Total sales exceed $2.8 billion for the year
LEE'S SUMMIT, MISSOURI, Feb. 20, 2023 -- The Aircraft Electronics Association released its 2022 year-end Avionics Market Report, and total worldwide business and general aviation avionics sales for the year amounted to $2,877,281,308, or more than $2.8 billion as reported by the participating companies. The dollar amount represented a 21.5% increase in total year-end sales compared to 2021, which is the largest annual percentage increase in the 11-year history of the report.
During the fourth-quarter months of October, November and December, sales increased 31.2% compared to the same time frame one year ago, marking the largest quarterly year-over-year percentage increase in the report's history. Fourth-quarter sales increased 7.2% sequentially from the third quarter of 2022 and marked the 10th consecutive quarter of increasing sales.
2022 Year-End Worldwide Business & General Aviation Avionics Sales
| Quarter | Retrofit |
Forward-fit |
Total Sales |
|---|---|---|---|
| 1Q 2022 | $280,369,625.35 | $354,176,395.08 | $634,546,020.43 |
| 2Q 2022 | $335,320,680.00 | $373,375,861.00 | $708,696,541.00 |
| 3Q 2022 | $333,335,061.00 | $407,917,222.00 | $741,252,283.00 |
| 4Q 2022 | $441,756,889.00 | $352,725,645.00 | $794,482,534.00 |
| 2022 Totals* | $1,385,636,432.00 | $1,491,644,876.00 | $2,877,281,308.00 |
*-Note that the 2022 year-end totals do not exactly equal the sum of the four quarterly amounts as reported earlier in the year. This variance is the result of seasonally adjusted year-end numbers by some of the participants. In addition, the number of companies that participate in the AEA Avionics Market Report may change on a quarterly and/or annual basis. This may occur due to mergers and acquisitions during the year along with new companies participating in the reporting process. Any comparative analysis of the data should take this variance into consideration. All dollar amounts noted are U.S. dollars.
The dollar amount reported (using net sales price, not manufacturer's suggested retail price) includes: all business and general aviation aircraft electronic sales – including all component and accessories in cockpit/cabin/software upgrades/portables/certified and noncertified aircraft electronics; all hardware (tip to tail); batteries; and chargeable product upgrades from the participating manufacturers. The amount does not include repairs and overhauls, extended warranty or subscription services.
Of the more than $2.8 billion in sales in 2022, 48.2% came from the retrofit market (avionics equipment installed after original production), while forward-fit sales (avionics equipment installed by airframe manufacturers during original production) amounted to 51.8% of sales.
According to the companies that separated their total sales figures between North America (U.S. and Canada) and other international markets, 74.9% of the 2022 sales volume occurred in North America (U.S. and Canada), while 25.1% took place in other international markets.
2022 percentage of total sales by market
| Quarter | Retrofit | Forward-fit |
|---|---|---|
| 1Q 2022 | 44.2% | 55.8% |
| 2Q 2022 | 47.3% | 52.7% |
| 3Q 2022 | 45.0% | 55.0% |
| 4Q 2022 | 55.6% | 44.4% |
| 2022 Totals | 48.2% | 51.8% |
2022 percentage of total sales worldwide
| Quarter | U.S./Canada | Other International |
|---|---|---|
| 1Q 2022 | 72.7% | 27.3% |
| 2Q 2022 | 74.5% | 25.5% |
| 3Q 2022 | 73.8% | 26.2% |
| 4Q 2022 | 77.9% | 22.1% |
| 2022 Totals | 74.9% | 25.1% |
The AEA Avionics Market Report should not be considered a predictive indicator of future industry sales activity. The circumstances discussed in the report may not occur in future time periods, and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting the AEA Avionics Market Report and the companies that participate in the report. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made, and the Aircraft Electronics Association, along with the participating companies in the AEA Avionics Market Report, undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
"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. The $2.8 billion in sales for 2022 falls short of the 2019 year-end sales when industry notched a record $3 billion just prior to the international health crisis, but we are trending in the right direction with positive gains over the past 10 quarters."
Below is a review of the year-end totals for the 11-year history of the AEA Avionics Market Report. Participating companies began separating total sales into retrofit/forward-fit sales in 2013.
Yearly Totals
| Year | Retrofit | Forward-fit | Total Sales | % Change From Previous Year |
|---|---|---|---|---|
| 2022 | $1,385,636,432.00 | $1,491,644,876.00 | $2,877,281,308.00 | +21.5% |
| 2021 | $1,291,830,350.00 | $1,075,761,854.00 | $2,367,592,204.00 | +6.5% |
| 2020 | $1,242,782,844.00 | $980,946,483.00 | $2,223,729,327.00 | -26.0% |
| 2019 | $1,657,413,394.00 | $1,348,426,111.00 | $3,005,839,505.00 | +10.2% |
| 2018 | $1,556,360,964.00 | $1,172,296,145.00 | $2,728,657,109.00 | +17.3% |
| 2017 | $1,342,516,992.84 | $984,335,543.95 | $2,326,852,536.79 | +2.9% |
| 2016 | $1,117,656,848.00 | $1,143,877,972.00 | $2,261,534,820.00 | -6.4% |
| 2015 | $1,187,389,485.21 | $1,229,049,502.21 | $2,416,438,987.42 | -4.4% |
| 2014 | $1,228,201,491.23 | $1,299,365,811.19 | $2,527,567,302.42 | +4.0% |
| 2013 | $1,114,263,226.00 | $1,315,035,458.50 | $2,429,298,684.50 | +9.0% |
| 2012 | N/A | N/A | $2,229,317,197.54 | N/A |
More information about the AEA Avionics Market Report is available online at www.aea.net/marketreport.
History and Background Information:
The AEA first introduced its Avionics Market Report March 26, 2013, during the 56th annual AEA International Convention & Trade Show in Las Vegas, Nevada.
Prior to 2012, there never had been an effort to capture the true dollar size of the business and general aviation avionics market. The concept to produce the AEA Avionics Market Report began in April 2012, when the AEA formed an ad hoc committee comprised of representatives of avionics manufacturers to create a tool for strategic planning and examining market share.
To ensure confidentiality, the participating manufacturing companies submit their sales figures to an independent third-party firm retained to produce the AEA Avionics Market Report. The companies currently participating in the report include:
- ACR Artex
- ALTO Aviation
- Anodyne Electronics Manufacturing Corp.
- Appareo
- Aspen Avionics
- BendixKing
- Blue Avionics
- Collins Aerospace
- FreeFlight Systems
- Garmin
- Genesys Aerosystems
- Gogo Business Aviation
- Honeywell Business & General Aviation
- Jupiter Avionics
- L3Harris Technologies
- Mid-Continent Instruments and Avionics
- Nighthawk Flight Systems Inc.
- PS Engineering
- Sandia Aerospace
- Shadin Avionics
- Trig Avionics Limited
- Universal Avionics, an Elbit Systems Co.
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Founded in 1957, the Aircraft Electronics Association represents nearly 1,300 member companies in more than 40 countries, including approved maintenance organizations specializing in maintenance, repair and installation of aircraft electronics systems in general aviation aircraft. The AEA membership also includes manufacturers of aircraft electronics equipment, instrument repair facilities, instrument manufacturers, airframe manufacturers, test equipment manufacturers, major distributors, engineers and educational institutions.