This report describes and explains the aircraft turbofan engine market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global aircraft turbofan engine market reached a value of nearly $3.14 billion in 2024, having grown at a compound annual growth rate (CAGR) of 0.58% since 2019. The market is expected to grow from $3.14 billion in 2024 to $4.44 billion in 2029 at a rate of 7.15%. The market is then expected to grow at a CAGR of 6.70% from 2029 and reach $6.14 billion in 2034.
Growth in the historic period resulted from the rising aircraft orders, growing defense budget, increased air travel and expansion of aviation infrastructure. Factors that negatively affected growth in the historic period were contamination issues and increasing raw material costs.
Going forward, the increasing demand for air cargo, strong economic growth in emerging markets and government support will drive the growth. Factor that could hinder the growth of the aircraft turbofan engine market in the future include supply chain disruptions.
The global aircraft turbofan engine market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up 99.26% of the total market in 2023. General Electric Company was the largest competitor with a 54.79% share of the market, followed by Raytheon Technologies Inc. (Pratt & Whitney) with 26.04%, Rolls-Royce Holdings plc with 18.31%, Williams International Co. LLC with 0.03%, Honeywell International Inc. with 0.019%, IHI Corporation with 0.018%, Safran S.A. with 0.01485%, MTU Aero Engines AG with 0.01477%, Mitsubishi Heavy Industries Aero Engines Ltd. with 0.013% and AECC Commercial Aircraft Engine Co. Ltd. with 0.012%.
The aircraft turbofan engine market is segmented by engine type into PW4000, GEnx, Trent 1000, F414 CFM LEAP and other engines. The CFM LEAP market was the largest segment of the aircraft turbofan engine market segmented by engine type, accounting for 57.31% or $1.8 billion of the total in 2024. Going forward, the CFM LEAP segment is expected to be the fastest growing segment in the aircraft turbofan engine market segmented by engine type, at a CAGR of 9.23% during 2024-2029.
The aircraft turbofan engine market is segmented by aircraft type into narrow-body aircraft, wide-body aircraft and other types. The narrow-body aircraft market was the largest segment of the aircraft turbofan engine market segmented by aircraft type, accounting for 58.64% or $1.84 billion of the total in 2024. Going forward, the wide-body aircraft segment is expected to be the fastest growing segment in the aircraft turbofan engine market segmented by aircraft type, at a CAGR of 7.78% during 2024-2029.
The aircraft turbofan engine market is segmented by application into military aviation, commercial air transport and other applications. The commercial air transport market was the largest segment of the aircraft turbofan engine market segmented by application, accounting for 62.94% or $1.98 billion of the total in 2024. Going forward, the military aviation segment is expected to be the fastest growing segment in the aircraft turbofan engine market segmented by application, at a CAGR of 7.57% during 2024-2029.
North America was the largest region in the aircraft turbofan engine market, accounting for 46.70% or $1.46 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the aircraft turbofan engine market will be Asia Pacific and Middle East where growth will be at CAGRs of 8.47% and 8.25% respectively. These will be followed by Africa and Western Europe where the markets are expected to grow at CAGRs of 7.93% and 7.07% respectively.
The top opportunities in the aircraft turbofan engine market segmented by engine type will arise in the CFM LEAP segment, which will gain $1.0 billion of global annual sales by 2029. The top opportunities in the aircraft turbofan engine market segmented by aircraft type will arise in the narrow body aircraft segment, which will gain $722.02 million of global annual sales by 2029. The top opportunities in the aircraft turbofan engine market segmented by application will arise in the commercial air transport segment, which will gain $817.17 million of global annual sales by 2029. The aircraft turbofan engine market size will gain the most in the USA at $478.75 million.
Market-trend-based strategies for the aircraft turbofan engine market include focus on developing solutions to get self-sufficiency in the military aviation market, focus on domestic engines development to enhance self-reliance, reduce dependency and foster innovation within the aerospace sector, focus on developing innovations in aircraft turbofan engine to gain a competitive edge in the market and focus on advancement in turbofan engine technology to enhance performance with improved specific fuel consumption.
Player-adopted strategies in the aircraft turbofan engine market include focus on strengthening business operations through strategic partnerships, focus on product advancements for future growth and focus on enhancing geographical footprint across the globe through new launches.
To take advantage of the opportunities, the analyst recommends the aircraft turbofan engine companies to focus on self-sufficiency in military aviation, focus on domestic engine development, focus on innovations in turbofan engine technology, focus on advancements in turbofan engine technology, focus on CFM LEAP for growth, focus on wide body aircraft for growth, expand in emerging markets, focus on expanding distribution channels for greater market reach, focus on competitive and value-based pricing for aircraft turbofan engines, focus on targeted digital marketing strategies to enhance brand visibility for companies, focus on building strong relationships with OEMs and airline decision-makers and focus on military aviation for growth.
The global aircraft turbofan engine market reached a value of nearly $3.14 billion in 2024, having grown at a compound annual growth rate (CAGR) of 0.58% since 2019. The market is expected to grow from $3.14 billion in 2024 to $4.44 billion in 2029 at a rate of 7.15%. The market is then expected to grow at a CAGR of 6.70% from 2029 and reach $6.14 billion in 2034.
Growth in the historic period resulted from the rising aircraft orders, growing defense budget, increased air travel and expansion of aviation infrastructure. Factors that negatively affected growth in the historic period were contamination issues and increasing raw material costs.
Going forward, the increasing demand for air cargo, strong economic growth in emerging markets and government support will drive the growth. Factor that could hinder the growth of the aircraft turbofan engine market in the future include supply chain disruptions.
The global aircraft turbofan engine market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up 99.26% of the total market in 2023. General Electric Company was the largest competitor with a 54.79% share of the market, followed by Raytheon Technologies Inc. (Pratt & Whitney) with 26.04%, Rolls-Royce Holdings plc with 18.31%, Williams International Co. LLC with 0.03%, Honeywell International Inc. with 0.019%, IHI Corporation with 0.018%, Safran S.A. with 0.01485%, MTU Aero Engines AG with 0.01477%, Mitsubishi Heavy Industries Aero Engines Ltd. with 0.013% and AECC Commercial Aircraft Engine Co. Ltd. with 0.012%.
The aircraft turbofan engine market is segmented by engine type into PW4000, GEnx, Trent 1000, F414 CFM LEAP and other engines. The CFM LEAP market was the largest segment of the aircraft turbofan engine market segmented by engine type, accounting for 57.31% or $1.8 billion of the total in 2024. Going forward, the CFM LEAP segment is expected to be the fastest growing segment in the aircraft turbofan engine market segmented by engine type, at a CAGR of 9.23% during 2024-2029.
The aircraft turbofan engine market is segmented by aircraft type into narrow-body aircraft, wide-body aircraft and other types. The narrow-body aircraft market was the largest segment of the aircraft turbofan engine market segmented by aircraft type, accounting for 58.64% or $1.84 billion of the total in 2024. Going forward, the wide-body aircraft segment is expected to be the fastest growing segment in the aircraft turbofan engine market segmented by aircraft type, at a CAGR of 7.78% during 2024-2029.
The aircraft turbofan engine market is segmented by application into military aviation, commercial air transport and other applications. The commercial air transport market was the largest segment of the aircraft turbofan engine market segmented by application, accounting for 62.94% or $1.98 billion of the total in 2024. Going forward, the military aviation segment is expected to be the fastest growing segment in the aircraft turbofan engine market segmented by application, at a CAGR of 7.57% during 2024-2029.
North America was the largest region in the aircraft turbofan engine market, accounting for 46.70% or $1.46 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the aircraft turbofan engine market will be Asia Pacific and Middle East where growth will be at CAGRs of 8.47% and 8.25% respectively. These will be followed by Africa and Western Europe where the markets are expected to grow at CAGRs of 7.93% and 7.07% respectively.
The top opportunities in the aircraft turbofan engine market segmented by engine type will arise in the CFM LEAP segment, which will gain $1.0 billion of global annual sales by 2029. The top opportunities in the aircraft turbofan engine market segmented by aircraft type will arise in the narrow body aircraft segment, which will gain $722.02 million of global annual sales by 2029. The top opportunities in the aircraft turbofan engine market segmented by application will arise in the commercial air transport segment, which will gain $817.17 million of global annual sales by 2029. The aircraft turbofan engine market size will gain the most in the USA at $478.75 million.
Market-trend-based strategies for the aircraft turbofan engine market include focus on developing solutions to get self-sufficiency in the military aviation market, focus on domestic engines development to enhance self-reliance, reduce dependency and foster innovation within the aerospace sector, focus on developing innovations in aircraft turbofan engine to gain a competitive edge in the market and focus on advancement in turbofan engine technology to enhance performance with improved specific fuel consumption.
Player-adopted strategies in the aircraft turbofan engine market include focus on strengthening business operations through strategic partnerships, focus on product advancements for future growth and focus on enhancing geographical footprint across the globe through new launches.
To take advantage of the opportunities, the analyst recommends the aircraft turbofan engine companies to focus on self-sufficiency in military aviation, focus on domestic engine development, focus on innovations in turbofan engine technology, focus on advancements in turbofan engine technology, focus on CFM LEAP for growth, focus on wide body aircraft for growth, expand in emerging markets, focus on expanding distribution channels for greater market reach, focus on competitive and value-based pricing for aircraft turbofan engines, focus on targeted digital marketing strategies to enhance brand visibility for companies, focus on building strong relationships with OEMs and airline decision-makers and focus on military aviation for growth.
Major Market Trends
- The Role of Military Turbofan Engines in Modern Aviation
- Fostering Aerospace Innovation Through Domestic Engine Development
- Innovations in Turbofan Engine Technology With Advance Development
- Advancements in Turbofan Engine Technology
Key Mergers and Acquisitions
- Safran Acquired Component Repair Technologies
- FTAI Aviation Ltd Acquired Lockheed Martin Commercial Engine Solutions
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Aircraft Turbofan Engine Market - Macro-Economic Scenario
9 Aircraft Turbofan Engine Market - Macro-Economic Scenario
10 Global Market Size and Growth
11 Global Aircraft Turbofan Engine Market Segmentation
12 Aircraft Turbofan Engine Market, Regional and Country Analysis
13 Asia-Pacific Market
14 Western Europe Market
15 Eastern Europe Market
16 North America Market
17 South America Market
18 Middle East Market
19 Africa Market
20 Competitive Landscape and Company Profiles
23 Key Mergers and Acquisitions
24 Opportunities and Strategies
25 Aircraft Turbofan Engine Market, Conclusions and Recommendations
26 Appendix
Executive Summary
Aircraft Turbofan Engine Global Market Opportunities and Strategies to 2034 provides the strategists; marketers and senior management with the critical information they need to assess the global aircraft turbofan engine market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
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- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for aircraft turbofan engine? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The aircraft turbofan engine market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider aircraft turbofan engine market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by engine type, by aircraft type and by application.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - the report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the aircraft turbofan engine market.
- Global Market Size and Growth - Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast
- Regional and Country Analysis - Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by engine type, by platform, by application and by aircraft type in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major and Innovative Companies - Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for aircraft turbofan engine providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) by Engine Type: PW4000; GEnx; Trent 1000; F414; CFM LEAP; Other Engines2) by Aircraft Type: Narrow-Body Aircraft; Wide-Body Aircraft; Other Types
3) by Application: Military Aviation; Commercial Air Transport; Other Applications
Key Companies Mentioned: General Electric Company; Raytheon Technologies Inc. (Pratt & Whitney); Rolls-Royce Holdings plc; Williams International Co LLC; Honeywell International Inc.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; aircraft turbofan engine indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
Some of the major companies featured in this Aircraft Turbofan Engine market report include:- General Electric Company
- Raytheon Technologies Inc. (Pratt & Whitney)
- Rolls-Royce Holdings plc
- Williams International Co LLC
- Honeywell International Inc.
- IHI Corporation
- Safran S.A.
- MTU Aero Engines AG
- Mitsubishi Heavy Industries Aero Engines Ltd.
- AECC Commercial Aircraft Engine Co Ltd.
- Raghu Vamsi Machine Tools Pvt Ltd
- Hanwha Aerospace
- Japan Airlines
- Hindustan Aeronautics Limited (HAL)
- Ishikawajima Harima Heavy Industries Co Ltd
- MTU Maintenance Zhuhai Co Ltd.
- Kawasaki Heavy Industries Ltd.
- EuroJet Turbo GmbH
- Liebherr-Aerospace
- GE Aviation Systems Limited
- United Engine Corporation (UEC)
- Motor Sich
- Zorya-Mashproekt
- CFM International
- Wright and Engine Company
- Boeing
- Aero Turbine Inc
- StandardAero Inc
- Lockheed Martin Commercial Engine Solutions
- FTAI Aviation Ltd.
- Component Repair Technologies
- SKY Airline
- Turbomachine
- GE Aerospace Sanad
- Tusas Engine Industries Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 360 |
| Published | February 2025 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value ( USD | $ 3.14 Billion |
| Forecasted Market Value ( USD | $ 6.14 Billion |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 36 |
