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What Is the Forecasted Market Size of the Aircraft Engines Market by 2029?
The aircraft engines market size has grown steadily in recent years. It will grow from $52.91 billion in 2024 to $54.27 billion in 2025 at a compound annual growth rate (CAGR) of 2.6%. The growth in the historic period can be attributed to commercial aviation growth, technological advancements, regulatory requirements, airline fleet modernization.
The aircraft engines market size is expected to see steady growth in the next few years. It will grow to $62.55 billion in 2029 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to sustainable aviation, emerging technologies, market growth in emerging economies, urban air mobility (uam). Major trends in the forecast period include fuel efficiency and emissions reduction, advanced materials and manufacturing, high bypass turbofans, geared turbofan engines.
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What Are the Major Drivers Propelling the Growth of the Aircraft Engines Market?
The growing air passenger traffic is expected to propel the growth of the aircraft engine market over the forecast period. For instance, in February 2023, according to the International Civil Aviation Organization (ICAO), a Canada-based specialized agency of the United Nations that governs international civil aviation, the total number of air passengers carried globally increased by 47% in 2022 compared to 2021. Moreover, a 70% increase was observed in revenue passenger kilometers (RPKs) compared to 2021. In order to meet the increasing air traffic, a number of airlines are revamping their fleet by purchasing new aircraft that create demand for new engines. The International Air Transport Association (IATA) has disclosed that the number of passengers could double in 2037 to 8.2 billion. Therefore, the growing air passenger traffic drives the growth of the aircraft engine market.
Which Segments Are Likely to Shape the Future Outlook of the 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
Which Major Trends Are Expected to Define the Aircraft Engines Market Through 2029?
Major companies operating in the aircraft engines market are focusing on developing technologically advanced solutions, such as hybrid electric engines to address several critical industry demands. Hybrid electric engines refer to power systems that combine traditional internal combustion engines (ICE) with electric propulsion technologies to improve fuel efficiency, reduce emissions, and enhance overall performance. For instance, in June 2024, GE Aerospace, a US-based aerospace company, launched the development of a hybrid electric demonstrator engine by modifying its existing Passport engines in collaboration with NASA. This initiative is part of NASA's Hybrid Thermally Efficient Core (HyTEC) project, which aims to integrate electric motor/generators into the engine to enhance performance and reduce fuel consumption. Initial testing of these electric components has been successfully conducted.
Which Major Organizations Influence the Direction of 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
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Which Region Holds the Largest Share of the Aircraft Engines Market?
North America was the largest region in the aircraft engine market in 2024. 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
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