Commercial Aircraft Engine Market Overview
Commercial Aircraft Engine Market Size was estimated at 54.7 (USD Billion) in 2023. The Commercial Aircraft Engine Market Industry is expected to grow from 61.82 (USD Billion) in 2024 to 164.4(USD Billion) by 2032. The Commercial Aircraft Engine Market CAGR (growth rate) is expected to be around 13.02% during the forecast period (2024 - 2032).
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Commercial Aircraft Engine Market Trends Highlighted
Market drivers in the commercial aircraft engine market are major breakthroughs in technology, growing demand for air travel and the need to have fuel-efficient and friendly environmental airplanes. The market is also affected by other factors like increased competition among airlines, advanced manufacturing techniques and materials as well as sustainability concerns.
Chances for discovery and gain include coming up with advanced engine technologies that boast of improved performance, reduced emissions and low operational costs. Besides, rising demand for air freight services, as well as unmanned aerial vehicles (UAVs), provide opportunities for manufacturers to diversify their engine offerings. Moreover, the industry is currently seeing a shift towards digitalization, predictive maintenance techniques and integration of artificial intelligence (AI) with respect to designing engines.
Current developments involve greater acceptance of wide-body airplanes having better power plant efficiency, employment of composite materials in engine parts to reduce weight and enhance strength, plus hybrid or electric propulsion systems relevant to commercial aircraft. These trends will continue shaping the landscape of the market in the coming years.
Commercial Aircraft Engine Market Drivers
Rising Demand for Air Travel
One of the prime factors that are contributing to the organic growth of the Global Commercial Aircraft Engine Market Industry is the increasing demand for air travel. The rising number of people traveling across the world for both business and leisure is a contributing factor. The hike in the middle-class population of emerging economies also contributes to the rise in the overall traveling population. Moreover, airlines expedited by increasing the number of budget airlines, further intensifying the demands.Worldwide demands for new commercial planes will further enhance the reasons for the growth in demand for the commercial aircraft engine market industry.
Technological Advancements
Technological advancements are also fueling the growth of the Global Commercial Aircraft Engine Market Industry. Such advancements include the development of more efficient engines that are also environmentally friendly. Researchers are also exploring the use of new materials and fabrication technologies to come up with engines that are efficient and safe. The overall cost of airlines at the operational level is also reduced by these advancements. This, in turn, reduces the cost of air travel to the end users.Technology advancements have also seen the evolution of engines that are safer and more comfortable for passengers.
Government Regulations
There is a direct correlation between the government rules and regulations and the growth of the industry under consideration. On the one hand, the regulations aimed at reducing emissions and noise of the engines are encouraging the market players to develop such engines that are environment-friendly. On the other hand, the regulations by the governments regarding the safety of commercial aircraft are making it necessary to bring newer technologies of engines into the market.
Commercial Aircraft Engine Market Segment Insights
Commercial Aircraft Engine Market Engine Type Insights
The Global Commercial Aircraft Engine Market is segmented based on Engine Type into Turbofan Engines, Turboprop Engines, and Turboshaft Engines. Among these segments, Turbofan Engines held the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. This dominance can be attributed to their high efficiency and thrust-to-weight ratio, making them ideal for long-haul and medium-haul commercial aircraft. Turbofan engines generate thrust by channeling a portion of the airflow through a fan located at the front of the engine.This bypass airflow provides additional thrust and improves fuel efficiency compared to other engine types. The high thrust-to-weight ratio of turbofan engines allows aircraft to achieve greater speeds and altitudes, making them suitable for commercial passenger and cargo transportation. Turboprop engines, on the other hand, are commonly used in regional and smaller commercial aircraft due to their cost-effectiveness and reliability. Turboprops utilize a propeller driven by a gas turbine engine, providing a combination of power and efficiency.They are particularly suitable for short-haul flights and operations in challenging environments, such as unpaved runways. Turboshaft engines, while not as common in commercial aircraft, find applications in helicopters and other specialized aircraft. These engines generate power for the helicopter's rotor system, enabling vertical takeoff and landing capabilities. Turboshafts are known for their high power-to-weight ratio and reliability, making them essential for various missions, including search and rescue, law enforcement, and military operations.The growth of the commercial aircraft engine market is driven by factors such as increasing air travel demand, technological advancements, and the need for fuel-efficient and environmentally friendly propulsion systems. The industry is continuously evolving, with manufacturers investing in research and development to improve engine performance, reduce emissions, and meet regulatory standards.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Commercial Aircraft Engine Market Thrust Requirement Insights
The Global Commercial Aircraft Engine Market is segmented by thrust requirements in small and medium-sized aircraft, large aircraft, regional jets, and business jets. The under 10,000 pounds segment is expected to hold the largest share of the market in 2024 due to the rise in demand for small and medium-sized aircraft. The 10,000-20,000 pounds segment is expected to witness the highest CAGR during the forecast period because of the rise in reach of the regional jets and the move of business towards the business jets. The 20,000-30,000 pounds segment is expected to hold a considerable share of the market in 2024, owing to the rise in demand for wide-body aircraft.The over 30,000 pounds segment is expected to witness steady growth in the forecast period because of the rise in demand for ultra-large aircraft.
Commercial Aircraft Engine Market Aircraft Type Insights
The Global Commercial Aircraft Engine Market is segmented by Aircraft Type into Narrow-body Aircraft, Wide-body Aircraft, Regional Aircraft, and Business Jets. The Narrow-body Aircraft held the largest market share in 2023, accounting for over 50% of the Global Commercial Aircraft Engine Market revenue. The growth of this segment can be attributed to the increasing demand for single-aisle aircraft, which are more fuel-efficient and cost-effective than wide-body aircraft. The Wide-body Aircraft segment is expected to witness a significant growth rate during the forecast period, owing to the rising demand for long-haul flights.The Regional Aircraft segment is also expected to grow at a steady pace, driven by the increasing demand for regional connectivity. The Business Jets segment is expected to register a moderate growth rate, owing to the growing demand for private air travel.
Commercial Aircraft Engine Market Technology Level Insights
The Commercial Aircraft Engine Market is segmented based on Technology Level into Current Generation Engines, Next Generation Engines, and Advanced Technology Engines. In 2023, Current Generation Engines held the largest market share, accounting for around 60% of the Global Commercial Aircraft Engine Market revenue. However, Next Generation Engines are expected to witness significant growth over the forecast period, owing to their improved fuel efficiency and reduced emissions. Advanced Technology Engines, which are currently in the development phase, are expected to gain traction in the latter part of the forecast period as they offer even greater efficiency and environmental benefits.
Commercial Aircraft Engine Market Regional Insights
The regional segmentation of the Commercial Aircraft Engine Market offers valuable insights into market dynamics and growth prospects. North America is expected to account for a significant share of the market, driven by the presence of leading aircraft manufacturers such as Boeing and Pratt Whitney. The European market is poised for steady growth, supported by demand from major airlines and a focus on sustainability and fuel efficiency. The Asia-Pacific (APAC) region is expected to emerge as the fastest-growing market, fueled by the rise of low-cost carriers and increasing air travel demand.South America and the Middle East and Africa (MEA) regions are also expected to witness growth, with increasing investment in aviation infrastructure and the expansion of air travel networks. These regional insights help stakeholders make informed decisions and tailor their strategies to capture growth opportunities in specific markets.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Commercial Aircraft Engine Market Key Players And Competitive Insights:
Major players in the Commercial Aircraft Engine Market are continuously investing in research and development to enhance their product portfolio and maintain their competitive edge. Leading Commercial Aircraft Engine Market players are focusing on developing more efficient and environmentally friendly engines to meet the increasing demand for sustainable air travel. The Commercial Aircraft Engine Market is characterized by intense competition, with several key players vying for market share. These players are adopting various strategies, such as strategic partnerships, mergers and acquisitions, and technological advancements, to gain a competitive advantage. The Commercial Aircraft Engine Market Competitive Landscape is expected to remain dynamic in the coming years, with new entrants and disruptive technologies emerging. General Electric is a leading player in the Commercial Aircraft Engine Market, offering a wide range of engines for various aircraft types. The company's CFM International joint venture with Safran Aircraft Engines is a major supplier of engines for narrow-body aircraft, while its GE Aviation business unit provides engines for wide-body aircraft MRO. General Electric is focused on developing advanced engine technologies, such as the LEAP engine, to improve fuel efficiency and reduce emissions. Pratt Whitney is another major player in the Commercial Aircraft Engine Market, offering a range of engines for both narrow-body and wide-body aircraft. The company's PurePower engine family is designed to deliver improved fuel efficiency and lower maintenance costs. Pratt Whitney is also investing in the development of hybrid-electric and sustainable aviation technologies.
Key Companies in the Commercial Aircraft Engine Market Include:
- Honeywell International
- CFM International
- Pratt Whitney
- GE Aviation Systems
- Motor Sich
- IvchenkoProgress
- Aerosila
- Rolls-Royce
- Technodinamika
- ITP Aero
- MTU Aero Engines
- Avio Aero
- General Electric
- Safran Aircraft Engines
Commercial Aircraft Engine Market Industry Developments
Recent developments in the Global Commercial Aircraft Engine Market include increased demand for fuel-efficient and sustainable engines. The market is witnessing the adoption of advanced technologies such as geared turbofan engines and hybrid-electric propulsion systems. Furthermore, the growing focus on reducing carbon emissions and meeting environmental regulations is driving demand for more efficient engines. Additionally, the rise in air travel, particularly in emerging economies, is contributing to the growth of the commercial aircraft engine market. Key players in the market are investing in research and development to enhance engine performance and reduce operating costs. These factors are expected to shape the future of the Global Commercial Aircraft Engine Market.
Commercial Aircraft Engine Market Segmentation Insights
Commercial Aircraft Engine Market Engine Type Outlook
- Turbofan Engines
- Turboprop Engines
- Turboshaft Engines
Commercial Aircraft Engine Market Thrust Requirement Outlook
- Under 10,000 Pounds
- 10,000-20,000 Pounds
- 20,000-30,000 Pounds
- Over 30,000 Pounds
Commercial Aircraft Engine Market Aircraft Type Outlook
- Narrow-body Aircraft
- Wide-body Aircraft
- Regional Aircraft
- Business Jets
Commercial Aircraft Engine Market Technology Level Outlook
- Current Generation Engines
- Next Generation Engines
- Advanced Technology Engines
Commercial Aircraft Engine Market Regional Outlook
- North America
- Europe
- South America
- Asia-Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2023 |
54.7 (USD Billion) |
| Market Size 2024 |
61.82 (USD Billion) |
| Market Size 2032 |
164.4 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
13.02 % (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Honeywell International, CFM International, Pratt Whitney, GE Aviation Systems, Motor Sich, IvchenkoProgress, Aerosila, Rolls-Royce, Technodinamika, ITP Aero, MTU Aero Engines, Avio Aero, General Electric, Safran Aircraft Engines |
| Segments Covered |
Engine Type, Thrust Requirement, Aircraft Type, Technology Level, Regional |
| Key Market Opportunities |
1 Increased demand for narrow-body aircraft2 Rising air passenger traffic3 Technological advancements in engine efficiency4 Growing demand for aftermarket services5 Focus on sustainability and emissions reduction |
| Key Market Dynamics |
1 Increasing demand for fuel-efficient engines2 Growing popularity of narrow-body aircraft3 Rise of low-cost carriers4 Technological advancements in engine design5 Stringent environmental regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Commercial Aircraft Engine Market is expected to reach a valuation of USD 164.4 billion by 2032, expanding at a CAGR of 13.02 % from 2024 to 2032.
North America and Europe are the dominant regions in the Commercial Aircraft Engine Market, accounting for a significant share of the global market. The Asia-Pacific region is anticipated to witness substantial growth during the forecast period due to the increasing demand for air travel and the expansion of low-cost carriers.
Commercial Aircraft Engines are primarily used in commercial passenger and cargo aircraft. The growth in air travel, e-commerce, and globalization is fueling the demand for commercial aircraft, which in turn drives the market for commercial aircraft engines.
The prominent players in the Global Commercial Aircraft Engine Market include General Electric, Pratt Whitney, Rolls-Royce, Safran Aircraft Engines, and Honeywell Aerospace. These companies are investing heavily in research and development to enhance the efficiency, performance, and sustainability of their engines.
The growth of the Global Commercial Aircraft Engine Market is driven by factors such as increasing air travel demand, the expansion of low-cost carriers, technological advancements, and environmental regulations. The rising focus on fuel efficiency and emission reduction is also driving the demand for more advanced and efficient aircraft engines.
The Global Commercial Aircraft Engine Market faces challenges such as intense competition, stringent environmental regulations, and geopolitical uncertainties. The industry is also impacted by fluctuations in fuel prices and economic downturns, which can affect the demand for commercial aircraft and, consequently, the demand for aircraft engines.
Emerging trends in the Global Commercial Aircraft Engine Market include the adoption of sustainable aviation fuels, hybrid and electric propulsion systems, and advanced materials. The focus on reducing carbon emissions and improving fuel efficiency is driving innovation in aircraft engine technology.
The COVID-19 pandemic had a significant impact on the Global Commercial Aircraft Engine Market, leading to a decline in air travel and a reduction in demand for new aircraft and engines. However, as the travel industry recovers, the demand for commercial aircraft and engines is expected to rebound.
The future outlook for the Global Commercial Aircraft Engine Market is positive, with the market expected to grow steadily over the next decade. The increasing demand for air travel, the expansion of low-cost carriers, and the focus on sustainability will continue to drive the growth of the market.
Key growth opportunities in the Global Commercial Aircraft Engine Market include the development of more fuel-efficient and environmentally friendly engines, the adoption of advanced technologies such as additive manufacturing and artificial intelligence, and the expansion of the aftermarket for aircraft engine maintenance, repair, and overhaul services.
