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Aircraft Engine Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Published May 01, 2025
Length 220 Pages
SKU # FOB20106886

Description

Growth Factors of Aircraft Engine Market

The global aircraft engine market is experiencing significant expansion, driven by the rise in air travel, increased aircraft deliveries, and technological advancements in engine efficiency. According to Fortune Business Insights, the global aircraft engine market size was valued at USD 83.78 billion in 2023 and is projected to grow from USD 89.22 billion in 2024 to USD 142.74 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.1% during the forecast period.

The growth of this market is largely fueled by expanding commercial aviation fleets, a surge in defense aircraft modernization programs, and the global focus on reducing carbon emissions through next-generation, fuel-efficient engines.

Market Growth Drivers

One of the primary drivers of the aircraft engine market is the booming commercial aviation sector. As air travel rebounds post-pandemic and new routes are introduced by low-cost and full-service carriers, demand for single-aisle and wide-body aircraft continues to rise. This directly drives demand for modern, reliable, and high-thrust engines.

In addition, increased defense spending across major economies such as the U.S., China, India, and Russia has boosted military aircraft procurement, especially for fighter jets, helicopters, and surveillance planes. These platforms require advanced engines capable of meeting performance and endurance benchmarks.

Environmental regulations are also shaping the industry. OEMs and engine manufacturers are investing heavily in sustainable propulsion systems, such as hybrid-electric and hydrogen-fueled engines. These innovations are aimed at reducing the aviation sector’s carbon footprint and aligning with net-zero emission targets.

Market Segmentation Overview

The aircraft engine market is segmented by type, platform, technology, component, and geography.

By Type: The market includes turbofan, turboprop, turboshaft, and piston engines. Turbofan engines dominate the commercial aviation segment, particularly for narrow-body and wide-body aircraft.

By Platform: Segments include commercial aviation, military aviation, business aviation, and helicopters. The commercial segment holds the largest market share due to global airline expansion and aircraft renewals.

By Technology: Covers conventional engines and hybrid-electric engines. While conventional engines continue to dominate, hybrid-electric propulsion is expected to gain momentum in the long term.

By Component: Includes compressors, turbines, combustors, and others. Engine manufacturers are optimizing each component for fuel efficiency, reduced emissions, and lower maintenance costs.

Regional Insights

North America held the largest market share in 2023, thanks to its robust aerospace ecosystem, which includes major aircraft and engine manufacturers such as GE Aerospace, Pratt & Whitney, and Honeywell. The U.S. military’s defense modernization programs also contribute significantly to market growth in the region.

Europe is another key market, home to companies like Rolls-Royce Holdings and Safran Aircraft Engines. Strong R&D capabilities, along with collaborations on clean aviation technologies, support regional market expansion.

Asia Pacific is projected to experience the fastest growth during the forecast period. Rising air passenger traffic, a growing middle class, and increasing aircraft procurement in China, India, and Southeast Asia are driving demand for both commercial and military engines.

Competitive Landscape

The aircraft engine market is dominated by a handful of major players that possess advanced technological capabilities and global service networks. Key companies include:

General Electric (GE) Aerospace

Rolls-Royce Holdings plc

Pratt & Whitney (Raytheon Technologies)

Safran Aircraft Engines

Honeywell International Inc.

MTU Aero Engines AG

IAE International Aero Engines AG

CFM International (GE-Safran JV)

These companies are actively pursuing strategic partnerships, R&D initiatives, and aftermarket service expansions to maintain competitive advantage. The GE-Safran CFM Leap engine, used in Airbus A320neo and Boeing 737 MAX aircraft, is one of the most prominent examples of collaborative innovation in this space.

Conclusion

The aircraft engine market is well-positioned for long-term growth, driven by rising global aviation activity, defense investments, and innovation in propulsion technologies. As sustainability and efficiency become key priorities, manufacturers are expected to focus increasingly on green technologies and digital engine health monitoring solutions to meet future demands.

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Unit Value (USD billion)

Segmentation By Engine Type

Turboprop Engine

Turboshaft Engine

Turbofan Engine

Piston Engine

By Technology

Conventional Engine

Electric/Hybrid Engine

By Component

Compressor

Turbine

Gear Box

Combustion Chamber

Fuel System

Others

By End-Use

Commercial

Narrow Body

Wide Body

Business Jet

General Aviation

Helicopter

Military

Fighter Aircraft

Transport Aircraft

Military Helicopter

By Geography

North America (By Engine Type, Technology, Component, End-Use, Country)

U.S. (By Engine Type)

Canada (By Engine Type)

Europe (By Engine Type, Technology, Component, End-Use, Country)

U.K. (By Engine Type)

Germany (By Engine Type)

France (By Engine Type)

Italy (By Engine Type)

Russia (By Engine Type)

Rest of Europe (By Engine Type)

Asia Pacific (By Engine Type, Technology, Component, End-Use, Country)

Japan (By Engine Type)

China (By Engine Type)

India (By Engine Type)

Australia (By Engine Type)

Rest of Asia Pacific (By Engine Type)

Rest of the World (By Engine Type, Technology, Component, End-Use, Country)

Middle East & Africa (By Engine Type)

Latin America (By Engine Type)

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Table of Contents

220 Pages
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
4.2. Latest technological Advancements
4.3. Porters Five Forces Analysis
4.4. Supply Chain Analysis
5. Global Aircraft Engine Market Analysis, Insights and Forecast, 2019-2032
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Engine Type
5.2.1. Turboprop Engine
5.2.2. Turboshaft Engine
5.2.3. Turbofan Engine
5.2.4. Piston Engine
5.3. Market Analysis, Insights and Forecast – By Technology
5.3.1. Conventional Engine
5.3.2. Electric/Hybrid Engine
5.4. Market Analysis, Insights and Forecast – By Component
5.4.1. Compressor
5.4.2. Turbine
5.4.3. Gear Box
5.4.4. Combustion Chamber
5.4.5. Fuel System
5.4.6. Others
5.5. Market Analysis, Insights and Forecast – By End Use
5.5.1. Commercial
5.5.1.1. Narrow Body
5.5.1.2. Wide Body
5.5.1.3. Business Jet
5.5.1.4. General Aviation Aircraft
5.5.1.5. Helicopter
5.5.2. Military
5.5.2.1. Fighter Aircraft
5.5.2.2. Military Transport Aircraft
5.5.2.3. Military Helicopter
5.6. Market Analysis, Insights and Forecast – By Region
5.6.1. North America
5.6.2. Europe
5.6.3. Asia pacific
5.6.4. Rest of the world
6. North America Aircraft Engine Market Analysis, Insights and Forecast, 2019-2032
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Engine Type
6.2.1. Turboprop Engine
6.2.2. Turboshaft Engine
6.2.3. Turbofan Engine
6.2.4. Piston Engine
6.3. Market Analysis, Insights and Forecast – By Technology
6.3.1. Conventional Engine
6.3.2. Electric/Hybrid Engine
6.4. Market Analysis, Insights and Forecast – By Component
6.4.1. Compressor
6.4.2. Turbine
6.4.3. Gear Box
6.4.4. Combustion Chamber
6.4.5. Fuel System
6.4.6. Others
6.5. Market Analysis, Insights and Forecast – By End Use
6.5.1. Commercial
6.5.1.1. Narrow Body
6.5.1.2. Wide Body
6.5.1.3. Business Jet
6.5.1.4. General Aviation Aircraft
6.5.1.5. Commercial Helicopter
6.5.2. Military
6.5.2.1. Fighter Aircraft
6.5.2.2. Military Transport Aircraft
6.5.2.3. Military Helicopter
6.6. Market Analysis, Insights and Forecast – By Country
6.6.1. The U.S.
6.6.1.1. Market Analysis, Insights and Forecast – By Engine Type
6.6.1.1.1. Turboprop Engine
6.6.1.1.2. Turboshaft Engine
6.6.1.1.3. Turbofan Engine
6.6.1.1.4. Piston Engine
6.6.2. Canada
6.6.2.1. Market Analysis, Insights and Forecast – By Engine Type
6.6.2.1.1. Turboprop Engine
6.6.2.1.2. Turboshaft Engine
6.6.2.1.3. Turbofan Engine
6.6.2.1.4. Piston Engine
7. Europe Aircraft Engine Market Analysis, Insights and Forecast, 2019-2032
7.1. Key Findings / Summary
7.2. Market Analysis, Insights and Forecast – By Engine Type
7.2.1. Turboprop Engine
7.2.2. Turboshaft Engine
7.2.3. Turbofan Engine
7.2.4. Piston Engine
7.3. Market Analysis, Insights and Forecast – By Technology
7.3.1. Conventional Engine
7.3.2. Electric/Hybrid Engine
7.4. Market Analysis, Insights and Forecast – By Component
7.4.1. Compressor
7.4.2. Turbine
7.4.3. Gear Box
7.4.4. Combustion Chamber
7.4.5. Fuel System
7.4.6. Others
7.5. Market Analysis, Insights and Forecast – By End Use
7.5.1. Commercial
7.5.1.1. Narrow Body
7.5.1.2. Wide Body
7.5.1.3. Business Jet
7.5.1.4. General Aviation Aircraft
7.5.1.5. Commercial Helicopter
7.5.2. Military
7.5.2.1. Fighter Aircraft
7.5.2.2. Military Transport Aircraft
7.5.2.3. Military Helicopter
7.6. Market Analysis, Insights and Forecast – By Country
7.6.1. The U.K.
7.6.1.1. Market Analysis, Insights and Forecast – By Engine Type
7.6.1.1.1. Turboprop Engine
7.6.1.1.2. Turboshaft Engine
7.6.1.1.3. Turbofan Engine
7.6.1.1.4. Piston Engine
7.6.2. Germany
7.6.2.1. Market Analysis, Insights and Forecast – By Engine Type
7.6.2.1.1. Turboprop Engine
7.6.2.1.2. Turboshaft Engine
7.6.2.1.3. Turbofan Engine
7.6.2.1.4. Piston Engine
7.6.3. France
7.6.3.1. Market Analysis, Insights and Forecast – By Engine Type
7.6.3.1.1. Turboprop Engine
7.6.3.1.2. Turboshaft Engine
7.6.3.1.3. Turbofan Engine
7.6.3.1.4. Piston Engine
7.6.4. Italy
7.6.4.1. Market Analysis, Insights and Forecast – By Engine Type
7.6.4.1.1. Turboprop Engine
7.6.4.1.2. Turboshaft Engine
7.6.4.1.3. Turbofan Engine
7.6.4.1.4. Piston Engine
7.6.5. Russia
7.6.5.1. Market Analysis, Insights and Forecast – By Engine Type
7.6.5.1.1. Turboprop Engine
7.6.5.1.2. Turboshaft Engine
7.6.5.1.3. Turbofan Engine
7.6.5.1.4. Piston Engine
7.6.6. Rest of Europe
7.6.6.1. Market Analysis, Insights and Forecast – By Engine Type
7.6.6.1.1. Turboprop Engine
7.6.6.1.2. Turboshaft Engine
7.6.6.1.3. Turbofan Engine
7.6.6.1.4. Piston Engine
8. Asia-Pacific Aircraft Engine Market Analysis, Insights and Forecast, 2019-2032
8.1. Key Findings / Summary
8.2. Market Analysis, Insights and Forecast – By Engine Type
8.2.1. Turboprop Engine
8.2.2. Turboshaft Engine
8.2.3. Turbofan Engine
8.2.4. Piston Engine
8.3. Market Analysis, Insights and Forecast – By Technology
8.3.1. Conventional Engine
8.3.2. Electric/Hybrid Engine
8.4. Market Analysis, Insights and Forecast – By Component
8.4.1. Compressor
8.4.2. Turbine
8.4.3. Gear Box
8.4.4. Combustion Chamber
8.4.5. Fuel System
8.4.6. Others
8.5. Market Analysis, Insights and Forecast – By End Use
8.5.1. Commercial
8.5.1.1. Narrow Body
8.5.1.2. Wide Body
8.5.1.3. Business Jet
8.5.1.4. General Aviation Aircraft
8.5.1.5. Commercial Helicopter
8.5.2. Military
8.5.2.1. Fighter Aircraft
8.5.2.2. Military Transport Aircraft
8.5.2.3. Military Helicopter
8.6. Market Analysis, Insights and Forecast – By Country
8.6.1. China
8.6.1.1. Market Analysis, Insights and Forecast – By Engine Type
8.6.1.1.1. Turboprop Engine
8.6.1.1.2. Turboshaft Engine
8.6.1.1.3. Turbofan Engine
8.6.1.1.4. Piston Engine
8.6.2. Japan
8.6.2.1. Market Analysis, Insights and Forecast – By Engine Type
8.6.2.1.1. Turboprop Engine
8.6.2.1.2. Turboshaft Engine
8.6.2.1.3. Turbofan Engine
8.6.2.1.4. Piston Engine
8.6.3. India
8.6.3.1. Market Analysis, Insights and Forecast – By Engine Type
8.6.3.1.1. Turboprop Engine
8.6.3.1.2. Turboshaft Engine
8.6.3.1.3. Turbofan Engine
8.6.3.1.4. Piston Engine
8.6.4. Australia
8.6.4.1. Market Analysis, Insights and Forecast – By Engine Type
8.6.4.1.1. Turboprop Engine
8.6.4.1.2. Turboshaft Engine
8.6.4.1.3. Turbofan Engine
8.6.4.1.4. Piston Engine
8.6.5. Rest of Asia-Pacific
8.6.5.1. Market Analysis, Insights and Forecast – By Engine Type
8.6.5.1.1. Turboprop Engine
8.6.5.1.2. Turboshaft Engine
8.6.5.1.3. Turbofan Engine
8.6.5.1.4. Piston Engine
9. Rest of the World Aircraft Engine Market Analysis, Insights and Forecast, 2019-2032
9.1. Key Findings / Summary
9.2. Market Analysis, Insights and Forecast – By Engine Type
9.2.1. Turboprop Engine
9.2.2. Turboshaft Engine
9.2.3. Turbofan Engine
9.2.4. Piston Engine
9.3. Market Analysis, Insights and Forecast – By Technology
9.3.1. Conventional Engine
9.3.2. Electric/Hybrid Engine
9.4. Market Analysis, Insights and Forecast – By Component
9.4.1. Compressor
9.4.2. Turbine
9.4.3. Gear Box
9.4.4. Combustion Chamber
9.4.5. Fuel System
9.4.6. Others
9.5. Market Analysis, Insights and Forecast – By End Use
9.5.1. Commercial
9.5.1.1. Narrow Body
9.5.1.2. Wide Body
9.5.1.3. Business Jet
9.5.1.4. General Aviation Aircraft
9.5.1.5. Commercial Helicopter
9.5.2. Military
9.5.2.1. Fighter Aircraft
9.5.2.2. Military Transport Aircraft
9.5.2.3. Military Helicopter
9.6. Market Analysis, Insights and Forecast – By Country
9.6.1. Latin America
9.6.1.1. Market Analysis, Insights and Forecast – By Engine Type
9.6.1.1.1. Turboprop Engine
9.6.1.1.2. Turboshaft Engine
9.6.1.1.3. Turbofan Engine
9.6.1.1.4. Piston Engine
9.6.2. The Middle East & Africa
9.6.2.1. Market Analysis, Insights and Forecast – By Engine Type
9.6.2.1.1. Turboprop Engine
9.6.2.1.2. Turboshaft Engine
9.6.2.1.3. Turbofan Engine
9.6.2.1.4. Piston Engine
10. Competitive Matrix
10.1. Global Market Rank Analysis (2022)
10.2. Company Profiles
10.2.1. CFM International SA Overview
10.2.1.1. Overview
10.2.1.2. Products & services
10.2.1.3. SWOT analysis
10.2.1.4. Recent developments
10.2.1.5. strategies
10.2.1.6. financials (based on availability)
10.2.2. Honeywell International Inc
10.2.2.1. Overview
10.2.2.2. Products & services
10.2.2.3. SWOT analysis
10.2.2.4. Recent developments
10.2.2.5. strategies
10.2.2.6. financials (based on availability)
10.2.3. GE Aviation
10.2.3.1. Overview
10.2.3.2. Products & services
10.2.3.3. SWOT analysis
10.2.3.4. Recent developments
10.2.3.5. strategies
10.2.3.6. financials (based on availability)
10.2.4. Rolls-Royce Holdings Plc.
10.2.4.1. Overview
10.2.4.2. Products & services
10.2.4.3. SWOT analysis
10.2.4.4. Recent developments
10.2.4.5. strategies
10.2.4.6. financials (based on availability)
10.2.5. Safran SA
10.2.5.1. Overview
10.2.5.2. Products & services
10.2.5.3. SWOT analysis
10.2.5.4. Recent developments
10.2.5.5. strategies
10.2.5.6. financials (based on availability)
10.2.6. AInternational Aero Engines AG
10.2.6.1. Overview
10.2.6.2. Products & services
10.2.6.3. SWOT analysis
10.2.6.4. Recent developments
10.2.6.5. strategies
10.2.6.6. financials (based on availability)
10.2.7. MTU Aero Engines AG
10.2.7.1. Overview
10.2.7.2. Products & services
10.2.7.3. SWOT analysis
10.2.7.4. Recent developments
10.2.7.5. strategies
10.2.7.6. financials (based on availability)
10.2.8. Textron Inc.
10.2.8.1. Overview
10.2.8.2. Products & services
10.2.8.3. SWOT analysis
10.2.8.4. Recent developments
10.2.8.5. strategies
10.2.8.6. financials (based on availability)
10.2.9. United Technologies Corporation
10.2.9.1. Overview
10.2.9.2. Products & services
10.2.9.3. SWOT analysis
10.2.9.4. Recent developments
10.2.9.5. strategies
10.2.9.6. financials (based on availability)
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