Turboprop Aircraft Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Turboprop Aircraft Market is segmented by Application (Commercial, Military, General Aviation), and Geography.

Market Snapshot

unmanned systems market overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: >2.5 %

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Market Overview

The turboprop aircraft market is expected to register a CAGR of more than 2.5% during the forecast period.

  • Turboprop aircraft are preferred to cater to regional air passenger traffic, and the demand is growing with the introduction of new regional routes. The Turboprop aircraft are highly profitable for a short distance and low altitude flying.
  • Also, the demand is higher in emerging economies that are enhancing their regional network and linking smaller cities.
  • The increase and fluctuations in fuel prices can broadly impact airlines. However, aircraft fleet powered by turboprop engines can prove to be an effective solution, especially on shorter routes, as Turboprop aircraft is more fuel-efficient compared to the turbofan engine for shorter distances.

 

Scope of the Report

The study covers details on the number of turboprop aircraft deliveries and the recent developments by the Turboprop aircraft OEMs.

Application
Military
Commercial
General Aviation
Geography
North America
Untied States
Canada
Europe
United Kingdom
France
Germany
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Egypt
Rest of Middle-East and Africa

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Key Market Trends

Military Segment Held the Highest Market Share in 2019

The military segment accounted for a major market share in 2019, primarily due to the deliveries of large turboprop aircraft A400M. Airbus A400M Atlas is a four-engine turboprop transport aircraft and was developed by Airbus to replace older transport aircraft, like the Transall C-160 and the Lockheed C-130 Hercules. The first production aircraft was delivered to the French Air Force in 2013. In 2018, Airbus delivered 17 A400M aircraft, two fewer than the 19 it delivered in 2017. Ten aircraft were delivered to Germany, and two each went to Spain, Turkey and the UK, and a single aircraft to France. In terms of deliveries in 2018, the general aviation segment dominated the market with a total delivery of over 600 turboprop aircraft. However, the unit price of General Aviation turboprop aircraft usually varies between 2-5 million, whereas the price of a large military turboprop aircraft is over 150 million. The commercial segment may register the highest CAGR during the forecast period, primarily due to the introduction of new regional routes.

Turboprop Aircraft System_segment

North America Recorded the Highest Market Share in 2019

North America held a major share in the turboprop aircraft market in 2019. The US is the major market in North America, followed by Canada. In January 2018, ATR, one of the major OEM of turboprop aircraft, was awarded a contract by NAC for 15 ATR aircraft. Of the 15 aircraft, 12 may be ATR 42-600s, and three may be ATR 72-600s. The new aircraft was leased to Silver Airways. By April 2019, Silver Airways started flying its ATR 42-600 and became the first US airline to operate revenue flights with an ATR -600 series. In the US, over 9,900 turboprop aircraft are active in the General Aviation sector. In August 2019, National Oceanic and Atmospheric Administration (NOAA) awarded a contract to Textron Aviation Inc. worth USD 11.8 million for the purchase of a new twin-engine Beechcraft King Air 350 CER turboprop aircraft. The aircraft may be built at Textron Aviation’s factory in Wichita, Kansas, and is expected to be delivered by 2021. However, the demand for turboprop aircraft has shifted towards the Asia-Pacific region over the past few years. Countries in Asia-Pacific, such as China, India, Singapore, Australia, and Thailand, have turboprop aircraft on orders that may be delivered during the forecast period. Also, as these countries are enhancing their regional networks, the demand for turboprop aircraft may be higher from this region in the future. Hence, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

Turboprop Aircraft System_geography

Competitive Landscape

The market of turboprop aircraft is fragmented and comprises of several prominent players. ATR (a joint partnership between Airbus and Leonardo), Airbus SE, Textron Aviation, Pilatus Aircraft Ltd, Piper, and Air Tractor were some of the prominent players in the market and occupied a significant market share in 2018. The introduction of a new aircraft model may support the growth of an OEM. Xi'an Aircraft Industry Corporation plans to introduce its MA700 (a twin-engine medium-range) turboprop aircraft in the next few years. The entry of new players may increase the competition among the existing OEMs during the forecast period.

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 Industry Attractiveness - Porter's Five Force 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 Application

      1. 5.1.1 Military

      2. 5.1.2 Commercial

      3. 5.1.3 General Aviation

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 Untied States

        2. 5.2.1.2 Canada

      2. 5.2.2 Europe

        1. 5.2.2.1 United Kingdom

        2. 5.2.2.2 France

        3. 5.2.2.3 Germany

        4. 5.2.2.4 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 China

        2. 5.2.3.2 Japan

        3. 5.2.3.3 India

        4. 5.2.3.4 Rest of Asia-Pacific

      4. 5.2.4 Latin America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Mexico

        3. 5.2.4.3 Rest of Latin America

      5. 5.2.5 Middle-East and Africa

        1. 5.2.5.1 United Arab Emirates

        2. 5.2.5.2 Saudi Arabia

        3. 5.2.5.3 Egypt

        4. 5.2.5.4 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Airbus SE

      2. 6.2.2 ATR

      3. 6.2.3 Textron Inc.

      4. 6.2.4 Pilatus Aircraft Ltd

      5. 6.2.5 Air Tractor Inc.

      6. 6.2.6 Daher

      7. 6.2.7 Piper Aircraft Inc.

      8. 6.2.8 Piaggio Aerospace

      9. 6.2.9 Thrush Aircraft Inc.

      10. 6.2.10 Viking Air Ltd

      11. 6.2.11 Lockheed Martin Corporation

      12. 6.2.12 Embraer SA

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Turboprop Aircraft Market market is studied from 2018 - 2026.

The Turboprop Aircraft Market is growing at a CAGR of >2.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Airbus SE, ATR, Textron Inc., Pilatus Aircraft Ltd, Air Tractor Inc. are the major companies operating in Turboprop Aircraft Market.

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