The global avionics market was valued at USD 44.68 billion in 2023 and is projected to reach USD 85.29 billion by 2030, growing at a CAGR of 9.7% from 2024 to 2030. Market growth is primarily driven by the increasing demand for connected, efficient, and cost-effective aircraft systems.
Rising global demand for domestic and international air travel, particularly across developing economies, has led to increased orders for new commercial aircraft. This surge is fueling the need for advanced avionics systems that ensure compliance with stringent safety regulations while enhancing operational performance and passenger experience. Airlines are increasingly investing in fleet modernization, integrating next-generation avionics to improve fuel efficiency, reduce operational costs, and maintain competitive advantage. Consequently, the expansion of the commercial aviation sector continues to significantly support market growth.
Key Market Trends & Insights
- North America dominated the global avionics market, accounting for a revenue share of 33.22% in 2023.
- The U.S. held the largest share of the North American avionics market in 2023.
- By system, the navigation systems segment led the market, capturing 34% of total revenue in 2023.
- By component, the hardware segment accounted for the largest market revenue share in 2023.
- By platform, the military aviation segment is expected to register the fastest CAGR during the forecast period.
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Market Size & Forecast
- 2023 Market Size: USD 44.68 Billion
- 2030 Projected Market Size: USD 85.29 Billion
- CAGR (2024–2030): 9.7%
- North America: Largest market in 2023
Competitive Landscape
The avionics market is characterized by the presence of several leading players that collectively hold significant market share and influence industry trends through continuous innovation and strategic collaborations.
Key Players Include:
- Thales S.A.
- Honeywell International Inc.
- RTX Corporation
- L3Harris Technologies, Inc.
- Leonardo S.p.A.
- General Electric Company
- BAE Systems plc
- Northrop Grumman
- Elbit Systems Ltd.
- Safran S.A.
Recent Developments
- November 2023: AIBOT US Operations LLC partnered with Honeywell International Inc. to integrate Honeywell’s Compact Fly-By-Wire (cFBW) technology into AIBOT’s manned and unmanned eVTOL aircraft, enhancing design flexibility, efficiency, and safety.
- October 2023: RTX Corporation demonstrated a solid-state circuit breaker aimed at improving hybrid-electric propulsion systems for next-generation aircraft, supporting the industry’s push toward net-zero carbon emissions by 2050.
- May 2023: Lockheed Martin Corporation partnered with IFS Global to deliver advanced services and solutions that help aerospace and defense organizations modernize equipment and digital infrastructure.
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Conclusion
The avionics market is set for sustained growth, driven by expanding air travel demand, fleet modernization initiatives, and technological advancements in connected and efficient aircraft systems. Continuous innovation, strategic partnerships, and increasing investments in both commercial and military aviation will play a critical role in shaping the future of the global avionics industry.
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