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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Aircraft Engine Market Size
The global aircraft engine market attained a value of 95.1 billion in 2023. The market is expected to grow at a CAGR of 7.3% between 2024 and 2032, reaching almost 179.3 billion by 2032.
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 Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global aircraft engine market is being aided by the growing demand for commercial aircraft engine, which reached a value of USD 95.1 billion in 2023.
The demand for commercial aircraft engine is expected to grow at a steady pace in the forecast period of 2024-2032 to attain USD 179.3 billion by 2032, further aiding the aircraft engine market.
The major market drivers include the increasing technological advancements in the aviation industry and the increasing focus of the aircraft component manufacturers to enhance performance, improve fuel efficiency, and reduce engine weight.
The growing availability of cheaper flight options, increasing investments in research and development (R&D) by leading companies, and rising defence expenditure for military aircrafts are the key trends augmenting the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant engine types considered in the market report are turboprop, turboshaft, turbofan, and piston engine, among others.
The major wing types in the market are fixed wing and rotary wing.
The different aircraft types considered in the market report are commercial, military, and general, among others.
The major players in the market are Honeywell International Inc., Safran Group, General Electric Company, and Rolls-Royce plc, among others.
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