Market Size of Turboprop Aircraft Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.69 Billion |
| Market Size (2029) | USD 1.85 Billion |
| CAGR (2024 - 2029) | 1.88 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Turboprop Aircraft Market Analysis
The Turboprop Aircraft Market size is estimated at USD 1.69 billion in 2024, and is expected to reach USD 1.85 billion by 2029, growing at a CAGR of 1.88% during the forecast period (2024-2029).
The COVID-19 pandemic significantly impacted the turboprop aircraft market, with deliveries for commercial and general aviation sectors decreasing in 2020. However, deliveries in 2021 increased as the commercial and general aviation sectors recovered from the pandemic.
Turboprop aircraft are highly profitable for short-distance and low altitude flying. Due to this advantage, these aircraft are preferred to cater to regional air passenger traffic, and their demand is growing with the introduction of new regional routes. Such route network expansion plans of aircraft operators are expected to propel the market's growth over the coming years.
In the military sector, various armed forces are investing in fleet modernization by replacing their aging transport and training aircraft fleet with new generation aircraft. This is anticipated to accelerate the market's growth during the forecast period.
