Aircraft Engines Market Opportunities and Strategies to 2034

This report describes and explains the aircraft engines 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 engines market reached a value of nearly $52.81 billion in 2024, having grown at a compound annual growth rate (CAGR) of 1.19% since 2019. The market is expected to grow from $52.81 billion in 2024 to $63.17 billion in 2029 at a rate of 3.65%. The market is then expected to grow at a CAGR of 3.75% from 2029 and reach $75.93 billion in 2034.

Growth in the historic period resulted from increase in demand for air travel, increase in military and defense spending, expansion of aircraft fleets and rising maintenance, repair and overhaul (MRO) services. Factors that negatively affected growth in the historic period were contamination issues and increasing raw material costs.

Going forward, rising international tourism, increase in military drone and UAV operations, government support for aircrafts and strict emission regulations will drive the growth. Factor that could hinder the growth of the aircraft engines market in the future include supply chain disruptions and lack of skilled labor.

North America was the largest region in the aircraft engines market, accounting for 61.44% or $32.45 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 engines market will be Middle East and Africa where growth will be at CAGRs of 9.17% and 8.80% respectively. These will be followed by South America and Western Europe where the markets are expected to grow at CAGRs of 5.78% and 4.42% respectively.

The global aircraft engines 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). with 3.24%, Safran S.A. with 3.00%, MTU Aero Engines AG with 2.87%, Mitsubishi Heavy Industries Ltd. with 2.04%, Williams International Co. LLC with 1.30% and Magellan Aerospace Corporation with 0.69%.

The aircraft engines market is segmented by type into turboprop, turboshaft, turbofan and piston engines. The turbofan market was the largest segment of the aircraft engines market segmented by type, accounting for 61.83% or $32.65 billion of the total in 2024. Going forward, the turbofan segment is expected to be the fastest growing segment in the aircraft engines market segmented by type, at a CAGR of 4.18% during 2024-2029.

The aircraft engines market is segmented by application into commercial aviation, military aviation, business and general aviation aircraft. The commercial aviation market was the largest segment of the aircraft engines market segmented by application, accounting for 64.21% or $33.91 billion of the total in 2024. Going forward, the commercial aviation segment is expected to be the fastest growing segment in the aircraft engines market segmented by application, at a CAGR of 3.86% during 2024-2029.

The aircraft engines market is segmented by technology into conventional engines and electric/hybrid engines. The conventional engines market was the largest segment of the aircraft engines market segmented by technology, accounting for 62.47% or $32.99 billion of the total in 2024. Going forward, the electric/hybrid engines segment is expected to be the fastest growing segment in the aircraft engines market segmented by technology, at a CAGR of 6.53% during 2024-2029.

The aircraft engines market is segmented by platform into fixed-wing and rotary-wing aircraft. The fixed-wing market was the largest segment of the aircraft engines market segmented by platform, accounting for 82.03% or $43.32 billion of the total in 2024. Going forward, the rotary-wing segment is expected to be the fastest growing segment in the aircraft engines market segmented by platform, at a CAGR of 3.81% during 2024-2029.

The top opportunities in the aircraft engines market segmented by type will arise in the turbofan segment, which will gain $7.41 billion of global annual sales by 2029. The top opportunities in the aircraft engines market segmented by technology will arise in the electric/hybrid segment, which will gain $7.37 billion of global annual sales by 2029. The top opportunities in the aircraft engines market segmented by platform will arise in the fixed wing segment, which will gain $8.41 billion of global annual sales by 2029. The top opportunities in the aircraft engines market segmented by application will arise in the commercial aviation segment, which will gain $7.06 billion of global annual sales by 2029. The aircraft engines market size will gain the most in the USA at $5.35 billion.

Market-trend-based strategies for the aircraft engines market include focusing on electrifying the aircraft by manufacturing innovative motors, such as electric motors, developing solutions to get self-sufficiency engine, focused on domestic engines development to enhance self-reliance, focused on developing innovations in aircraft turbofan engine and focused on advancement in turbofan engine technology.

Player-adopted strategies in the aircraft engines market include focus on enhancing business capabilities through the launch of new products and focus on enhancing business operations through strategic partnerships.

To take advantage of the opportunities, the analyst recommends the aircraft engines market companies to focus on electrification to meet sustainability demands and expand market share, focus on advancing indigenous engine technologies to strengthen strategic positioning, focus on domestic engine development to build technological independence and expand capabilities, focus on advancing turbofan engine efficiency and sustainability, focus on improving specific fuel consumption and emissions performance, focus on turbofan market growth, focus on electric/hybrid engine market growth, focus on rotary wing engine market growth, expand in emerging markets, focus on expanding distribution channels for aircraft engine solutions, focus on strategic pricing for aircraft engine companies, optimize digital marketing channels, strengthen industry partnerships and thought leadership, focus on commercial aviation engine market growth.

Major Market Trends

• Focus on Manufacturing Innovative Motors Paving the Way for Sustainable Air Mobility
• Focus on 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

• FTAI Aviation Ltd Acquired Lockheed Martin Commercial Engine Solutions
• Hartzell Engine Tech Acquired Kelly Aero LLC