Avionics Market to Surge at 8.45% CAGR from 2023 to 2030; GE Aerospace Struck Joined Forces with Lockheed Martin to Provide Superior Services on the F-35

The global avionics market size stood at USD 81.68 billion in 2022. The market value is slated to rise from USD 90.32 billion in 2023 to USD 159.35 billion by 2030 at a CAGR of 8.45% during 2023-2030. Fortune Business Insights™ presents this information in its report titled “Avionics Market Size, Share & COVID-19 Impact Analysis, By System (Hardware and Software), Platform (Commercial, Military, Business Jets, and General Aviation), End-Use (OEM and Aftermarket), and Regional Forecast, 2023-2030”. The surge is driven by the emergence of AI in military combat systems and the optimization of intercept profiles. This is expected to provide numerous opportunities for industry expansion and technology growth across various regions.

Industry Growth Affected by Delays in Aircraft Delivery amid COVID-19 Pandemic

The coronavirus pandemic registered delays in aircraft deliveries. This was observed on account of disruptions in the supply chain and the shortage of skilled labor. This led to backlogs with OEMs. In addition, some market participants also received the lowest orders in more than a decade during the pandemic period.

GE Aerospace Struck a Deal with Lockheed Martin to Support Avionics on the F-35

In April 2023, GE Aerospace inked an agreement with Lockheed Martin. The deal was focused on providing global support for electrical power systems and avionics on the F-35. The agreement was centered on ensuring the mission readiness and reliability of the aircraft.

GE Aerospace is a major provider of components, jet engines, electrical power systems, and avionics. The company and its joint ventures have an installed base of over 26,000 military and 40,000 aircraft engines.

Industry Value to Rise Owing to Surging Procurement of Modern Generation Aircraft

The global avionics market growth is being propelled by the escalating market of budget airlines and low-cost airlines. The industry expansion is further driven by the increasing procurement of modern generation aircraft.

However, high costs are involved in the maintenance of these systems. This may hamper industry expansion to some extent.

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Major Companies Enter Partnership Agreements to Increase Geographical Footprint

Leading market players adopt a range of strategic initiatives for strengthening their industry footholds and increasing their geographical footprints. These steps include acquisitions, merger agreements, and the formation of alliances. Additional steps comprise partnership deals, collaborations, and the rollout of new solutions.

Key Players

• BAE Systems PLC (U.K.)


• Cobham PLC (U.K.)


• Raytheon Technologies Corporation (U.S.)


• Garmin Ltd. (U.S.)


• General Electric Company (U.S.)


• Honeywell International Inc. (U.S.)


• L3Harris Technologies Inc.(U.S.)


• Meggitt Ltd. (U.K.)


• Safran S.A. (France)


• Teledyne Technologies Incorporated. (U.S.)


• Thales Group (France)


• Transdigm Group Inc. (U.S.)

Key Industry Development

• April 2023 – GE Aerospace and AJW Group entered a collaboration. The deal focused on supporting avionics and electrical power systems across the B777, B737, and A320/30/40 aircraft family.

Further Report Findings

• The presence of major manufacturers in North America is estimated to augment avionics market share in the region. North America dominated the market in 2022 and is poised to expand at a substantial rate over the estimated period.


• The Asia Pacific market is slated to grow at a healthy CAGR over the study period. The rises is driven by the expanding aviation sector in India and China.


• Based on system, the market is segmented into hardware and software. The hardware segment is estimated to grow at a considerable CAGR over the study period. The growth is driven by the multitasking capability of the systems.


• On the basis of platform, the market is classified into commercial, military, business jets, general aviation, and helicopters. The commercial segment is touted to grow at a remarkable rate over the projected period. The growth is driven by the increasing commercial aircraft demand.


• Based on end-use, the market is categorized into original equipment manufacturers and aftermarket. The aftermarket segment is estimated to grow at a considerable rate throughout the projected period. The expansion is due to a rise in upgradation programs from a range of commercial airlines.

Table of Segmentation