Market Size of Turboprop Aircraft Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.69 Billion |
| Market Size (2029) | USD 1.85 Billion |
| CAGR (2024 - 2029) | 1.88 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Turboprop Aircraft Market Analysis
The Turboprop Aircraft Market size is estimated at USD 1.69 billion in 2024, and is expected to reach USD 1.85 billion by 2029, growing at a CAGR of 1.88% during the forecast period (2024-2029).
The COVID-19 pandemic significantly impacted the turboprop aircraft market, with deliveries for commercial and general aviation sectors decreasing in 2020. However, deliveries in 2021 increased as the commercial and general aviation sectors recovered from the pandemic.
Turboprop aircraft are highly profitable for short-distance and low altitude flying. Due to this advantage, these aircraft are preferred to cater to regional air passenger traffic, and their demand is growing with the introduction of new regional routes. Such route network expansion plans of aircraft operators are expected to propel the market's growth over the coming years.
In the military sector, various armed forces are investing in fleet modernization by replacing their aging transport and training aircraft fleet with new generation aircraft. This is anticipated to accelerate the market's growth during the forecast period.
Turboprop Aircraft Industry Segmentation
Turboprop aircraft have one or more gas-turbine engines connected to a gearbox that will turn the propeller to enable the movement of the aircraft on the ground and through the air. The market is segmented based on application into military aviation, commercial aviation, and general aviation. The report also covers the sizes and forecasts for the turboprop aircraft market in major countries across regions. The market sizing and forecasts have been provided in value (USD million).
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Turboprop Aircraft Market Size Summary
The turboprop aircraft market is poised for steady growth over the forecast period, driven by its profitability in short-distance and low-altitude flying, making it a preferred choice for regional air passenger traffic. The market experienced a downturn due to the COVID-19 pandemic, but recovery was swift as commercial and general aviation sectors rebounded. The expansion of regional air routes and fleet modernization efforts in the military sector are key factors propelling market growth. Armed forces worldwide are replacing aging aircraft with new-generation turboprop models, such as the Airbus A400M and Lockheed Martin C-130J, which have significantly contributed to the military segment's market share. Additionally, turboprop aircraft are being utilized for various combat and non-combat missions, further enhancing their demand.
North America leads the turboprop aircraft market, with the United States driving demand across commercial, military, and general aviation sectors. The market is characterized by fragmentation, with several key players like ATR, Airbus SE, Textron Aviation, Pilatus Aircraft Ltd, and Lockheed Martin Corporation holding significant shares. The introduction of new aircraft models, such as the MA700 by Xi'an Aircraft Industry Corporation, is expected to intensify competition among existing OEMs. Recent developments, including the procurement of C-295 aircraft by the Indian Air Force and Embraer's new regional turboprop concept, highlight ongoing innovations and strategic expansions in the market. These factors collectively suggest a positive outlook for the turboprop aircraft market, with continued growth anticipated in the coming years.
Turboprop Aircraft 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 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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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 (Market Size and Forecast by Value - USD million, 2018-2027)
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2.1 Application
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2.1.1 Military Aviation
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2.1.2 Commercial Aviation
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2.1.3 General Aviation
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.2 Europe
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2.2.2.1 United Kingdom
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2.2.2.2 France
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2.2.2.3 Germany
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2.2.2.4 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 India
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2.2.3.3 Japan
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2.2.3.4 South Korea
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2.2.3.5 Rest of Asia-Pacific
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2.2.4 Latin America
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2.2.4.1 Brazil
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2.2.4.2 Rest of Latin America
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2.2.5 Middle-East and Africa
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2.2.5.1 United Arab Emirates
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2.2.5.2 Saudi Arabia
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2.2.5.3 Egypt
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2.2.5.4 Rest of Middle-East and Africa
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Turboprop Aircraft Market Size FAQs
How big is the Turboprop Aircraft Market?
The Turboprop Aircraft Market size is expected to reach USD 1.69 billion in 2024 and grow at a CAGR of 1.88% to reach USD 1.85 billion by 2029.
What is the current Turboprop Aircraft Market size?
In 2024, the Turboprop Aircraft Market size is expected to reach USD 1.69 billion.
