Aircraft Engine Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The global aircraft engine market size attained a value of USD 95.10 Billion in 2024. The market is expected to grow at a CAGR of 7.30% between 2025 and 2034, reaching almost USD 192.39 Billion by 2034.

North America to Dominate the Global Aircraft Engine Industry

Regionally, North America is expected to have the largest share in the global market for aircraft engine. This can be attributed to the presence of vast aviation sector and key global players, such as GE Aviation and Honeywell International Inc., in the United States. The increasing military expenditure by the Unites States is expected to propel the regional market growth. Additionally, the increasing technological advancements and the growing investments by the aircraft engine manufacturers to produce light weight compact engines with enhanced fuel efficiency are expected to propel the industry further. Meanwhile, the Asia-Pacific is projected to witness a significant growth in the forecast period due to the rapid development of the aviation industry. Additionally, the increasing defence budgets and growing air fleet in emerging countries such as India and China, coupled with the rapidly developing industrial sector, are projected to contribute to the regional growth.

Aircraft Engine: Market Segmentation

Aircraft engines are primary power generating devices in the aircraft propulsion system. They are used to generate mechanical power and lift by drawing the air through inlet followed by compression, mixing with fuel, and combusting it. The expulsion of the hot and fast-moving gas through the exhaust propels the rocket. The growing global demand and increasing environmental concerns are leading to continuous technological advancements by manufacturers in order to improve fuel efficiency and performance.

On the basis of engine type, the market is segmented into:

• Turboprop
• Turboshaft
• Turbofan
• Piston Engine
• Others

Based on wing type, the market is divided into:

• Fixed Wing
• Rotary Wing

The industry, on the basis of aircraft type, is categorised into:

• Commercial
• Military
• General
• Others

The regional markets for the product include:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Rapid Technological Advancements to Improve Fuel Efficiency and Performance to Aid the Growth of the Aircraft Engine Industry

The global market for aircraft engine is being driven by the increasing technological advancements in the aviation industry. The increasing focus of the aircraft component manufacturers to enhance performance, improve fuel efficiency, and reduce engine weight is projected to aid the market growth. Moreover, the rapidly growing preference for air travel due to availability of cheaper flight options is pushing the airline companies to increase the fleet size to meet the growing demand. Additionally, the increasing investment in research and development (R&D) and rising defence expenditure for military aircrafts are expected to provide enhanced growth opportunities to the industry.

In 2020, the nationwide lockdowns and travel bans amidst the COVID-19 pandemic led to a steep decline in the global aviation industry, thereby significantly affecting the global market for aircraft engine during the same year. However, with ease in government restrictions, the market is projected to recover and reach pre -COVID levels in the forecast period.

Key Industry Players in the Global Aircraft Engine Market

The report presents a detailed analysis of the following key players in the global aircraft engine market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Honeywell International Inc.
• Safran Group
• General Electric Company
• Rolls-Royce plc
• Others

The comprehensive report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.