The Aircraft Electronics Association has released its third-quarter 2014 Avionics Market Report which shows that total worldwide business and general aviation avionics sales during July, August and September 2014 amounted to more than $614m.

Despite representing a 5 percent decrease compared to Q3 2013 ($646m), overall sales in the first nine months of this year are up 2.7 percent at just over $1.9bn.

"While it is disappointing to see the third-quarter sales drop slightly compared to the first half of the year, the industry has experienced modest year-over-year growth in sales compared to the first nine months of 2013," said Paula Derks, AEA president. "The report is only in its second year of quarterly reporting, so it's difficult to draw any conclusions on seasonality of sales just yet; however, this will be worth watching in future years."

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 $614m in total sales in the third quarter, $323,685,864.93 came from forward-fit (avionics equipment installed by airframe manufacturers during original production) sales and comprised 52.7 percent of total sales. Retrofit (avionics equipment installed after original production) sales amounted to $290,720,672.63, comprising 47.3 percent of total sales.

According to the companies that separated their total sales figures between North America (U.S. and Canada) and other international markets, 63.4 percent of the sales volume occurred in North America (U.S. and Canada), while 36.6 percent took place in other international markets.