The global commercial aircraft nextgen avionics market size was US$ 1,651.6 million in 2021. The global commercial aircraft nextgen avionics market is forecast to grow to US$ 4,099.6 million by 2030 by growing at a compound annual growth rate (CAGR) of 8.9% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
The increasing dependency on avionics to make critical flying decisions is the primary factor driving the global commercial aircraft nextgen avionics market forward. In today’s world, almost every aircraft uses electronic systems to perform a variety of functions like offering services, tracking and reporting performance measures, and performing within recognized safety constraints. In addition to that, various advanced avionics are capable of managing costs and simplifying maintenance. As a result of such beneficial applications, the global commercial aircraft nextgen avionics market will grow rapidly.
Growing advancements in commercial aircraft nextgen avionics will fuel the growth of the overall market. For instance, Collins Aerospace is developing next-generation flight control computer systems. The system will have nearly 20 times the processing power of current generation systems. Thus, such advancements will gain significant traction during the analysis period.
Growing initiatives and incentives provided by government bodies to make aerospace safer and more efficient will contribute to the growth of the global commercial aircraft nextgen avionics market. The U.S. government is introducing various plans to modernize its air transportation system. For instance, the Federal Aviation Administration (FAA) intends to modernize the national airspace system (NAS) through new technologies and methods. These methods aim at enhancing the capacity, flexibility, and resilience of the aircraft. Thus, such efforts by governments will benefit the global commercial aircraft nextgen avionics market.
Growing air passenger traffic will escalate the growth of the commercial aircraft nextgen avionics market. The International Civil Aviation Organization (ICAO) estimates that the total number of commuters carried on scheduled flights increased by 3.65% in 2019 as compared to the previous year. Thus, it will upsurge the demand for efficient commercial aircraft nextgen avionics during the study period.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic has negatively impacted the entire aviation industry. The imposed lockdowns in various countries reduced the air passenger traffic, which resulted in a significant downfall for the overall commercial aircraft nextgen avionics market. In addition, this global health emergency also forced avionics parts manufacturing facilities to partially or completely stop the activities. As a result, the COVID-19 pandemic had an adverse effect on the global commercial aircraft nextgen avionics market.
Regional Analysis
The Asia-Pacific commercial aircraft nextgen avionics market is forecast to emerge as the largest market. It is owing to the increasing air passenger traffic in the region. In addition, growing initiatives for improving aviation infrastructure and government initiatives to strengthen the safety of the passengers will contribute to the growth of the commercial aircraft nextgen avionics market.
Europe is forecast to register a significant growth rate, owing to the presence of prominent airline component manufacturers in the region. In addition to that, growing investment and R&D activities will boost the growth of the European commercial aircraft nextgen avionics market.
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Competitors in the Market
- BAE Systems PLC
- Curtiss-Wright
- Cobham Limited
- General Electric Company
- L3Harris Technologies Inc.
- Raytheon Technologies Corporation
- Honeywell International Inc.
- Safran
- Teledyne Technologies Incorporated.
- Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Commercial Aircraft Nextgen Avionics industry experienced notable growth in its workforce. Starting in January, employment within the Commercial Aircraft Nextgen Avionics sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Commercial Aircraft Nextgen Avionics output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Commercial Aircraft Nextgen Avionics output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Commercial Aircraft Nextgen Avionics market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Commercial Aircraft Nextgen Avionics market.
Market Segmentation
The global commercial aircraft nextgen avionics market segmentation focuses on Systems, Installation Stage, Aircraft, and Region.
By Systems
- Flight Management System
- Communication System
- Electric and Navigation System
- Surveillance and Emergency System
- Collision Avoidance System
- Weather System
- Others (Health Monitoring, Tactical System, In-flight Entertainment)
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By Installation Stage
- Forward Fit
- Retrofit
By Aircraft Type
- Narrow Body
- Wide Body
By Regional Outlook
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Commercial Aircraft Nextgen Avionics Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Commercial Aircraft Nextgen Avionics Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Commercial Aircraft Nextgen Avionics Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Commercial Aircraft Nextgen Avionics Market Size
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Commercial Aircraft Nextgen Avionics market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Commercial Aircraft Nextgen Avionics market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Commercial Aircraft Nextgen Avionics business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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