Avionics Sales Jump 23% Year-Over-Year
Total avionics sales increased 22.6% in the first quarter of 2023 compared to the same…
Total avionics sales increased 22.6% in the first quarter of 2023 compared to the same period in 2022, according to the Aircraft Electronics Association’s first quarter 2023 Avionics Market Report.
Worldwide business and general aviation avionics sales grew by USD$143.1 million year-over-year to USD$777.6 million in Q1 2023; of which USD$309.9 million was for retrofit purposes, and USD$467.7 million was for forward-fit. Retrofit sales grew 10.5% year-over-year, while forward-fit sales increased 32.1% over the same period. North America accounted for 74.5% of total sales over the quarter.
Whilst year-over-year growth was positive, total sales in the first quarter of the year were 2.1% lower compared to the fourth quarter of 2022; snapping a streak of 10 consecutive quarters of increasing sales.
“This quarterly report offers mixed results, as the industry posted a lower dollar amount in sales when compared to the fourth quarter of last year, while at the same time reporting an increase in sales of more than 22% compared to the first three months of 2022,” said Mike Adamson, President & CEO, Aircraft Electronics Association. “The industry garnered the largest forward-fit sales volume in the history of the report with more than $467 million in avionics sales to OEMs. It is only the second time that quarterly sales have topped $400 million in that category.”
Last year was strong for avionics sales, with year-end sales reaching USD$2.8 billion. However, the total sales fell just shy of the record-breaking 2019 year-end sales of USD$3 billion.
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