Market Size of Commercial Aircraft Engines Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 61.82 Billion |
| Market Size (2029) | USD 113.99 Billion |
| CAGR (2024 - 2029) | 13.02 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Commercial Aircraft Engines Market Analysis
The Commercial Aircraft Engines Market size is estimated at USD 61.82 billion in 2024, and is expected to reach USD 113.99 billion by 2029, growing at a CAGR of 13.02% during the forecast period (2024-2029).
The rise in global air passenger traffic is leading to a growth in the demand for new commercial aircraft, driving the growth of the commercial aircraft engines market. The development of new medium- and small-sized airports in cities across Asia-Pacific and Middle East and Africa is propelling the demand for new aircraft to serve the new routes, thereby driving related growth of the commercial aircraft engines market.
Technological innovations are significantly fueling the growth of the market studied. The development of new models results in weight reduction, fewer noise footprints, fewer emissions, high thrust, reduction in maintenance operations, etc. However, the market is marred by economic fluctuations as the tenuous R&D cycle of advanced engines renders the players vulnerable to global economic disparities. In the future, hybrid propulsion engines will be developed and adopted until full electrification is achieved through the development of battery technology in areas such as weight reduction, less space requirement, and high power.
Commercial Aircraft Engines Industry Segmentation
An aircraft engine, often referred to as an aero engine, is the power component of an aircraft propulsion system. An aircraft engine also refers to the component of an aircraft that offers thrust to an aircraft while taxing or in the course of the flight. The major components of an aircraft engine encompass a fan, compressor, combustor, turbine, mixer, and nozzle. Each component plays a crucial role in the working of the aircraft engine.
The commercial aircraft engines market is segmented based on aircraft type, engine type, and geography. By aircraft type, the market has been divided into narrow-body aircraft, wide-body aircraft, and regional aircraft. By engine type, the market has been divided into turbofan and turboprop. The report also covers the market sizes and forecasts for the commercial aircraft engines market in major countries across different regions. The report offers the market size in value terms in USD for all the abovementioned segments.
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| Narrow-body Aircraft | |
| Wide-body Aircraft | |
| Regional Aircraft |
| Engine Type | |
| Turbofan | |
| Turboprop |
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Commercial Aircraft Engines Market Size Summary
The commercial aircraft engine market is poised for significant growth, driven by the increasing global air passenger traffic and the subsequent demand for new commercial aircraft. This demand is further bolstered by the development of new medium- and small-sized airports in regions such as Asia-Pacific and the Middle East and Africa, which necessitates the introduction of new aircraft to service emerging routes. Technological advancements play a crucial role in this market expansion, with innovations leading to engines that are lighter, quieter, and more efficient, while also reducing emissions and maintenance needs. Despite these positive trends, the market faces challenges from economic fluctuations and the complex R&D cycles associated with advanced engine development. The future of the market is expected to see the introduction of hybrid propulsion engines, as the industry moves towards full electrification through advancements in battery technology.
The market is characterized by a strong focus on wide-body aircraft, which are essential for intercontinental travel. This segment is expected to experience substantial growth, supported by numerous partnerships and innovations from aircraft engine manufacturers. Asia-Pacific is anticipated to be a key growth region, driven by fleet expansion plans and increased cargo services. The market is dominated by major players such as General Electric, Safran, Pratt & Whitney, Rolls-Royce, and Honeywell, who are actively engaged in collaborations and joint development programs to create lighter and more fuel-efficient engines. These companies are also investing in manufacturing ecosystems in regions like Asia-Pacific, leveraging low-cost labor and the burgeoning aviation industry. The primary strategy for revenue generation in this market involves securing contracts and orders from aircraft manufacturers for engines and maintenance, repair, and overhaul services.
Commercial Aircraft Engines Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Buyers/Consumers
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1.4.2 Bargaining Power of Suppliers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Aircraft Type
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2.1.1 Narrow-body Aircraft
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2.1.2 Wide-body Aircraft
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2.1.3 Regional Aircraft
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2.2 Engine Type
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2.2.1 Turbofan
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2.2.2 Turboprop
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 France
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2.3.2.3 Germany
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2.3.2.4 Russia
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Japan
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2.3.3.4 South Korea
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Latin America
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2.3.4.1 Mexico
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2.3.4.2 Brazil
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2.3.4.3 Argentina
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2.3.4.4 Rest of Latin America
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2.3.5 Middle East and Africa
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2.3.5.1 United Arab Emirates
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle East and Africa
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Commercial Aircraft Engines Market Size FAQs
How big is the Commercial Aircraft Engines Market?
The Commercial Aircraft Engines Market size is expected to reach USD 61.82 billion in 2024 and grow at a CAGR of 13.02% to reach USD 113.99 billion by 2029.
What is the current Commercial Aircraft Engines Market size?
In 2024, the Commercial Aircraft Engines Market size is expected to reach USD 61.82 billion.
