The global avionics market was valued at USD 91.32 billion in 2023 and is projected to grow from USD 99.33 billion in 2024 to USD 179.44 billion by 2032, reflecting a CAGR of 7.67% during the forecast period. In 2023, North America led the market, holding a 37.25% share. Fortune Business Insights™ provides this information in its research report, titled “Avionic Market Size, Share, 2024-2032”.
The avionics market is experiencing significant growth, driven by advancements in technology and an increasing demand for more efficient and safer aviation systems. Airlines and manufacturers are focusing on modernizing fleets, with innovations such as integrated flight management systems, enhanced navigation capabilities, and advanced communication technologies becoming essential. The shift towards automation and the rise of unmanned aerial vehicles (UAVs) further fuel market expansion. Additionally, environmental concerns are pushing for greener avionics solutions, leading to the development of eco-friendly technologies. The continuous evolution of air travel positions the avionics sector as a crucial player in shaping the future of the aerospace industry.
Key Players Mentioned in the Avionics Market Report: