% increase in RPK and a load factor of 85.1%, reflecting a 0.1 PT improvement. North America followed with a 28.8% market share, 10.6% growth in RPK, and an 82.9% load factor.
The Middle East showed a 16.4% rise in RPK and a load factor of 78.2%, while Latin America saw a 16.3% increase in RPK, achieving an 82.7% load factor with a notable 4.2 PT rise. Africa experienced a 12.1% growth in RPK and an 18.7% increase in ASK, but the load factor decreased by 4.3 PT to 73.2%. These trends underscore the positive momentum in the air passenger market, with significant growth across most regions and improved load factors indicating effective capacity utilisation.
Further, the air passenger market is expected to witness an additional 3,923 million passengers by 2040. The Asia Pacific region leads this expansion with a robust CAGR of 4.5%, expecting to add 2,536.8 million passengers by 2040. North America and Europe are set to recover by 2023, with North America adding 558.5 million passengers at a 2.2% CAGR and Europe increasing by 701.4 million passengers at the same growth rate. Africa and the Middle East both exhibit a 3.6% CAGR, with Africa adding 169.7 million passengers and the Middle East contributing 264.1 million. Latin America & the Caribbean is forecasted to recover by 2023, with a 2.8% CAGR leading to an additional 304.0 million passengers. These avionics market trends indicate a positive outlook for the air travel industry, driven by strong growth in emerging markets and steady increases in mature markets, indicating a resilient recovery and long-term expansion.
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“Global Avionics Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup on End-Use
Market Breakup on system
Market Breakup by Platform
Market Breakup by Region
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The market in Asia Pacific is being driven by the robust expansion of medium and large businesses which are generating a high demand for helicopters and aircraft. Countries like China and India account for a combined share of approximately 20% of the global military spending. In this regard, these countries are likely to witness a significant demand for military aircraft, thereby, propelling the growth of the avionics industry.
Moreover, there is a growing affordability of helicopters for religious tourism in India. They are used to visit pilgrimage sites located in mountains or hostile zones and are likely to be a crucial driving factor for the market in the region. Furthermore, the avionics industry revenues are anticipated to be aided by the strong foothold of major players.
The company designs and manufactures military equipment like submarines and fighter jets, providing advanced technology solutions globally.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by End-Use |
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Breakup by System |
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Breakup by Platform |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global market attained a value of nearly USD 76.74 billion.
The market is estimated to grow at a CAGR of 4.50% between 2024 and 2032.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The major drivers of the market include the rising expenditure in commercial aviation, increasing incorporation of aircrafts in the military sector, and growing expansion of the aircraft aftermarket.
Technological advancements in the military and defence industry are likely to be the key trends in the market.
The market is categorised according to the end use, which includes OEM and Aftermarket.
Based on the system, the market is divided into hardware and software.
Based on the platform, the market is divided into commercial aviation, business jets and general aviation, military aviation, and helicopters.
The market key players are BAE Systems plc, CCX Technologies, Safran Group, Curtiss-Wright Corporation, and Garmin Ltd, among others.
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