Dublin, Feb. 11, 2025 (GLOBE NEWSWIRE) -- The "Aerospace Avionics Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global aerospace avionics market reached a value of nearly $77.0 billion in 2023, having grown at a compound annual growth rate (CAGR) of 1.99% since 2018. The market is expected to grow from $77.0 billion in 2023 to $97.55 billion in 2028 at a rate of 4.85%. The market is then expected to grow at a CAGR of 4.26% from 2028 and reach $120.18 billion in 2033.
This report describes and explains the aerospace avionics market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
Growth in the historic period resulted from growth in tourism, increasing commercial aircraft orders, rapid urbanization and increasing government support Factors that negatively affected growth in the historic period were high development and maintenance costs and shortage of skilled labor. Going forward, surging air passenger traffic, focus on fuel efficiency and increasing defense budget allocation will drive the growth. Factor that could hinder the growth of the aerospace avionics market in the future include increasing raw material costs and increased cyber-attacks.
Market-trend-based strategies for the aerospace avionics market include focus on use of generative AI to improve aircraft safety, expansion of ground handling services to enhance avionics support and operational efficiency, advancements in radar systems enhancing aerospace avionics capabilities, strategic partnerships driving innovation and advancements in aerospace avionics.
Player-adopted strategies in the aerospace avionics market include focuses on strategic partnerships to launch new products for future growth, improving its portfolio and strengthening its business through the product launch, strategic collaboration and partnership to enhance their capabilities, particularly in aerospace avionics.
To take advantage of the opportunities, the analyst recommends the aerospace avionics companies to focus on leveraging generative Ai to enhance avionics systems, focus on ground handling and maintenance services, focus on advancing avionics capabilities, focus on the fastest-growing market segment: navigation systems, expand in emerging markets, focus on strategic partnerships to drive innovation and market expansion, focus on developing effective pricing strategies, focus on enhancing digital marketing channels, focus on building strong industry partnerships, focus on developing strategies for commercial aviation and focus on targeting OEMs.
The aerospace avionics market is segmented by systems into flight control system, communication system, navigation system, monitoring system and other systems. The flight control system market was the largest segment of the aerospace avionics market segmented by systems, accounting for 38.9% or $29.97 billion of the total in 2023. Going forward, the flight control system segment is expected to be the fastest growing segment in the aerospace avionics market segmented by systems, at a CAGR of 5.00% during 2023-2028.
The aerospace avionics market is segmented by application into commercial aviation, military aviation, business jets and general aviation and other applications. The commercial aviation market was the largest segment of the aerospace avionics market segmented by application, accounting for 49.9% or $38.4 billion of the total in 2023. Going forward, the military aviation segment is expected to be the fastest growing segment in the aerospace avionics market segmented by application, at a CAGR of 5.42% during 2023-2028.
The aerospace avionics market is segmented by distribution channel into OEM and aftermarket The OEM market was the largest segment of the aerospace avionics market segmented by distribution channel, accounting for 81.3% or $62.59 billion of the total in 2023. Going forward, the aftermarket segment is expected to be the fastest growing segment in the aerospace avionics market segmented by distribution channel, at a CAGR of 5.33% during 2023-2028.
North America was the largest region in the aerospace avionics market, accounting for 34% or $26.14 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the aerospace avionics market will be Asia-Pacific and Africa where growth will be at CAGRs of 5.65% and 5.30% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 5.29% and 5.12% respectively.
Competitive Landscape
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. Raytheon Technologies Corporation (Collins Aerospace) was the largest competitor with a 3.4% share of the market, followed by Honeywell International Inc. with 3.4%, L3Harris Technologies, Inc. with 2.6%, General Electric (GE Aviation) with 2.2%, Thales S.A. with 2.1%, Safran SA with 1.9%, BAE Systems Plc. with 1.8%, Leonardo S.p.A. with 1.1%, Curtiss-Wright Corporation with 0.9% and Moog Inc. with 0.7%.
Aerospace Avionics Market Opportunities
- The top opportunities in the aerospace avionics market segmented by systems will arise in the flight control system segment, which will gain $8.27 billion of global annual sales by 2028.
- The top opportunities in the aerospace avionics market segmented by application will arise in the commercial aviation segment, which will gain $10.3 billion of global annual sales by 2028.
- The top opportunities in the aerospace avionics market segmented by distribution channel will arise in the OEM segment, which will gain $16.28 billion of global annual sales by 2028
- The aerospace avionics market size will gain the most in the USA at $4.72 billion.
Major Market Trends
- Use of Generative AI to Improve Aircraft Safety
- Expansion of Ground Handling Services to Enhance Avionics Support and Operational Efficiency
- Advancements in Radar Systems Enhancing Aerospace Avionics Capabilities
- Strategic Partnerships Driving Innovation and Advancements in Aerospace Avionics
Key Mergers and Acquisitions
- Barnes Group Acquired MB Aerospace
- Firefly Aerospace Acquired Spaceflight
- UAS Holdings Acquired Icon Aerospace
- Joby Aviation Acquired Avionyx
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 286 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $77 Billion |
| Forecasted Market Value (USD) by 2033 | $120.18 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
1.1 Aerospace Avionics - Market Attractiveness and Macro economic Landscape
2. Table of Contents
3. List of Tables
4. List of Figures
5. Report Structure
6. Market Characteristics
6.1 General Market Definition
6.2 Summary
6.3 Aerospace Avionics Market Definition and Segmentations
6.4 Market Segmentation by Systems
6.4.4 Flight Control System
6.4.5 Communication System
6.4.6 Navigation System
6.4.7 Monitoring System
6.4.8 Other Systems
6.5 Market Segmentation by Application
6.5.4 Commercial Aviation
6.5.5 Military Aviation
6.5.6 Business Jets and General Aviation
6.5.7 Other Applications
6.6 Market Segmentation by Distribution Channel
6.6.4 OEM
6.6.5 Aftermarket
Companies Featured
- Raytheon Technologies Corporation (Collins Aerospace)
- Honeywell International Inc.
- L3Harris Technologies, Inc.
- General Electric (GE Aviation)
- Thales S.A.
- Safran SA
- BAE Systems Plc.
- Leonardo S.p.A.
- Curtiss-Wright Corporation
- Moog Inc.
- Shenyang Aircraft Corporation (SAC)
- Aviation Industry Corporation of China Ltd
- Airbus
- ASPACE
- Archer Aviation Inc.
- Soracle Corp
- Hindustan Aeronautics Limited (HAL)
- BrahMos Aerospace
- Commercial Aircraft Corporation of China Ltd (COMAC)
- Shanghai Aircraft Manufacturing Factory
- Superior Aviation Beijing Co Ltd
- Mitsubishi Aircraft Corporation
- Kawanishi Aircraft Company
- ShinMaywa Aircraft Industries Ltd
- The Boeing Company
- Foxcon Aviation and Dirgantara Indonesia
- Israel Aerospace Industries (IAI)
- Cobham Aerospace Communications
- Solvay
- Thales Group
- IFS Global
- Lockheed Martin Corporation
- PPG Aerospace
- Northrop Grumman Corporation
- Bombardier Inc
- Embraer
- Boeing
- McDonnell Douglas
- Cessna
- Garmin
- BETA Technologies
- Panasonic Avionics Corporation
- GE Aerospace (General Electric Company)
- Avionyx
- Joby Aviation
- Atech Negocios em Tecnologias
- Helibras
- Invap S.E.
- Famae
- Calidus Aerospace
- Taqnia Aeronautics
- Elbit Systems
- Boeing Israel
- Rafael Advanced Defense Systems
- C&L Aerospace
- Astral Aviation
- StandardAero
- AvTech Africa
- Oasis Aviation
- Caverton Helicopters
For more information about this report visit https://www.researchandmarkets.com/r/qpmicj
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