Market Size of Turboprop Engine Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 23.80 Billion |
| Market Size (2029) | USD 28.55 Billion |
| CAGR (2024 - 2029) | 3.71 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Turboprop Engine Market Analysis
The Turboprop Engine Market size is estimated at USD 23.80 billion in 2024, and is expected to reach USD 28.55 billion by 2029, growing at a CAGR of 3.71% during the forecast period (2024-2029).
The preference for turboprop engine-powered aircraft in commercial aviation is growing with the introduction of new regional routes. Turboprop engines are highly efficient in short-distance and low-altitude flying, which is helping their growth in the commercial aviation sector. In the military and general aviation segments, the growth in demand is mainly due to the introduction of new aircraft models powered by turboprop engines.
The increasing demand for turboprop aircraft is due to the introduction of newly developed shorter routes, the ability to fly at low altitudes, and cost efficiency. The hybrid variety holds dominance in the turboprop engine market owing to its increasing popularity in the civil aviation sector. Furthermore, the deployment of turboprop engines is extensive as older aircraft are retrofitted with these hybrid engines. In addition, newer aircraft are already equipped with this modern turboprop engine.
Turboprop engines prove to be highly efficient in low-altitude flying and short-distance travel, requiring minimal airstrip space for take-off and landing and enhancing fuel efficiency. These factors make air travel more accessible and convenient for individuals, thereby driving the market demand for turboprop engines.
