PUBLISHER: The Business Research Company | PRODUCT CODE: 1712284
PUBLISHER: The Business Research Company | PRODUCT CODE: 1712284
An aircraft engine plays a vital role in the propulsion system by generating the mechanical power required for an aircraft's operation. These engines are typically powered by various fuels such as jet fuel, aviation gasoline (Avgas), jet B, and biokerosene.
The primary categories of aircraft engines available in the market include turboprop, turboshaft, turbofan, and piston engines. Turboshaft engines are a specialized type of jet engine designed to produce shaft power for driving machinery, rather than focusing on generating thrust. These engines utilize various technologies, including conventional, electric/hybrid systems, and are utilized in a range of aircraft types such as fixed-wing and rotary-wing, catering to diverse applications across general aviation, business aviation, recreational aviation, and other sectors.
The aircraft engines market research report is one of a series of new reports from The Business Research Company that provides aircraft engine market statistics, including aircraft engine industry global market size, regional shares, competitors with an aircraft engine market share, detailed aircraft engine market segments, market trends and opportunities, and any further data you may need to thrive in the aircraft engine industry. This aircraft engine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The aircraft engines market size has grown steadily in recent years. It will grow from $53.48 billion in 2024 to $55.07 billion in 2025 at a compound annual growth rate (CAGR) of 3.0%. 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 $63.04 billion in 2029 at a compound annual growth rate (CAGR) of 3.4%. 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.
Rising air passenger traffic is anticipated to serve as a significant driver for the aircraft engine market's growth during the forecast period. As an example, data from the International Civil Aviation Organization (ICAO) in February 2023 indicates a substantial 47% increase in the total number of air passengers carried globally in 2022 compared to the previous year. Furthermore, a remarkable 70% rise in revenue passenger kilometers (RPKs) was reported in comparison to 2021. To accommodate this escalating air traffic, numerous airlines are undertaking fleet modernization efforts by procuring new aircraft, thus creating a heightened demand for new and advanced engines. Projections from the International Air Transport Association (IATA) suggest that the number of passengers could potentially double by 2037, reaching 8.2 billion. Consequently, the growth in air passenger traffic acts as a driving force behind the expansion of the aircraft engine market.
The anticipated growth in fleet modernization is set to become a driving force behind the aircraft engine market's expansion in the coming years. Fleet modernization entails the strategic process adopted by airlines and aviation operators to upgrade and replace their existing aircraft with more advanced, fuel-efficient models. Airlines aim to phase out older and less efficient aircraft from their fleets and replace them with newer alternatives to enhance fuel efficiency and address the growing demand for air travel. As an illustration, in February 2023, data from the International Civil Aviation Organization (ICAO) revealed that major aircraft manufacturers Airbus and Boeing recorded a remarkable 53% surge in aircraft orders and a 20% increase in deliveries compared to the figures from 2021. Hence, the upward trajectory in fleet modernization is poised to be a catalyst for driving growth in the aircraft engine market.
Major companies in the aircraft engines market are focusing on developing advanced solutions, such as hybrid electric engines, to address key industry needs. Hybrid electric engines combine traditional internal combustion engines (ICE) with electric propulsion technologies to improve fuel efficiency, reduce emissions, and enhance overall performance. For example, in June 2024, GE Aerospace, a U.S.-based aerospace company, began developing 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 improve performance and reduce fuel consumption. Initial testing of these electric components has been successfully completed.
Major companies in the aircraft engine market are making significant investments in engine maintenance, repair, and overhaul (MRO) facilities as part of their global expansion strategy. Engine MRO facilities are specialized centers or workshops dedicated to servicing, maintaining, repairing, and overhauling various types of aircraft engines to ensure their safe and efficient operation. A case in point is Safran S.A., a leading aerospace company based in France. In July 2023, Safran S.A. announced an investment of up to $359.9 million (€305 million) to establish three new industrial facilities in India. These facilities will focus on the creation of a commercial LEAP Engine maintenance, repair, and overhaul (MRO) center. Additionally, Safran has extended its collaboration to explore the development of 110 KN thrust military engines for India's twin-engine fighter program in partnership with DRDO. This strategic investment in MRO facilities is aimed at broadening their customer base and enhancing their presence in the global market.
In June 2022, Sukhoi, a Russian aircraft manufacturer with expertise in civil and military aircraft, and Russian Aircraft Corporation (MiG), an aerospace and defense company based in Russia, joined forces with United Aircraft Corporation (UAC), a subsidiary of the Rostec State Corporation. This merger was executed with the objective of bolstering UAC's financial capabilities, enhancing administrative and managerial efficiency, and mitigating non-production expenses and debt obligations. The Rostec State Corporation, a Russia-based entity, plays a pivotal role in supporting Russian industrial product developers and manufacturers.
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
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
The countries covered in the aircraft engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The aircraft engine market consists of sales of aircraft engines of various types such as jet and reciprocating engines to run the aircraft. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Aircraft Engines Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on aircraft engines market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for aircraft engines ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The aircraft engines market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.