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Global Aircraft Engine Market Analysis, Share, Forecast: By Engine Type: Turboprop, Turboshaft, Turbofan, Piston Engine, Others; By Wing Type: Fixed Wing, Rotary Wing; By Aircraft Type: Commercial, Military, General, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Global Aircraft Engine Market Outlook
The global aircraft engine market size attained a value of 95.1 billion in 2023. The market is expected to grow at a CAGR of 7.3% between 2024 and 2032, reaching almost 179.3 billion by 2032.
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North America to Dominate the Global Aircraft Engine Industry
Regionally, North America is expected to have the largest share in the global market for aircraft engine. This can be attributed to the presence of vast aviation sector and key global players, such as GE Aviation and Honeywell International Inc., in the United States. The increasing military expenditure by the Unites States is expected to propel the regional market growth. Additionally, the increasing technological advancements and the growing investments by the aircraft engine manufacturers to produce light weight compact engines with enhanced fuel efficiency are expected to propel the industry further. Meanwhile, the Asia Pacific is projected to witness a significant growth in the forecast period due to the rapid development of the aviation industry. Additionally, the increasing defence budgets and growing air fleet in emerging countries such as India and China, coupled with the rapidly developing industrial sector, are projected to contribute to the regional growth.
Aircraft Engine: Market Segmentation
Aircraft engines are primary power generating devices in the aircraft propulsion system. They are used to generate mechanical power and lift by drawing the air through inlet followed by compression, mixing with fuel, and combusting it. The expulsion of the hot and fast-moving gas through the exhaust propels the rocket. The growing global demand and increasing environmental concerns are leading to continuous technological advancements by manufacturers in order to improve fuel efficiency and performance.
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On the basis of engine type, the market is segmented into:
- Turboprop
- Turboshaft
- Turbofan
- Piston Engine
- Others
Based on wing type, the market is divided into:
- Fixed Wing
- Rotary Wing
The industry, on the basis of aircraft type, is categorised into:
- Commercial
- Military
- General
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rapid Technological Advancements to Improve Fuel Efficiency and Performance to Aid the Growth of the Aircraft Engine Industry
The global market for aircraft engine is being driven by the increasing technological advancements in the aviation industry. The increasing focus of the aircraft component manufacturers to enhance performance, improve fuel efficiency, and reduce engine weight is projected to aid the market growth. Moreover, the rapidly growing preference for air travel due to availability of cheaper flight options is pushing the airline companies to increase the fleet size to meet the growing demand. Additionally, the increasing investment in research and development (R&D) and rising defence expenditure for military aircrafts are expected to provide enhanced growth opportunities to the industry.
In 2020, the nationwide lockdowns and travel bans amidst the COVID-19 pandemic led to a steep decline in the global aviation industry, thereby significantly affecting the global market for aircraft engine during the same year. However, with ease in government restrictions, the market is projected to recover and reach pre -COVID levels in the forecast period.
Key Industry Players in the Global Aircraft Engine Market
The report presents a detailed analysis of the following key players in the global aircraft engine market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Honeywell International Inc.
- Safran Group
- General Electric Company
- Rolls-Royce plc
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Engine Type |
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| Breakup by Wing Type |
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| Breakup by Aircraft Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Aircraft Engine Market Analysis
8.1 Key Industry Highlights
8.2 Global Aircraft Engine Market Historical Market (2018-2023)
8.3 Global Aircraft Engine Market Forecast (2024-2032)
8.4 Global Aircraft Engine Market by Engine Type
8.4.1 Turboprop
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Turboshaft
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Turbofan
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Piston Engine
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Aircraft Engine Market by Wing Type
8.5.1 Fixed Wing
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Rotary Wing
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Aircraft Engine Market by Aircraft Type
8.6.1 Commercial
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Military
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 General
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Others
8.7 Global Aircraft Engine Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Aircraft Engine Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Aircraft Engine Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Aircraft Engine Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Aircraft Engine Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Aircraft Engine Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Honeywell International Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Safran Group
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 General Electric Company
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Rolls-Royce plc
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Aircraft Engine Market: Key Industry Highlights, 2018 and 2032
2. Global Aircraft Engine Historical Market: Breakup by Engine Type (USD Billion), 2018-2023
3. Global Aircraft Engine Market Forecast: Breakup by Engine Type (USD Billion), 2024-2032
4. Global Aircraft Engine Historical Market: Breakup by Wing Type (USD Billion), 2018-2023
5. Global Aircraft Engine Market Forecast: Breakup by Wing Type (USD Billion), 2024-2032
6. Global Aircraft Engine Historical Market: Breakup by Aircraft Type (USD Billion), 2018-2023
7. Global Aircraft Engine Market Forecast: Breakup by Aircraft Type (USD Billion), 2024-2032
8. North America Aircraft Engine Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Aircraft Engine Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Aircraft Engine Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Aircraft Engine Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Aircraft Engine Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Aircraft Engine Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Aircraft Engine Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Aircraft Engine Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Aircraft Engine Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Aircraft Engine Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Aircraft Engine Market Structure
Key Questions Answered in the Report
The global aircraft engine market is being aided by the growing demand for commercial aircraft engine, which reached a value of USD 95.1 billion in 2023.
The demand for commercial aircraft engine is expected to grow at a steady pace in the forecast period of 2024-2032 to attain USD 179.3 billion by 2032, further aiding the aircraft engine market.
The major market drivers include the increasing technological advancements in the aviation industry and the increasing focus of the aircraft component manufacturers to enhance performance, improve fuel efficiency, and reduce engine weight.
The growing availability of cheaper flight options, increasing investments in research and development (R&D) by leading companies, and rising defence expenditure for military aircrafts are the key trends augmenting the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant engine types considered in the market report are turboprop, turboshaft, turbofan, and piston engine, among others.
The major wing types in the market are fixed wing and rotary wing.
The different aircraft types considered in the market report are commercial, military, and general, among others.
The major players in the market are Honeywell International Inc., Safran Group, General Electric Company, and Rolls-Royce plc, among others.
Analyst Review
The global aircraft engine market aided by the growing demand for commercial aircraft engine, which reached a value of USD 95.1 billion in 2023, is driven by the increasing technological advancements in the aviation industry and the increasing focus of the aircraft component manufacturers to enhance performance, improve fuel efficiency, and reduce engine weight. The commercial aircraft engine market is expected to witness a further growth in the forecast period of 2024-2032, as the demand for commercial aircraft engine is further expected to grow at a steady pace in the forecast period of 2024-2032 to attain USD 179.3 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its engine types, the aircraft engine industry can be segmented into turboprop, turboshaft, turbofan, and piston engine, among others. The industry is bifurcated in terms of wing type into fixed wing and rotary wing. Leading aircraft types in the industry include commercial, military, and general, among others. The major regional markets for aircraft engine are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with North America accounting for the largest share of the market. The key players in the above market include Honeywell International Inc., Safran Group, General Electric Company and Rolls-Royce plc, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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