The global market for commercial avionics systems features a highly consolidated vendor landscape, with the top four companies, namely Honeywell Aerospace, Garmin Ltd., Thales Group, and Rockwell Collins, cumulatively holding nearly 77% of the market in 2015, observes Transparency Market Research in a recent report. The highly competitive market is expected to become further competitive in the next few years as the leading companies focus more on the development of innovative and technologically advanced systems. Low cost of entry into carrier systems is expected to lead to emergence of a number of new players in the near future.

Transparency Market Research estimates that the global commercial avionics systems market will exhibit a CAGR of 3.5% over the period between 2016 and 2024, rising from a worth of US$25.34 bn in 2016 to US$31.07 bn by 2024.

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North America Market to Continue Bullish Run

In terms of type of commercial avionics systems, the segment of navigation systems is expected to account for a dominant share in the revenue of the global commercial avionics systems over the report’s forecast period.  The leading share of the segment in the global market will be attributed to the increased use of flight management systems, multi-mode receivers, and GPS in commercial aircrafts, which require the presence of refined navigation systems for proper operation.

In terms of geography, the market in North America accounted for a massive share of 42.4% of the global market in 2015 and the region is expected to retain dominance over the report’s forecast period as well. Willingness of aviation companies to spend on technological advancements and an improved state of economic development are expected to help the regional market witness strong growth in the near future.

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