Business and general aviation avionics sales brought in more than $2.8 billion in 2022, an increase of 21.5 percent compared to 2021’s $2.3 billion. According to the recently released Aircraft Electronics Association (AEA) 2022 year-end Avionics Market Report, 48.2 percent of avionics sales for the year came from the retrofit market and 51.8 percent from forward-fit sales. The report also noted that sales for the final quarter of 2022 came in at more than $794 million, a record 31.2 percent increase compared to the same time period in 2021.
“We have seen yearly sales rebound the last two years despite supply chain constraints and a tight labor market,” said AEA President and CEO Mike Adamson. “While it’s encouraging to see a record-breaking percentage increase in year-over-year avionics sales, the industry is still rebounding from the economic impact of the pandemic.”
Adamson noted that 2022’s $2.8 billion fell short of the 2019 year-end numbers, which hit $3 billion in sales. For companies that separated their sales figures between North America and other international markets, 74.9 percent of their 2022 sales volume occurred in the U.S. and Canada. Sales reported in AEA’s Avionics Market Report include all components and accessories in cockpit, cabin, software upgrades, portables, certified and noncertified aircraft electronics for business and general aviation aircraft along with all hardware, batteries and chargeable product upgrades from participating manufacturers.
Seems like it costs about a billion dollars to upgrade a 172 to a decent IFR panel nowadays so this does not surprise me…