The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
The commercial aircraft next-gen avionics market is projected to grow from $3.08 billion in 2023 to $3.46 billion in 2024, reflecting a CAGR of 12.0%. Key factors for this growth include rising air traffic, increased travel and tourism, population growth, and the overall development of the aviation industry.
What Is the Expected Size of the Global Commercial Aircraft Nextgen Avionics Market, and How Fast Will It Grow?
The market size is expected to see rapid growth in the next few years. It will grow to $5.37 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to emerging market demand, fuel-efficient airframe designs, sustainable aviation materials, market entry of new players, and growing need for commercial aircrafts. Major trends in the forecast period include digital cockpit modernization, advancements in connectivity and communication, autonomous flight technologies, ai and machine learning, and advancements in human-machine interface (hmi).
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What Is Accelerating Growth in the Commercial Aircraft Nextgen Avionics Market?
The market is expected to grow alongside rising air passenger traffic. As more travelers take to the skies, effective air traffic management becomes crucial, and NextGen avionics systems play a vital role in enhancing safety and efficiency. The International Civil Aviation Organization reported a 65% increase in air travelers in early 2022 compared to the previous year, driving demand for advanced avionics solutions.
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Who Are the Major Players Influencing the Commercial Aircraft Nextgen Avionics Market's Growth?
Major companies operating in the market include Cobham Limited, Curtiss-Wright Corp., General Electric Company, Honeywell International Inc., L3Harris Technologies Inc., Raytheon Technologies Corporation, Safran S.A, Teledyne Technologies Incorporated, Thales Group, Elbit Systems of America LLC, Esterline Technologies Corporation, Garmin International Inc., Panasonic Avionics Corporation, United Tech Corporation, Universal Avionics Systems., BAE Systems plc, Garmin Ltd., Raytheon Technologies Corp., Meggitt plc, UAVIONIX Corporation, CMC Electronics Inc., Rockwell Collins Inc., Astronics Corporation, GE Aviation LLC, Sagem SA, Avionics Services Ltd., Avidyne Corporation, Becker Avionics GmbH, Bendix Aviation Corporation, Chelton Flight Systems, Cobham Aerospace Communications, Comant Industries Inc., DAC International, FreeFlight Systems, Genesys Aerosystems, Honeywell Aerospace Ltd., Innovative Solutions & Support Inc., L3Harris Technologies Inc., Mid-Continent Instruments and Avionics, NavWorx Inc., Rockwell Collins Inc., Sandel Avionics Inc.
What Are the Latest Trends Influencing Commercial Aircraft Nextgen Avionics Market Size?
In the market, companies are adding cloud connectivity to improve their systems' functionality. This connectivity enables aviation systems to share information with remote servers. For example, in October 2021, Honeywell launched the Honeywell Anthem flight deck, a cloud-connected cockpit system designed to enhance flight efficiency and safety, customizable for various aircraft types.
How Is The Global Commercial Aircraft Nextgen Avionics Market Segmented?
The commercial aircraft nextgen avionics market covered in this report is segmented –
1) By Systems: Flight Management System, Communication System, Electric and Navigation System, Surveillance and Emergency System, Collision Avoidance System, Weather System, Others Systems
2) By Installation Stage: Forward Fit, Retrofit
3) By End User: Regional, Narrow Body, Wide Body
Geographical Insights: Asia-Pacific Leading The Commercial Aircraft Nextgen Avionics Market
Asia-Pacific was the largest region in the market in 2023. North America is expected to be the fastest growing region in the forecast period. The regions covered in the commercial aircraft nextgen avionics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Commercial Aircraft Nextgen Avionics Market Definition
Next-generation avionics in commercial aircraft refer to integrated technologies that enhance surveillance, navigation, and communication, improving safety and efficiency while reducing emissions.
The Commercial Aircraft Nextgen Avionics Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Commercial Aircraft Nextgen Avionics Market Report: Trends, Opportunities, Strategies, and More
The Commercial Aircraft Nextgen Avionics Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into commercial aircraft nextgen avionics market size, commercial aircraft nextgen avionics market drivers and trends, commercial aircraft nextgen avionics market major players, commercial aircraft nextgen avionics competitors' revenues, commercial aircraft nextgen avionics market positioning, and commercial aircraft nextgen avionics market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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