Asia-Pacific Aircraft Engine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Asia-Pacific Aircraft Engine Market is Segmented by Engine Type (Turbofan, Turboprop, Turboshaft, Piston), End User (Commercial Aviation, Military Aviation, General Aviation), and Geography.

Market Snapshot

Asia-Pacific Aircraft Engine Market_overview
Study Period: 2018 - 2026
Base Year: 2020
CAGR: >4 %

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Market Overview

The market for aircraft engines is anticipated to register a CAGR of over 4%, during the forecast period (2020 - 2025).

  • To cater to the growing air traffic, several airlines are revamping their fleet by procuring new aircraft, which is generating demand for new engines. However, due to the COVID-19 pandemic, revenue for the aviation sector is expected to fall drastically (nearly by 50% in India) in the Asia-Pacific region as many airlines are deferring their procurement plans as part of their restructuring initiatives to sustain profitability. This has resulted in a temporarily sharp decline in the demand for both aircraft and aircraft engines.
  • The availability of low-cost skilled and unskilled workforce and the launch of aviation friendly government initiatives, such as the 'Make In India' initiative, is creating opportunities for foreign players, such as Safran, Rolls Royce, and General Electric, to set up manufacturing units for aircraft engine and components in Asia-Pacific.
  • However, uncertainties, such as the grounding of an aircraft (such as the B737 MAX), persistent problems in the engine design that raise concerns regarding the safety of the aircraft, and delay in aircraft deliveries, are some of the factors that impede the growth of the market in focus.
  • Growing concern over aviation emission may act as an opportunity for developing fuel-efficient and lightweight engines and bolster the research and development (R&D) of electric engines.

Scope of the Report

The study of aircraft engines market in the Asia-Pacific includes the linefit and retrofit demand for engines installed on fixed and rotary-wing aircraft by the military, commercial, and general aviation end-users. The aftermarket sales of engine components and auxiliary power units (APUs) are excluded from the study.

Engine Type
Turbofan
Turboprop
Turboshaft
Piston
End User
Commercial Aviation
Military Aviation
General Aviation
Country
Asia-Pacific
China
India
Japan
Singapore
South Korea
Rest of Asia-Pacific

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Key Market Trends

Turbofan Engines to Dominate the Market

Currently, the turbofan sub-segment holds a major share in the aircraft engines market and is anticipated to dominate the market during the forecast period. Turbofan engines are most widely used in commercial and military segments. In April 2019, China showcased the latest turbofan engine prototypes to be used for its aircraft carrier-based stealth fighters. As of 2019, Chinese officials were in the midst of an ongoing negotiation to sell highly advanced and powerful jet engines to Germany. Transfer-of-technology (ToT) has emerged as a predominant feature in modern era military procurements. On this note, Safran has agreed to transfer SNECMA M88 engine manufacturing technology to India for Rafale Jets. With growing aircraft orders in the commercial aircraft segment, which is majorly dominated by the turbofan engine segment, the turbofan engine segment is anticipated to register the highest CAGR during 2020-2025 in the region.

Asia-Pacific Aircraft Engine Market_trend1

China to Witness the Highest Growth During the Forecast Period

The rapid rise in air passenger traffic in China and India has encouraged the procurement of new aircraft by airline operators. In 2019, Indian low-cost carrier (LCC) Indigo placed a USD 33 billion order for 300 Airbus A320neo, A321neo and A321XLR aircraft to increase its long-distance operational capabilities. Moreover, China is expected to increase its aerial fleet size at a rapid pace to surpass the air dominion of the US globally in terms of military assets. Furthermore, IATA forecasts that China is likely to become the world’s leading commercial aviation hub by 2024, thereby necessitating the procurement of new aircraft in accordance with the passenger traffic growth. Furthermore, with the growth in the high net-worth individual (HNWI) population in the region, several new business jets are being released, which integrate newer engine models for sustaining flight over an extended range and comply with the evolving emission norms in the region.

Asia-Pacific Aircraft Engine Market_geography

Competitive Landscape

The Asia-Pacific aircraft engine market is highly consolidated, with a majority of the market share being held by Pratt & Whitney (Raytheon Technologies Corporation), Rolls-Royce Holding PLC, Safran SA, UEC Aviadvigatel JSC, and GE Aviation (General Electric Company). The engine manufacturers and aircraft OEMs often prefer long-term contracts, thereby, making it difficult for new players to enter the market. The significant investment toward R&D of advanced technologies, like additive manufacturing and incorporation of AI to increase the production rate, is expected to help the players to ramp up their production capacity, thereby, maximize their profits.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Engine Type

      1. 5.1.1 Turbofan

      2. 5.1.2 Turboprop

      3. 5.1.3 Turboshaft

      4. 5.1.4 Piston

    2. 5.2 End User

      1. 5.2.1 Commercial Aviation

      2. 5.2.2 Military Aviation

      3. 5.2.3 General Aviation

    3. 5.3 Country

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 Singapore

        5. 5.3.1.5 South Korea

        6. 5.3.1.6 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Aero Engine Corporation Of China

      2. 6.2.2 JSC UEC-Aviadvigatel

      3. 6.2.3 Hindustan Aeronautics Limited

      4. 6.2.4 Tata Advanced Systems Limited (Tata Sons Private Limited)

      5. 6.2.5 Safran SA

      6. 6.2.6 Pratt and Whitney (Raytheon Technologies Corporation)

      7. 6.2.7 CFM International

      8. 6.2.8 Ishikawajima Harima Heavy Industries Co. Limited

      9. 6.2.9 Thompson Aero Seating Limited

      10. 6.2.10 MTU Aero Engines AG

      11. 6.2.11 GE Aviation (General Electric Company)

      12. 6.2.12 Rolls-Royce PLC

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Asia-Pacific Aircraft Engine Market market is studied from 2018 - 2026.

The Asia-Pacific Aircraft Engine Market is growing at a CAGR of >4% over the next 5 years.

Pratt and Whitney (Raytheon Technologies Corporation), Rolls-Royce plc, Safran SA, JSC UEC-Aviadvigatel , GE Aviation (General Electric Company) are the major companies operating in Asia-Pacific Aircraft Engine Market.

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