|03-13-2018 05:11 PM CET - Advertising, Media Consulting, Marketing Research||
Increasing Passenger Air Traffic and Aircraft Deliveries Is Propelling the Growth of Avionics Market in Asia Pacific Region
Press release from: Xpodence Research
The market for Avionics in Asia Pacific region is witnessing a high growth and is anticipated to dominate the market share in terms of revenues for the forecast period. The market is highly influenced by the rapidly increasing population of the developing economies of the Asia Pacific region. Furthermore, the developing countries of the region are experiencing high passenger air traffic for both tourism and business purposes.
The avionics market is experiencing a shift to a satellite based system from a ground-based air traffic control system and is in the direction of more high-speed, high-bandwidth, and compute-intensive avionics. Further, the increase in growth is highly attributed to an increase in aircraft deliveries particularly, in developing nations; need for improved flight operations through real-time data; as well as enhanced decision making, and adoption of avionics systems to fulfil advanced aircraft and regulatory requirements.
The developing economies worldwide are taking initiatives to improve their infrastructure including, developments of airports and air connectivity with different countries. This will result in riding demand for aircrafts. For instance, the Chinese government, under its 13th Five-Year Plan 2016-20, is planning to build additional 74 civil airports as per a report released by CAAC. Furthermore, by 2020, the government plans to build over 500 airports for its general aviation industry. Also, the Indian governments has plans to build around 100 airports for extending its air connectivity.
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The high competition in the general aviation industry and resulted in expansion of low-cost travel, along with the rising affordability of population in Asia Pacific is another reason for the high passenger traffic. Also, a large population of these emerging economies is moving to urban areas and government of these economies are investing in smart cities. This would result in better internet infrastructure thus, these factors would influence the market growth for avionics in Asia Pacific.
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