Commercial Aircraft Engines Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 61.82 Billion |
| Market Size (2029) | USD 113.99 Billion |
| CAGR (2024 - 2029) | 13.02 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Commercial Aircraft Engines Market Analysis
The Commercial Aircraft Engines Market size is estimated at USD 61.82 billion in 2024, and is expected to reach USD 113.99 billion by 2029, growing at a CAGR of 13.02% during the forecast period (2024-2029).
The rise in global air passenger traffic is leading to a growth in the demand for new commercial aircraft, driving the growth of the commercial aircraft engines market. The development of new medium- and small-sized airports in cities across Asia-Pacific and Middle East and Africa is propelling the demand for new aircraft to serve the new routes, thereby driving related growth of the commercial aircraft engines market.
Technological innovations are significantly fueling the growth of the market studied. The development of new models results in weight reduction, fewer noise footprints, fewer emissions, high thrust, reduction in maintenance operations, etc. However, the market is marred by economic fluctuations as the tenuous R&D cycle of advanced engines renders the players vulnerable to global economic disparities. In the future, hybrid propulsion engines will be developed and adopted until full electrification is achieved through the development of battery technology in areas such as weight reduction, less space requirement, and high power.
Commercial Aircraft Engines Market Trends
Wide-Body Aircraft Segment is Anticipated to Grow with the Highest CAGR During the Forecast Period
A wide-body aircraft, called twin-aisle aircraft, is an airliner with a fuselage wide enough to accommodate two passenger aisles with seven or more seats abreast. The typical fuselage diameter is 5 to 6 m (16 to 20 ft). Boeing B777X and Airbus A350 are examples of wide-body aircraft in service across various world geographies.
Airlines use wide-body aircraft to ferry goods. The high demand for such aircraft was expected to continue until 2023. Manufacturers developed advanced engines to meet the demand. For instance, in February 2023, Air India, a part of Tata Sons, signed a procurement contract for 40 GEnx-1B and 20 GE9X engines and a multi-year TrueChoice engine services agreement with GE Aerospace. The deal was signed in coordination with the airline's firm order for 10 Boeing B777X and 20 Boeing B787 aircraft.
In November 2023, Emirates announced an order for 202 GE9X engines to power its upcoming fleet of Boeing B777X aircraft. The order also includes a long-term services agreement. This brings Emirates’ total order for GE9X engines to 460. In May 2022, the Australian carrier Qantas announced its commitment to a deal for 12 Rolls Royce Trent XWB-97 powered A350-1000 aircraft that will support the airline's aim to operate the world's longest commercial non-stop flights, allowing passengers to fly direct between London and New York to the Australian east coast cities of Sydney and Melbourne. This leads to aircraft engine procurement partnerships with airlines in the industry. The focus is on wide-body aircraft that are ideal for intercontinental travel. With multiple partnerships and innovations by aircraft engine manufacturers for wide-body aircraft, this segment is expected to grow significantly during the forecast period.
Asia Pacific Will Showcase Remarkable Growth During the Forecast Period
Asia Pacific is projected to show the highest growth during the forecast period. Fleet expansion plans of airlines and increasing cargo services are accelerating the procurement of new passenger and cargo aircraft, which will possess a positive stance on the aircraft engine market during the forecast period.
Currently, the commercial aircraft produced in China, including the latest C919, are equipped with foreign engines. However, the country has been trying to develop a home-grown alternative as it seeks to cut its dependence on foreign sources of sophisticated technology. China is progressing with the development of CJ1000, a turbofan jet engine designed to power the homemade C919 narrow-body aircraft in the next three to five years.
In June 2023, China Airlines made an order for 17 GEnx-1B engines and spares from General Electric (GE) Aerospace to power its growing fleet of Boeing 787 Dreamliner commercial jets. The Airline currently operates a fleet of 87 aircraft, including 66 passenger jets and 21 freighters.
According to a report by the Indian Directorate General of Civil Aviation (DGCA), in 2022, India's total air passenger traffic reached more than 105 million passengers. According to the International Air Transport Association (IATA), India is expected to overtake China and the United States as the world's third-largest air passenger market in the next ten years by 2030. Hence, the airlines are undertaking massive procurement plans to expand their fleet and address the growing market opportunity. On this note, in June 2023, IndiGo ordered 500 Airbus A320 Family aircraft. This IndiGo order-book comprises a mix of A320NEO, A321NEO and A321XLR aircraft. Such fleet modernization plans of the airlines and aircraft operators are expected to drive the growth of the commercial segment of the aircraft engines market during the forecast period.
Commercial Aircraft Engines Industry Overview
The commercial aircraft engines market is consolidated, with major players, such as The General Electric Company, Safran SA, Pratt & Whitney (RTX Corporation), Rolls-Royce PLC, and Honeywell International Inc., dominating the market. The commercial aircraft engine market is witnessing collaborations and joint development programs for creating new technologies for lighter and fuel-efficient aircraft. Global commercial aircraft engine manufacturers are also investing in the manufacturing ecosystems in regions such as Asia-Pacific, owing to the availability of low-cost labor and the growing aviation industry. The main revenue generation strategy of market players is winning contracts and orders from aircraft manufacturers for engines and engine MRO services.
Commercial Aircraft Engines Market Leaders
The General Electric Company
Safran SA
Honeywell International Inc.
Pratt & Whitney (RTX Corporation)
Rolls-Royce plc
*Disclaimer: Major Players sorted in no particular order
Commercial Aircraft Engines Market News
July 2023: Air India finalized an order for over 800 CFM International Leap-series engines to power its incoming fleet of 210 Airbus A320neo/A321neos and 190 Boeing B737 MAX family aircraft.
July 2023: Pratt & Whitney secured a contract to provide 90 GTF engines to Viva Aerobus’ Airbus A321neo fleet. The airline currently operates a fleet of 31 V2500-powered A320ceo family aircraft and 43 GTF-powered A320neo family aircraft.
Commercial Aircraft Engines Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Aircraft Type
5.1.1 Narrow-body Aircraft
5.1.2 Wide-body Aircraft
5.1.3 Regional Aircraft
5.2 Engine Type
5.2.1 Turbofan
5.2.2 Turboprop
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 France
5.3.2.3 Germany
5.3.2.4 Russia
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Mexico
5.3.4.2 Brazil
5.3.4.3 Argentina
5.3.4.4 Rest of Latin America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 The General Electric Company
6.2.2 Safran SA
6.2.3 Rolls-Royce PLC
6.2.4 Honeywell International Inc.
6.2.5 United Engine Corporation (Rostec)
6.2.6 Pratt & Whitney (RTX Corporation)
6.2.7 MTU Aero Engines AG
6.2.8 IHI Corporation
6.2.9 CFM International
6.2.10 Williams International Co. LLC
6.2.11 Mitsubishi Heavy Industries Ltd
6.2.12 Aviation Industry Corporation of China
6.2.13 IAG Aero Group
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Commercial Aircraft Engines Industry Segmentation
An aircraft engine, often referred to as an aero engine, is the power component of an aircraft propulsion system. An aircraft engine also refers to the component of an aircraft that offers thrust to an aircraft while taxing or in the course of the flight. The major components of an aircraft engine encompass a fan, compressor, combustor, turbine, mixer, and nozzle. Each component plays a crucial role in the working of the aircraft engine.
The commercial aircraft engines market is segmented based on aircraft type, engine type, and geography. By aircraft type, the market has been divided into narrow-body aircraft, wide-body aircraft, and regional aircraft. By engine type, the market has been divided into turbofan and turboprop. The report also covers the market sizes and forecasts for the commercial aircraft engines market in major countries across different regions. The report offers the market size in value terms in USD for all the abovementioned segments.
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| Regional Aircraft |
| Engine Type | |
| Turbofan | |
| Turboprop |
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Commercial Aircraft Engines Market Research FAQs
How big is the Commercial Aircraft Engines Market?
The Commercial Aircraft Engines Market size is expected to reach USD 61.82 billion in 2024 and grow at a CAGR of 13.02% to reach USD 113.99 billion by 2029.
What is the current Commercial Aircraft Engines Market size?
In 2024, the Commercial Aircraft Engines Market size is expected to reach USD 61.82 billion.
Who are the key players in Commercial Aircraft Engines Market?
The General Electric Company, Safran SA, Honeywell International Inc., Pratt & Whitney (RTX Corporation) and Rolls-Royce plc are the major companies operating in the Commercial Aircraft Engines Market.
Which is the fastest growing region in Commercial Aircraft Engines Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Commercial Aircraft Engines Market?
In 2024, the North America accounts for the largest market share in Commercial Aircraft Engines Market.
What years does this Commercial Aircraft Engines Market cover, and what was the market size in 2023?
In 2023, the Commercial Aircraft Engines Market size was estimated at USD 53.77 billion. The report covers the Commercial Aircraft Engines Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Commercial Aircraft Engines Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Commercial Aircraft Engines Industry Report
Statistics for the 2024 Commercial Aircraft Engines market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Commercial Aircraft Engines analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
