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Commercial Avionics Market Forecast | 2023-2028
Commercial Avionics Market, Size, Share, Dynamics, Trends, Forecast, Growth, and Industry Analysis: 2023-2028
Commercial avionics systems are referred to as electronic systems which are used on a commercial aircraft for monitoring, navigation, and related functions. The rising adoption of next-generation flight management systems is a key growth factor. The commercial aircraft avionics industry is mainly dependent on the demand for new aircraft and upgrades of avionics for existing aircraft.
The market is expected to grow at a CAGR of 16.4% during the upcoming five years.
North America is expected to grow at the highest CAGR in the following years.
Honeywell International Inc. (The U.S), General Electric Company (The U.S), Thales Group (France), BAE Systems PLC (UK), Cobham PLC (UK), Esterline Technologies Corporation (The U.S), Diehl Stiftung & Co. KG (Germany), L3Harris Technologies Inc., Collins Aerospace (Raytheon Technologies Corporation) (The U.S), and Meggitt PLC (UK). are the key companies in the market.
The narrow-body segment has the largest share of the market during the estimated time.
The study period of the market is 2017-2028.
The mandate for automatic dependent surveillance and strong growth in the retrofit aircraft market are some of the key factors propelling the product demand. Also, robust growth in emerging countries, the advent of advanced avionic systems for next-gen aircraft, rising need for real-time data, and growing number of aircraft orders further augment the market growth.
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