The global avionics market size is expected to reach USD 83.49 billion by 2030, according to a new study by Polaris Market Research. The report “Avionics Market Share, Size, Trends, Industry Analysis Report, By System; By Fit; By Platform (Commercial, Military, General); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides an analysis of future market growth.
The continuous modernization of existing avionics with a next-generation integrated system and growing R&D spending by governments drives the market growth. Furthermore, the rising demand for fuel-efficient aircraft with the advanced aircraft computer system is a key driving factor of market growth.
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In addition, the rising demand for military aircraft in emerging economies such as China & India will spur the market. Governments in these nations are heavily invested in advanced aircraft systems. For instance, In September 2016, the Indian government signed a contract with the French government to supply 36 Rafale fighter jets.
The COVID-19 pandemic had a negative impact on the demand for the market owing to a high decline in passenger traffic with stringent government regulations across the globe. Moreover, a steep decrease in government investment also hampered the market.
Avionics Market Report Highlights
Polaris Market Research has segmented the avionics market report based on system, fit, platform, and region:
Avionics, System Outlook (Revenue - USD Billion, 2018 - 2030)
Avionics, Fit Outlook (Revenue - USD Billion, 2018 - 2030)
Avionics, Platform Outlook (Revenue - USD Billion, 2018 - 2030)
Avionics, Regional Outlook (Revenue - USD Billion, 2018 - 2030)