The global aircraft engine market was valued at USD96.72 billion in 2021 and is anticipated to grow at a CAGR of 9.20% to reach USD166.81 billion by 2027. The flourishing tourism industry and increasing demand for the commercial aircraft industry are the primary factors driving the growth of the global aircraft engine market through the forecast period. Also, the ongoing technological advancements and increasing demand for fuel-efficient, high-performance aircraft engines are the other crucial factors expected to bolster the demand of the global aircraft engine market.
The growing expenditure capacity of consumers and high preference for comfort and convenience while traveling are expected to impact the aircraft demand across the globe. The ever-increasing air traffic makes aircraft manufacturers invest in research and development activities to find innovative solutions to create a safer and more reliable traveling experience for consumers. Fluctuating crude oil prices makes the manufacturers look for solutions to manufacture lightweight engines. The increasing demand for lightweight engines to boost engine efficiency makes aircraft manufacturers adopt 3D printing technology during the designing and manufacturing process. The use of novel materials like reinforced plastic, carbon fiber, and other composite materials to develop aircraft engines is expected to create lucrative growth opportunities for the global aircraft engine market.
The global aircraft engine market is segmented into engine type, aircraft type, platform, application, company, and regional distribution. Based on aircraft type, the market is divided into narrow body aircrafts, regional aircrafts, business aircraft, rotocrafts, wide body aircraft, and fighter aircraft. Narrow-body aircraft are holding the largest market share in 2021, with a market share of 30.80%, and are expected to maintain their dominance throughout the forecast period. Narrow-body aircrafts have higher fuel efficiency and low cost of operation, which is one of the major reasons they are preferred for short-haul routes. Also, the surging demand for domestic traveling and changing consumer preference to travel via airway is further expected to influence the market growth in the forecast period.
Pratt & Whitney (Raytheon Technologies Corporation), GE Aviation, Safran Aircraft Engines, Rolls-Royce plc, Honeywell International INC., MTU Aero Engines AG, Aero Engine Corporation of China (AECC), Continental Aerospace Technologies, Textron Inc. are the major market players operating in the global aircraft engine market.
Years considered for this report:
- Historical Years: 2017-2020
- Base Year: 2021
- Estimated Year: 2022
- Forecast Period: 2023-2027
Objective of the Study:
- To analyze the historical growth in the market size of the global aircraft engine market from 2017 to 2021.
- To estimate and forecast the market size of global aircraft engine market from 2022 to 2027 and growth rate until 2027.
- To classify and forecast the global aircraft engine market based on engine type, aircraft type, platform, application, company and regional distribution.
- To identify the dominant region or segment in the global aircraft engine market.
- To identify drivers and challenges for the global aircraft engine market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global aircraft engine market.
- To identify and analyze the profiles of leading players operating in the global aircraft engine market.
- To identify key sustainable strategies adopted by market players in the global aircraft engine market.
Key Target Audience:
- Aircraft engine manufacturers/ distributors
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums, and alliances related to aircraft engine
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global aircraft engine market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Aircraft Engine Market, Engine Type:
- Aircraft Engine Market, By Aircraft Type:
- Narrow Body Aircrafts
- Regional Aircrafts
- Business Aircrafts
- Wide Body Aircrafts
- Fighter Aircrafts
- Aircraft Engine Market, By Platform:
- Fixed Wing
- Rotary Wing
- Aircraft Engine Market, By Application:
- Aircraft Engine Market, By Region:
- United States
- United Kingdom
- Asia Pacific
- South Korea
- Middle East and Africa
- South Africa
Company Profiles: Detailed analysis of the major companies present in global aircraft engine market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).