According to our latest market study on "Aircraft Interface Device Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Platform, Connectivity, Fit Type, and Aircraft Type," the market is projected to reach US$ 354.10 million by 2028 from US$ 174.06 million in 2021; it is expected to grow at a CAGR of 11.5% from 2022 to 2028.
Avionics technology in the aviation industry is undergoing a significant transformation, primarily driven by the need for increased safety of passengers and crew. The emphasis on safety measures by airlines, aircraft manufacturers, regulatory bodies, and component manufacturers has led to the introduction of newer technologies by component manufacturers, thereby boosting the aircraft interface device market. While the current market is dominated by established players, the increasing demand for aircraft interface devices is expected to attract more players to enter the market. As a result, the bargaining power of suppliers, which is currently moderate, is expected to increase to a higher level by the end of the forecast period.
The software installed in an aircraft interface device plays a crucial role in generating and displaying real-time aircraft data on electronic flight bags, allowing pilots to monitor critical information such as airspeed, position, and temperature. The demand for software upgrades is rising, and it is expected to be a significant growth factor for the aircraft interface device market in the near future. Airlines and military forces that have already installed AIDs are increasingly focusing on software upgrades to access more data, which is expected to contribute to the growth of the aircraft interface device market. As a result, the software segment is expected to drive the market's growth and increase the overall aircraft interface device market size.
The aerospace industry in the Asia-Pacific (APAC) region has been significantly impacted by the COVID-19 pandemic, resulting in a decline in air transportation and changes in customer attitudes towards the sector. According to the International Air Transport Association (IATA), airlines in the region experienced a revenue loss of approximately US$ 113 billion in 2020 due to reduced demand and border restrictions. As a consequence, many aircraft were grounded, including popular models such as the Boeing 747 and Airbus A380. Additionally, China, one of the leading aerospace manufacturing countries in the region, was heavily affected during Q1 and Q2 of 2020, resulting in the shutdown of major manufacturing facilities such as Airbus and Boeing, causing low demand for various components and systems. COMAC, an indigenous aircraft manufacturer in China, also faced production halts for its C919 during Q1.
The aircraft interface device market is segmented based on platform, connectivity, fit type, aircraft type, and geography. Based on platform, the aircraft interface device market is segmented into hardware and software. In terms of connectivity, the aircraft interface device market is categorized into wired and wireless. By fit type, the aircraft interface device market is bifurcated into line fit and retrofit. Based on aircraft type, the aircraft interface device market is divided into fixed wing and rotary wing. Based on geography, the aircraft interface device market is primarily segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Thales Group; Honeywell International, Inc.; AMETEK, Boeing, and Collins Aerospace are among the key players profiled during the study of the aircraft interface device market.
Key Findings of Study:
The North American economy is characterized by high living standards and individual incomes. As a result, airplanes are a popular mode of transportation for domestic travel in the region, leading to a significant amount of air passenger traffic. North Americans have the highest average passenger miles flown globally. According to IATA data from 2020, American aviation service providers carried approximately 401.7 million passengers. This high air traffic in the region is driving demand for commercial aircraft, presenting growth opportunities for aircraft interface device manufacturers, as well as aircraft manufacturing and MRO service providers operating in North America. Consequently, the aircraft interface device market size in North America is expected to grow.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com