Sustainable Aviation Fuel, Digital Capabilities, and Strategic Partnerships to Drive Future Growth Potential
The global commercial aircraft engine market is prioritizing solutions that increase aircraft fuel efficiency and help airlines achieve sustainability targets. This study provides an 11-year market forecast from 2022 to 2032, covering aircraft engines used in commercial narrow-body, wide-body, regional jet, and turboprop aircraft. The total market was worth $29.94 billion in revenue in 2021 and, considering the COVID-19 pandemic impact, should witness a compound annual growth rate (CAGR) of 7.9% from 2021 to 2032. The study also examines revenues across the linefit, retrofit, and aftermarket segments. In 2021, linefit accounted for 84.3% of the market share, driven by the delivery of new aircraft to airlines. Demand for retrofit and aftermarket services comes from the airlines’ need to maintain existing aircraft fleets.
Demand for narrow-body aircraft like Boeing 737 Max and Airbus A320neo will spur demand for aircraft engines. However, pandemic-related air travel decline and weak demand for regional jets and turboprop aircraft have led Mitsubishi Aerospace and De Havilland Canada to cease the manufacture of SpaceJet and Dash-8, respectively. Furthermore, the Russo-Ukraine War limits the opportunities for aircraft engine manufacturers to market their equipment to Russian-built commercial aircraft.
The study includes regional analyses for Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa. Demand for new aircraft, which led to peak production levels in 2018, came from emerging economies, particularly China. Although it could take until 2024 to return to pre-pandemic levels of production, China and other Asian countries are expected to remain the largest customers ordering new aircraft. Airlines in the United States and Europe are more focused on restructuring their fleets by replacing old aircraft with more fuel-efficient ones to manage operational expenditure and maintenance costs.
GE Aviation, CFM, Rolls-Royce, and Pratt & Whitney are the four leading commercial aircraft engine manufacturers. They prioritize utilizing new technologies such as additive manufacturing and aircraft engine health monitoring systems to support airlines through maintenance, repair, and overhaul services. They also partner with other industry stakeholders to reduce their carbon footprint, primarily through sustainable aviation fuel research and usage.
KEY ISSUES ADDRESSED
- What is the size and state of the global commercial aircraft engine market?
- How has the COVID-19 pandemic affected the market?
- What are the market growth drivers and restraints?
- How will the latest technology trends affect the market?
- Who are the key market participants, and how well-positioned are they competitively?
- What are the significant growth opportunities for commercial aircraft engine manufacturers?
