Avionics market to grow to $86.9 billion by 2024, driven by next-gen flight management systems, study says
NORTHBROOK, Ill. The avionics market around the world is expected to grow from $68.5 billion in 2019 to $86.9 billion by 2024, at a CAGR of 4.86% during the forecast period, according to a study available from MarketsandMarkets, "Avionics Market by End User, System, Platform And Region - Global Forecast to 2024."
Driving this growth in the worldwide market for avionics will be due largely to adoption of next-generation flight-management systems in avionics, the study authors found.
The study also found that the avionics market in the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period, as countries in the region will continue to upgrade their avionics capabilities by improving their aircraft emergency and electrical systems.
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