Avionics Market Worth $66.3 Billion by 2027 at a CAGR of 7.3%

1
Avionics Market Worth 66.3 Billion by 2027 at a
CAGR of 7.3
The Avionics Market size is projected to grow
from USD 46.7 Billion in 2022 to USD 66.3 Billion
by 2027, at a CAGR of 7.3 from 2022 to 2027. The
need for aircraft modernization to improve
operating safety and fuel economy is the factor
propelling the adoption of avionics that will
ultimately lower operational costs. Modern
avionics systems are factory installed in new
generation aircraft. The airlines and other
end users are undertaking a fleet modernization
to upgrade the older fleet with modern
initiative aircraft avionics
systems to match the

• service capabilities of the next generation
  aircraft.
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• Based on the System, the navigation segment of
  the market is projected to dominate market share
  as the demand for associated components such as
  altimeter, air data computer is anticipated to
  grow at a rapid pace. Additionally, to fulfill
  demand, the major airline is increasing the size
  of their fleet, which is equipped with modern
  inertial reference units and air data computers
  that are integrated with other avionics systems
  to increase operational efficiency. The
  development of navigational tools through
  technology has greatly fueled this market's
  expansion.
• Based on Platform, the military aviation segment
  is projected to dominate market share due to the
  increasing defence spending of military
  superpowers like the US, China, and Russia is
  anticipated to result in increased demand for
  military aircraft, which will support the
  expansion of the military avionics market.
  Furthermore, new developments in military
  aircraft, such as the incorporation of
  fifth-generation technology, stealth technology,
  and advanced composite materials, will strengthen
  the market for military aircraft.
• Based on Fit, the line fit aspect of the market
  dominates market share on account of the
  increasing number of deliveries to effectively
  cater to the rapidly growing passenger traffic.
  The fleet modernization plans are expected to be
  driven by the growing regulations that seek to
  improve the safety features given by aircraft and
  standardize the functions offered by certain
  types of aircraft.

2
Based on Region, North America accounted for the
largest market share in 2022, and Latin America
is projected to witness the highest CAGR during
the forecast period. The market for avionic in
the commercial and business aviation sectors in
these regions is expected to benefit from the
rising demand for air travel while the escalation
of global geopolitical rift is driving the race
for superiority in terms of military
capabilities, evident from enhanced defence
expenditure and investments in the modernization
of various defence equipment of countries such
as the US. Additionally, the increased
investment in the RD sector by the major OEMs to
develop the technologically advanced avionics
systems to meet the future aviation industry
demand. Ask for Sample Report _at_ https//www.market
sandmarkets.com/requestsampleNew.asp?id138098845
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