According to a recent study report published by the Market Research Future, the global market of commercial aircraft avionics will grow at a steady pace over the forecast period. The market is forecasted to witness slow but steady growth by 2023, which will be a surplus growth at a moderate CAGR during the projected period (2018 -2023).
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Based on type, the commercial aircraft avionics market is divided into flight control & management system, communication, navigation & surveillance system, electrical & emergency system, and other systems. The flight control & management system segment is estimated to witness the highest CAGR during the forecast period as airlines are focusing on procuring these systems to comply with the requirements of organizations such as the FAA to enhance aviation safety.
Based on aircraft, the commercial aircraft avionics market is divided into narrow-body, wide-body, and others. Although the narrowbody aircraft has lesser capacity than the widebody aircraft, they are larger in number. Some major narrowbody aircrafts are the Airbus A318, A319, A320, and A321; the Boeing B727s, and B737s. These aircrafts fly over short routes and are thus suited to cater the budget travellers. As of 2016, there were over 15,000 narrowbody planes, across the globe, which would be replaced by approximately 12,000 such planes by 2035. Moreover, there has been a rise in the number of low-cost carriers in the recent years, globally. This would result in the demand for avionics systems in these types of aircraft.
Based on fit, the commercial aircraft avionics market is divided into line-fit and retrofit. The retrofit segment is estimated to witness the highest CAGR during the forecast period as many airlines are keen on upgrading their airlines with advanced avionics systems.
The commercial aircraft avionics market has been segmented into North America, Europe, Asia Pacific and Rest of the World. North America is expected to be the largest market for commercial aircraft avionics. The commercial aircraft avionics market across the globe is expected to rise at a considerable pace during the forecast period due to rise in demand for new aircraft and focus on aircraft modernization programs in all the above-mentioned regions.
Cobham plc (UK), Curtiss-Wright Corporation (US), Esterline Technologies Corporation (US), Garmin Ltd. (US), Honeywell International Inc. (US), L3 Technologies, Inc. (US), Meggitt plc (UK), Teledyne Technologies, Inc. (US), Thales SA (France), United Technologies Corporation (US) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global commercial aircraft Avionics market.
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