Commercial Aircraft Engines Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Fastest Growing Market||Asia Pacific|
|Largest Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Commercial Aircraft Engines Market Analysis
The commercial aircraft engine market is anticipated to grow from USD 48,680.04 million in 2022 to USD 100,863.52 million in 2028, registering a CAGR of 13.02% during the forecast period.
The commercial aircraft engines market witnessed unprecedented challenges due to the COVID-19 pandemic. The demand for commercial and commercial aircraft engines had slumped due to low economic growth, a decrease in air traffic passengers, and a decline in aviation operations. Moreover, there had been a decrease in the growth rate of wide-body aircraft and narrow-body aircraft orders, owing to the grounding of 737 Max aircraft. The reduced number of aircraft purchasing orders by various airline companies around the world led to a decline in the production of more aircraft by OEMs and also hampered the production of commercial aircraft engines to a long extent. On the other hand, this effect, however, is expected to be short-lived, due to the increasing investments in the aviation industry of emerging economies and the emergence of new technologies, norms, and regulations for safety, etc.
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 engine market. The development of new medium- and small-sized airports in cities and regions across Asia-Pacific, the Middle East, and Africa, is propelling the demand for new aircraft to serve the new routes, thereby driving related growth of the aircraft engines market.
Technological innovations are significantly fueling market growth. The development of new models results in weight reduction, fewer noise footprints, fewer emissions, high thrust, reduction in maintenance operations, etc. Hybrid propulsion commercial aircraft engines are boosted by the development of battery technology in areas such as weight reduction, less space requirement, and high power.
Commercial Aircraft Engines Market Trends
By Aircraft Type, the Wide-Body Aircraft Segment is Anticipated to Grow with the Highest CAGR During the Forecast Period
The 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. As of June 2021, an estimated total of 124 Boeing B777Xs and 436 units of A350 were in service.
Airlines use wide-body aircraft to ferry goods; high demand is expected to continue until 2023. Manufacturers are developing advanced engines to meet 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 2021, General Electric successfully validated the durability of its new GE9X - the world's largest and most powerful commercial jet engine, with the dust-ingestion test. A partnership between the airlines and aircraft manufacturers can be seen in the industry, owing to the long-range requirements put forth by airlines to serve long routes continuously. 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. 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.
With multiple partnerships and innovations by aircraft engine manufacturers for wide-body aircraft, this segment is expected to grow significantly during the forecast period.
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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.
The commercial aircraft produced in China, including the latest C919, is equipped with foreign engines currently. 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.
Civil aviation in India is the third-largest aviation market in the world. According to a report by the Directorate General of Civil Aviation (DGCA), in the financial year 2022, India's total air passenger traffic reached more than 105 million passengers. It was a huge increase of 69.7% compared to the previous year. According to 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.
India is one of the fastest-growing aviation markets in the world and has significant potential for growth in the coming years. Also, an increase in the budget allocation for improving airport infrastructure and the establishment of new airports will support the growth of the aviation sector over the next decade. In January 2021, All Nippon Airways (ANA) announced it would be cutting its domestic wide-body operations in half as it moves ahead with the early exit of some of its Boeing 777s from the fleet. The airline unveiled plans for a subsidiary airline called AirJapan to fly medium-haul international routes from the second half of 2023. From October 2021, ANA (All Nippon Airways) slowly started to increase international flights to help meet rising travel demand from Asia, Europe, and North America.
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.
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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 (Raytheon Technologies Corporation), Rolls-Royce plc, and Honeywell International Inc. amongst others 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
Pratt & Whitney (Raytheon Technologies Corporation)
Honeywell International Inc
*Disclaimer: Major Players sorted in no particular order
Commercial Aircraft Engines Market News
In February 2023, Air India placed a definitive order for 40 GEnx-1B and 20 GE9X engines, as well as a multi-year TrueChoice engine services agreement with GE Company.
In July 2022, Safran is ready for the second LEAP production ramp-up and expects production to double between 2021 and 2023, with around 2,000 LEAP engines estimated for 2023.
Commercial Aircraft Engines Market Report - Table of Contents
1.1 Study Assumptions
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 By Aircraft Type
5.1.1 Narrow-Body Aircraft
5.1.2 Wide-Body Aircraft
5.1.3 Regional Aircraft
5.2 By Engine Type
5.3.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.4 Latin America
22.214.171.124 Rest of Latin America
5.3.5 Middle East and Africa
126.96.36.199 United Arab Emirates
188.8.131.52 Saudi Arabia
184.108.40.206 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 (Raytheon Technologies 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 Market Research FAQs
What is the current Commercial Aircraft Engines Market size?
The Commercial Aircraft Engines Market is projected to register a CAGR of 13.02% during the forecast period (2023-2028).
Who are the key players in Commercial Aircraft Engines Market?
The General Electric Company, Pratt & Whitney (Raytheon Technologies Corporation), Honeywell International Inc, Safran SA 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 (2023-2028).
Which region has the biggest share in Commercial Aircraft Engines Market?
In 2023, the Asia Pacific accounts for the largest market share in the Commercial Aircraft Engines Market.
Commercial Aircraft Engines Industry Report
Statistics for the 2023 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 to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.