Asia-Pacific Aircraft Avionics Market Size

Asia-Pacific Aircraft Avionics Market Analysis

The Asia-Pacific Aircraft Avionics Market size is estimated at USD 21.43 billion in 2024, and is expected to reach USD 38.83 billion by 2029, growing at a CAGR of 12.63% during the forecast period (2024-2029).

• Asia-Pacific is the fastest-growing aviation market in the world in 2022. Countries in the region, like India, China, Indonesia, and Vietnam, are among the fastest-growing aviation markets in the world. Tourism growth has also been defining the state of the commercial aviation market in the region. Increasing air traffic, rising spending on the aviation sector, and growing procurement of commercial and military aircraft create demand for avionics systems, which in turn drive the market growth. 
• According to the International Air Transport Association (IATA), in mid-2020, China surpassed the US in terms of passenger capacity and became the largest aviation market in the world. Also, the IATA projected that India will surpass the UK and become the third-largest aviation market by 2024.
• Furthermore, countries, like Indonesia, Malaysia, Vietnam, Thailand, and Singapore, among others, have been attracting massive passengers from various areas around the world, making the airlines introduce new routes and add new aircraft to their fleets. Furthermore, growing investments in the defense sector and procurement of next-generation fighter jets lead to rising demand for advanced avionics. The adoption of new navigation and communication systems for military aircraft drives the market growth. On the other hand, stringent design regulations from aviation authorities and the high cost of installation due to ongoing technological disruptions hinder market growth.