Dublin, July 21, 2025 (Globe Newswire) – “Aircraft Engine Market Opportunities and Strategies for 2034” report has been added to the offer on ResearchAndmarkets.com.
This report explains and explains the Aircraft Engine Market, covering 2019-2024, known as the Historical Period, with 2024-2029 and 2034F being called the forecast period. This report evaluates the markets in each region and the major economies within each region.
The global aircraft engine market reached nearly $528.1 billion in 2024, with a combined annual growth rate (CAGR) growing by 1.19% since 2019. The market is then expected to grow at a CAGR of 3.75% from 2029, reaching $759.3 billion in 2034.
Growth over the historic period is attributed to increased demand for air travel, increased military and defense spending, expanded aircraft fleets, and increased maintenance, repair and overhaul (MRO) services. Factors that negatively affected growth during the historic period were the issues of pollution and increased raw material costs. Going forward, an increase in international tourism, an increase in military drones and UAV operations, government support for aircraft, and strict emissions regulations will drive growth. Factors that could hinder future growth in the aircraft engine market include supply chain disruption and lack of skilled labor.
North America is the largest region in the aircraft engine market, accounting for a total of 61.44% or $324.5 billion in 2024. It was then Asia-Pacific, Western Europe, and then other regions. Going forward, the fastest growing regions in the aircraft engine market will be the Middle East and Africa, growing at CAGRS of 9.17% and 8.80% respectively. These are followed by South America and Western Europe, with the market expected to grow at CAGRS of 5.78% and 4.42%, respectively.
The global aircraft engine market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 71.81% of the total market in 2023. GE Aerospace was the largest competitor with a 27.73% share of the market, followed by Raytheon Technologies Inc. with 15.47%, Rolls-Royce Holdings plc with 9.70%, Honeywell International Inc. with 5.76%, Ishikawajima-Harima Heavy Industries (IHI Corporation). 3.24%, 3.00% Safran SA, MTU Aero Engines AG 2.87%, Mitsubishi Heave Industries Ltd. weighs 2.04%, Williams International Co. LLC weighs 1.30%, and Magellan Aerospace Corporation weighs 0.69%.
The aircraft engine market is divided into turboprops, turboshafts, turbofans and piston engines by type. The turbofan market is the largest segment of the aircraft engine market, segmented by type, accounting for 61.83% or $3.265 billion in 2024. The turbofan segment is expected to be the fastest growing segment in the Aircraft Engine Market segment with a CAGR of 4.8% and a CAGR of 4.8% for 2024-2029.
The aircraft engine market is segmented by applications in commercial aviation, military aviation, business and general aviation aircraft. The commercial aviation market is the largest segment of the aircraft engine market segmented by applications, accounting for 64.21% of the total in 2024, or $339.1 billion. Going forward, the commercial aviation segment is expected to be the fastest growing segment in the aircraft engine market, segmented by application at a CAGR of 3.86% in 2024-2029.
The aircraft engine market is divided by technology into traditional engines and electric/hybrid engines. The traditional engine market is the largest segment of the aircraft engine market segmented by technology, accounting for a total of 62.47% or $329.9 billion in 2024.
The aircraft engine market is divided by platforms into fixed and rotorcraft aircraft. The fixed wing market is the largest segment of the aircraft engine market segmented by platforms, accounting for a total of 82.03% or $433.2 billion in 2024.
The biggest opportunity for the aircraft engine market, segmented by type, occurs in the turbofan segment, earning global annual sales of $7.41 billion by 2029. The best opportunities for the aircraft engine market segmented by technology arise in the electrical/hybrid segment. The segment will earn $84.1 billion worldwide annual sales by 2029. The biggest opportunity for the aircraft engine market, segmented by application, occurs in the commercial aviation segment, earning global annual sales of $7.06 billion by 2029.
Market trend-based strategies for the aircraft engine market include focusing on the electrification of aircraft by manufacturing innovative motors such as electric motors, developing solutions to acquire self-sufficient engines, developing domestic engine development, developing innovations in aircraft turbofan engines, and advances in turbofan engine technology. The strategies adopted by players in the aircraft engine market focus on improving business capabilities through launching new products, and strengthening business operations through strategic partnerships.
To harness the opportunity, analysts recommend that aircraft engine market companies focus on electrification to meet sustainability demand and increase market share, focus on advances in Indigenous engine technology to enhance strategic positioning, expand technology independence, expand capabilities, increase turbofan engine efficiency and turbofan efficiency, focus on focus on fuel consumption and fuel consumption to promote the environmental environment, expand the electric/hybrid engine market growth, rotary wing engine market growth, expand in emerging markets, expand in the distribution channels of aircraft engine solutions, focus on strategic pricing of aircraft engine companies, optimize digital marketing channels, strengthen industry partnerships, and grow in commercial aviation engine markets.
Major Market Trends
The innovative Motors focuses on manufacturing, focuses on paving the path of sustainable air mobility based on the role of modern avian engines to promote aerospace innovation through aerospace innovation through aerospace innovation through domestic engine development.
Major Mergers and Acquisitions
FTAI Aviation Ltd acquires Lockheed Martin Commercial Engine Solution Hartzell Engine Tech Acquires Kelly Aero LLC
Markets covered:
Type: Turboprop; Turboshaft; Turbofan; Piston Engine Technology: Traditional engine. Electric/HybridPlatform: Fixed-Wing; Rotary Wing Application: Commercial Aviation. Military Aviation; Business and General Aviation Aircraft
Important attributes:
Report attribute attribute. Pages329Forecast Period2024-2034 covers an annual growth rate of 33.7% by 2034 with a market value (USD) of $52.81 billion in 2024.
The company was introduced
GE AEROSPACERAYTHEON TECHNOLOGIES INCROLLS-ROYCE HOLDINGS PLCHONEYWELL INTERNATIONAL INCISHICHAJIMA HAILIMA HEAVY INDASURIES (IHI CORPORATION) Aerospace Industries (Kai) Korean Air Lines Co., Ltd. Kawasaki Heavy IndustriesJapanese Aero Engines Corporation (JAEC) Marubeni Aerospace Corporations ojitz aerospace corporationsi vamsi pvt ltdpratt & whitne hindustan aerutics limited (hal) Spaeurojet Turbo gmbhliebherr-aerospacelom Prahawalter Engineer Corporation (UEC) Motor Sichzorya-MashproekTwright and Engine Company Hartzell Engine TechStandaeroftai Aviation Ltd.Aero Turbine Inc.Lockheed Martin Repaintemponent RepaynologiessologieSpurrideChineChineChyChyChyChy Engine Airsanadtusas Engine Industries, Inc.
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