What Has Been the Growth of the Aircraft Engines Market So Far?
The aircraft engines market has seen considerable growth due to a variety of factors.
• The size of the aircraft engines market has been consistently expanding over the recent years. The market worth is expected to increase from $53.48 billion in 2024 to $55.07 billion in 2025 at a compound annual growth rate (CAGR) of 3.0%.
Factors contributing to the growth during the historic period include the expansion of commercial aviation, advances in technology, regulatory stipulations, and the modernization of airline fleets.
What Is the Forecasted Market Size and Growth Rate for The Aircraft Engines Market?
The aircraft engines market is expected to maintain its strong growth trajectory in upcoming years.
• The steady expansion of the aircraft engines market is projected to continue in the coming years, with its worth anticipated to reach $63.04 billion in 2029, representing a compound annual growth rate (CAGR) of 3.4%.
Factors such as sustainable aviation, budding technologies, the expanding markets of emerging economies, and urban air mobility (UAM) are all set to contribute to this growth in the forecast period. Prevailing trends likely to shape the market in the future include the push towards fuel efficiency and emissions reduction, the advent of advanced materials and manufacturing techniques, the rise of high bypass turbofans, and the development of geared turbofan engines.
What Factors Are Driving Growth In The Aircraft Engines Market?
The aircraft engine market is predicted to flourish due to increasing air passenger traffic over the projection period. For example, in February 2023, the International Civil Aviation Organization (ICAO), a United Nations’ Canada-based specialized agency regulating international civil aviation, reported a 47% global increase in air passenger volume in 2022 compared to 2021. Additionally, there was a 70% rise in revenue passenger kilometers (RPKs) in comparison to 2021. Several airlines are looking to update their fleet by investing in new planes to cater to the growing air traffic, leading to increased demand for new engines. The International Air Transport Association (IATA) has revealed projections that, by 2037, the passenger count could potentially reach 8.2 billion, twice the current figure. As such, the expanding air passenger traffic is a major driving factor for the growth of the aircraft engine market.
What Are The Main Segments Of The Global Aircraft Engines Market?
The aircraft engines market covered in this report is segmented –
1) By Type: Turboprop, Turboshaft, Turbofan, Piston Engine
2) By Technology: Conventional Engine, Electric/Hybrid
3) By Platform: Fixed Wing, Rotary Wing
4) By Application: General Aviation, Business Aviation, Recreational Aviation, Others
Subsegments:
1) By Turboprop: Civil Turboprop Engines, Military Turboprop Engines
2) By Turboshaft: Civil Turboshaft Engines, Military Turboshaft Engines
3) By Turbofan: High-Bypass Turbofan Engines, Low-Bypass Turbofan Engines
4) By Piston Engine: Air-Cooled Piston Engines, Liquid-Cooled Piston Engines
Pre-Book The Aircraft Engines Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Emerging Trends Are Influencing The Growth Of The Aircraft Engines Market?
Leading corporations in the aircraft engines market are concentrating on the design and execution of technologically sophisticated schemes like hybrid electric engines to address numerous pivotal demands in the industry. Hybrid electric engines are power arrangements that blend classical internal combustion engines (ICE) with electric propulsion systems with the goal of enhancing fuel efficiency, reducing emission levels, and boosting overall performance. For instance, GE Aerospace, a US-based aerospace firm, began the development of a hybrid electric model engine by altering its pre-existing Passport engines in partnership with NASA in June 2024. This endeavor is a constituent of NASA's Hybrid Thermally Efficient Core (HyTEC) initiative, aiming to incorporate electric motor/generators into the engine for improved performance and reduced fuel usage. Preliminary tests of these electric elements have been carried out successfully.
Who Are the Key Players In The Aircraft Engines Market?
Major companies operating in the aircraft engines market include:
• General Electric Company
• Rolls-Royce Limited
• Honeywell International Inc.
• United Technologies Corporation
• Safran S.A.
• IAE International Aero Engines AG
• MTU Aero Engines
• Textron Inc.
• Hindustan Aeronautics Limited
• Klimov
• Continental Motors Group
• United Engine Corporation
• Motor Sich
• AVIC Aircraft
• Aero Engine Corporation of China
• Barnes Group
• Pratt & Whitney
• UEC-Aviadvigatel JSC
• Ivchenko-Progress
• NPO Saturn
• PowerJet
• EuroJet Turbo GmbH
• Xi’an Aero-Engine Corporation (XAEC)
• Guizhou Aircraft Industry Corporation (GAIC)
• IHI Corporation
• Williams International
• Austro Engine GmbH
• Textron Aviation Inc.
• BRP-Rotax GmbH & Co KG
• Teledyne Continental Motors
• Thielert Aircraft Engines GmbH
• UEC Saturn
• CFM International
• Engine Alliance
What Is The Most Dominant Region In The Aircraft Engines Market?
North America was the largest region in the aircraft engine market in 2023. North America is expected to be the fastest-growing region in the aircraft engines market during the forecast period. The regions covered in the aircraft engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
