Buy Now
$4,123 $4,850
15% off
$4,840 $6,050
20% off
$5,845 $8,350
30% off
Buy now
Premium Report Details
Base Year: 2024
Companies covered: 12
Tables & Figures: 294
Countries covered: 18
Pages: 210
Download Free PDF

Aircraft Engine Market
Get a free sample of this reportGet a free sample of this report Aircraft Engine Market
Is your requirement urgent? Please give us your business email for a speedy delivery!
Aircraft Engine Market Size
The global aircraft engine market was valued at USD 81.2 billion in 2024 and is estimated to grow at a CAGR of 8.7% from 2025 to 2034.
The modernization of military aircraft is driving the aviation engine industry forward. As countries improve their military air transport, more powerful engines are needed in the different versions of combat aircraft and other similar equipment. The development aims to improve performance and meet new operational requirements and further reduce fuel usage. Most governments tend to manufacture these engines to free themselves from dependence on foreign manufacturers and improve self-reliance. This emphasis on self-confidence is beneficial to market development, particularly in areas that want to improve their defense capability.
For instance, in March 2024, the Indian Ministry of Defense announced a contract between Hindustan Aeronautics Limited (HAL) and Russian OEM to produce the RD-33 aircraft engine. The aircraft MiG-29 of Indian Air Force shall now be more operationally efficient at a cost of approximately $600 million.
Developers are now focusing on MRO (maintenance, repair and maintenance) service. With the increasing complexity of new engines, the service interval also increases, ensuring an active aftermarket. The requirement for efficient maintenance plans that prolong the engine's operating time of aircraft operators is an additional service for parts and repairs aftermarket. It is clear that customers' relationships have changed and that a more flexible, personalized and sustainable approach has been adopted in the field of aircraft engine engineering and maintenance.
Aircraft Engine Market Trends
The concepts of fuel economy, engine life and cost are well balanced in the designing and manufacturing of an aircraft engine. This is mainly because of cutbacks being imposed by commercial airlines to rationalize costs and by the current concern about the carbon footprint. There is also growing attention to the development and modernization of engines towards fuel conservation and easier servicing. This reduces the operating costs of airlines and is welcome given the economic context and enables them to meet the demands for a reduction in emissions.
In addition, as commercial and regional jets grow, the demand for smaller aircraft engines also increases. Consequently, the design for turbofans and turboprop engines has undergone some alterations. For example, in May 2023, the Canadian company Pratt & Whitney Canada launched its newest turbine, the PW545D. The Cessna Citation Ascend, which is part of Textron Aviation's growing business jet family, is incorporated into the Cessna Citation Ascend family. The engine was designed and optimized by Textron Aviation, and PW545D achieved several targets. These include improved fuel consumption, higher thrust and longer time limits for maintenance and the optimization of aircraft system maintenance policy.
Aircraft Engine Market Analysis
There are many disadvantages in the aviation engine market. It requires a lot of money to build the engine, and more research, materials and tests are required. Emission, noise and safety standards for global aviation are very expensive and impossible to implement. Although these regulations are valid, they significantly hamper the speed and cost of developing new engines. Economic contradictions, such as global problems or recessions, can reduce the need to replace new aircraft engines, especially commercial flights, which are most affected.
Nevertheless, these obstacles offer fascinating possibilities. Energy-efficient engines, electric and hybrid engines are increasingly innovating, and government support to reduce carbon emissions promotes this innovation. In addition to new maintenance efforts, existing engines can also be modernized and made more efficient. With the recovery of the aviation industry after the outbreak, the need for new advanced engines and fleet renewal targets and efforts to reduce emissions are increasing.
Based on type, the market is segmented into turboprop, turbofan, turboshaft, and piston engine. The turboshaft segment is expected to grow at a CAGR of over 8.5% by 2034.
Based on technology, the aircraft engine market is segmented into conventional and hybrid. The conventional segment held a market share of over 57% in 2024 and is expected to grow at a lucrative pace.
North America dominated the aircraft engine market and is expected to reach a value of over USD 80.2 billion by 2034. Due to military modernization efforts such as the modernization of advanced fighters and unmanned systems, the need for high-performance turbine engines is being increased. The U.S. Department of Defense has promoted market growth through contracts for the next-generation propulsion system. These developments have led to transformations in the military aviation engines sector, which increase the level of competition between manufacturers to meet the demands of modern combat today.
The German market manufacturers and research institutions have joined together with other colleagues in the European aviation programme to develop more advanced engines. Efforts such as Clean Sky and Flight Path 2050 have become leaders in measures to increase fuel efficiency and reduce engine noise. The aim of these joint efforts is to develop environmentally friendly and future noise-free aircraft.
China aircraft engine market invests significantly in new technologies and the development of domestically produced fuel-efficient turbofan engines, as disposable incomes increase and domestic flight demand rises. At the same time, the country has made significant progress in reducing its dependence on foreign suppliers.
In Japan aircraft engine industry, the Japanese government and companies are working together with domestic and international commercial partners on the development of lightweight and fuel-efficient turbofan engines. Research that exceeds the traditional barriers of materials used in aircraft engines and hybrid propulsion systems can bring enormous economic growth by achieving international aviation standards. Improved economic efficiency and competition at the international level will lead to the lowering the market barriers for larger aircraft which would stimulate the interest in smaller craft including both turboshafts and turbomotors.
With the increase of both international and internal air traffic, South Korea aircraft engine market is committing resources towards the development of fuel efficient and environmentally benign engines. Airlines renew their fleet in order to keep up the increasing passenger demand by enhancing competitiveness in air transport with greater efficiency of turbofan engines. These changes are significant in increasing the country's economic and ecological competitiveness in aviation.
Aircraft Engine Market Share
Even big players such as Rolls-Royce, Pratt and Whitney, MTU Aero Engines and IHI are at each other’s throats in the highly aggressive aircraft engine industry today. These companies invest enormous amounts in modern technologies, which require many new and innovative forms of alliances. With regard to engine competition, the tendency has exacerbated the vc and ec engines markets further, as manufacturers have complying with strict regulations and increasing competition in the green aviation engines market.
These companies need to improve in other fields and compete to gain a greater share of the market share in advanced materials, engine performance and service after the engine is delivered. These companies have also diversified in strategic partnerships and invested in advanced technologies such as hybrid power generation systems, which will change the aviation world.
Aircraft Engine Market Companies
Major players operating in the aircraft engine industry are:
Aircraft Engine Industry News
This aircraft engine market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD million) & volume (units) from 2021 to 2034, for the following segments:
Click here to Buy Section of this Report
Market, By Type
Market, By Component
Market, By Technology
Market, By Application
The above information is provided for the following regions and countries: