Aircraft Engines Global Market Report 2024

The aircraft engines market size has grown exponentially in recent years. It will grow from $44.31 billion in 2023 to $54.96 billion in 2024 at a compound annual growth rate (CAGR) of 24.0%. The growth observed in the historical period can be attributed to several key factors, including the expansion of the commercial aviation sector, significant technological advancements, compliance with regulatory requirements, and the modernization of airline fleets. These factors have collectively contributed to the development and progress of the aircraft engine market.

The aircraft engines market size is expected to see steady growth in the next few years. It will grow to $64.84 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The anticipated growth in the upcoming forecast period can be attributed to several key factors, including a focus on sustainable aviation practices, the emergence of innovative technologies, expanding market opportunities in emerging economies, and the increasing relevance of urban air mobility (UAM) solutions. Notable trends in this forecast period encompass an emphasis on fuel efficiency and emissions reduction, advancements in materials and manufacturing techniques, the utilization of high bypass turbofan engines, and the adoption of geared turbofan engines. These dynamics are expected to shape the aircraft engine market's future trajectory.

Rising air passenger traffic is anticipated to serve as a significant driver for the aircraft engine market's growth during the forecast period. As an example, data from the International Civil Aviation Organization (ICAO) in February 2023 indicates a substantial 47% increase in the total number of air passengers carried globally in 2022 compared to the previous year. Furthermore, a remarkable 70% rise in revenue passenger kilometers (RPKs) was reported in comparison to 2021. To accommodate this escalating air traffic, numerous airlines are undertaking fleet modernization efforts by procuring new aircraft, thus creating a heightened demand for new and advanced engines. Projections from the International Air Transport Association (IATA) suggest that the number of passengers could potentially double by 2037, reaching 8.2 billion. Consequently, the growth in air passenger traffic acts as a driving force behind the expansion of the aircraft engine market.

The primary categories of aircraft engines available in the market include turboprop, turboshaft, turbofan, and piston engines. Turboshaft engines are a specialized type of jet engine designed to produce shaft power for driving machinery, rather than focusing on generating thrust. These engines utilize various technologies, including conventional, electric/hybrid systems, and are utilized in a range of aircraft types such as fixed-wing and rotary-wing, catering to diverse applications across general aviation, business aviation, recreational aviation, and other sectors.

The aircraft engines market research report is one of a series of new reports that provides aircraft engine market statistics, including aircraft engine industry global market size, regional shares, competitors with an aircraft engine market share, detailed aircraft engine market segments, market trends and opportunities, and any further data you may need to thrive in the aircraft engine industry. This aircraft engine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The anticipated growth in fleet modernization is set to become a driving force behind the aircraft engine market's expansion in the coming years. Fleet modernization entails the strategic process adopted by airlines and aviation operators to upgrade and replace their existing aircraft with more advanced, fuel-efficient models. Airlines aim to phase out older and less efficient aircraft from their fleets and replace them with newer alternatives to enhance fuel efficiency and address the growing demand for air travel. As an illustration, in February 2023, data from the International Civil Aviation Organization (ICAO) revealed that major aircraft manufacturers Airbus and Boeing recorded a remarkable 53% surge in aircraft orders and a 20% increase in deliveries compared to the figures from 2021. Hence, the upward trajectory in fleet modernization is poised to be a catalyst for driving growth in the aircraft engine market.

The aircraft engine market is expected to face limitations in its growth during the forecast period due to the high maintenance costs associated with aircraft engines. The maintenance of aircraft engines is a comprehensive process that involves various steps, including the thorough inspection, cleaning, and assessment of engine components, disassembling the engine, repairing or replacing worn-out parts, and subsequently reassembling and testing the engine. Trained inspectors rely on a range of specialized equipment, and innovative methods, including the utilization of robotic technology, may be employed in the maintenance process. The cost of maintenance varies depending on the size of the engine, with smaller jet engine revamps typically incurring expenses of around $200,000 to $300,000 per engine, while larger engines can cost up to $3 million to overhaul. As a result, the high maintenance costs associated with aircraft engines serve as a constraint on the growth of the aircraft engine market.

The integration of 3D-printed components into aircraft engines is a prominent trend that is gaining traction in the aircraft engine market. Companies are increasingly adopting 3D printing technology to create parts for aircraft engines and other aviation applications, with the goal of reducing fuel consumption and material costs. An illustrative example of this trend is a collaboration that took place in February 2021 between Wipro 3D, an Indian industrial machinery manufacturing company, and Hindustan Aeronautics Limited, an Indian aerospace and defense company. This partnership was established to jointly develop, manufacture, and obtain airworthiness certification for a critical aero-engine component designed to operate in high-temperature environments. The integration of 3D-printed parts offers the potential to enhance the efficiency and cost-effectiveness of aircraft engines, making it an influential trend in the industry.

Major companies in the aircraft engine market are making significant investments in engine maintenance, repair, and overhaul (MRO) facilities as part of their global expansion strategy. Engine MRO facilities are specialized centers or workshops dedicated to servicing, maintaining, repairing, and overhauling various types of aircraft engines to ensure their safe and efficient operation. A case in point is Safran S.A., a leading aerospace company based in France. In July 2023, Safran S.A. announced an investment of up to $359.9 million (€305 million) to establish three new industrial facilities in India. These facilities will focus on the creation of a commercial LEAP Engine maintenance, repair, and overhaul (MRO) center. Additionally, Safran has extended its collaboration to explore the development of 110 KN thrust military engines for India's twin-engine fighter program in partnership with DRDO. This strategic investment in MRO facilities is aimed at broadening their customer base and enhancing their presence in the global market.

In June 2022, Sukhoi, a Russian aircraft manufacturer with expertise in civil and military aircraft, and Russian Aircraft Corporation (MiG), an aerospace and defense company based in Russia, joined forces with United Aircraft Corporation (UAC), a subsidiary of the Rostec State Corporation. This merger was executed with the objective of bolstering UAC's financial capabilities, enhancing administrative and managerial efficiency, and mitigating non-production expenses and debt obligations. The Rostec State Corporation, a Russia-based entity, plays a pivotal role in supporting Russian industrial product developers and manufacturers.

Major companies operating in the aircraft engines market include General Electric Company, Rolls-Royce Limited, Honeywell International Inc., United Technologies Corporation, Safran S.A., IAE International Aero Engines AG, MTU Aero Engines, Textron Inc., Hindustan Aeronautics Limited, Klimov, Continental Motors Group, United Engine Corporation, Motor Sich, AVIC Aircraft, Aero Engine Corporation of China, Barnes Group, Pratt & Whitney, UEC-Aviadvigatel JSC, Ivchenko-Progress, NPO Saturn, PowerJet, EuroJet Turbo GmbH, Xi’an Aero-Engine Corporation (XAEC), Guizhou Aircraft Industry Corporation (GAIC), IHI Corporation, Williams International, Austro Engine GmbH, Textron Aviation Inc., BRP-Rotax GmbH & Co KG, Teledyne Continental Motors, Thielert Aircraft Engines GmbH, UEC Saturn, CFM International, Engine Alliance

North America was the largest region in the aircraft engine market in 2023. North America is expected to be the fastest-growing region in the aircraft engines market during the forecast period. The regions covered in the aircraft engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the aircraft engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The aircraft engine market consists of sales of aircraft engines of various types such as jet and reciprocating engines to run the aircraft. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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