Market Overview
Aircraft Cockpit Display System Market is expected to reach USD 2,103.67 Million by 2027 at a CAGR of 3.30% during the forecast period. Market Research Future (MRFR), in its report, offers an in-depth look into the market.
Factors such as the rising need for enhanced safety, the growing demand for lightweight components, and the increasing focus on automating flight controls are projected to boost the market growth.
Regional Analysis
The aircraft cockpit display market has been studied for five key regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
North America was the global market leader accounting for a valuation of USD 612.57 million in 2019. The regional market value is projected to reach USD 696.72 million by 2027 at a 1.80% CAGR during the study period. The regional market comprises the US and Canada. The presence of established companies, such as Aspen Avionics Inc., L-3 Communication Holdings Inc., Esterline Technologies Corporation, and Honeywell International Inc., has resulted in the dominance of the North American market.
Asia-Pacific was the second-largest market with an estimated value of USD 439.00 million in 2019. It is expected to reach a valuation of USD 639.46 million by 2027, registering the fastest CAGR of 5.21% CAGR during the forecast period. The Asia-Pacific aircraft cockpit display system market includes China, Japan, India, South Korea, and the rest of Asia-Pacific. Countries such as China and India are increasingly investing in digitalizing aircraft cockpits. This, in turn, is propelling the growth of the region in the global market during the forecast period.
Europe accounted for the third-largest market share in 2019. The regional market is anticipated to witness a growing demand for aircraft cockpit display systems during the review period. The European aircraft cockpit display system market includes the UK, Germany, France, Italy, and the rest of Europe. Stringent regulatory guidelines pertaining to safety are encouraging European countries to adopt multifunction display units. The regional aircraft cockpit display system market is expected to reach USD 384.24 million by 2027.
The market in the Middle East & Africa is expected to reach a valuation of USD 195.39 million by 2027. The region is projected to witness noticeable growth over the forecast duration, primarily because of increasing air traffic resulting in a rise in the number of aircraft deliveries and burgeoning military spending. According to Airbus, commercial air traffic in the Middle East is anticipated to grow by 6%, while in Africa, it is projected to increase by 5.6%. Rising air traffic is expected to bolster the demand for new aircraft, which, in turn, is likely to contribute to the growth of the regional market.
The Latin American market is expected to reach a valuation of USD 185.28 million by 2027. In Latin America, the aircraft cockpit display system market growth is primarily driven by the increased air travel in the region. Owing to the rapid increase in the number of aircraft in the region the demand for aircraft cockpit displays is expected to rise significantly during the study period.
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Segmental Analysis
Extensive research has been conducted on the global aircraft cockpit display system market, which has been segmented by platform, display type, and display size.
Based on platform, the global aircraft cockpit display system market has been segmented into commercial and military. The commercial segment dominated the global market with an estimated valuation of USD 1,142.86 Million in 2019, and the segment is likely to register a CAGR of 3.43% during the forecast period. The military segment is expected to exhibit a CAGR of 3.00% during the forecast period.
By display type, the global aircraft cockpit display system market has been classified into primary flight, multifunction, engine-indicating & crew-alerting system. The primary flight segment is expected to exhibit the highest CAGR of 3.67% during the forecast period.
Based on display size, the global aircraft cockpit display system market has been classified into less than 5 inches, 5 inches to 10 inches, and greater than 10 inches. The greater than 10 inches segment held the major market share and was valued at USD 864.38 million in 2019.
Competitive Analysis
The major players operating in the global aircraft cockpit display system market are Aspen Avionics Inc. (US), Avidyne Corporation (US), Honeywell International Inc. (US), L-3 Communication Holdings Inc. (US), Northrop Grumman Corporation (US), Dynon Avionics (US), Elbit Systems Ltd. (Israel), Esterline Technologies Corporation (US), Garmin Ltd (US), Collins Aerospace Inc. (US), Thales Group (France), and Universal Avionics Display Type Corporation (US). Mergers, acquisitions, and collaborations are some of the key growth strategies adopted by these companies to strengthen their market positions.
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