Key Influencer in the Aircraft Engines Market 2025: Surging Air Passenger Traffic Fuels Aircraft Engine Market Growth Driver

What Is the Forecasted Market Size and Growth Rate for the Aircraft Engines Market?
The market size for aircraft engines has seen a stable rise over the past few years. Predictions estimate an increase from $53.48 billion in 2024 to $55.07 billion in 2025, equating to a compound annual growth rate (CAGR) of 3.0%. The significant progression recorded in the past traces back to factors like growth in commercial aviation, technological innovation, regulatory protocols, and the modernization of airline fleets.

In the coming years, the aircraft engines market is projected to experience consistent growth, reaching a market size of $63.04 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 3.4%. Factors contributing to this upward trend during the forecast period include sustainable aviation, new technological developments, economic growth in emerging markets, and urban air mobility (uam). Among the key trends anticipated for this forecast period are improved fuel efficiency, emission reductions, advancement in materials and manufacturing, the proliferation of high bypass turbofans, and the rise of geared turbofan engines.

What Factors Are Propelling the Expansion of the Aircraft Engines Market?
The aircraft engine market is likely to experience growth due to the rising volume of air passengers. The International Civil Aviation Organization (ICAO), a Canada-based specialized UN agency that supervises international civil aviation, reported in February 2023 a 47% global rise in the number of air passengers carried in 2022 in comparison to 2021. There was also a 70% growth observed in revenue passenger kilometers (RPKs) when compared to 2021. This surge in air travel has led several airlines to revamp their fleet by buying new aircraft, leading to higher demand for new engines. The International Air Transport Association (IATA) revealed that the passenger count could potentially reach 8.2 billion by 2037, doubling the current number. Hence, the increase in air passenger traffic is accelerating the growth of the aircraft engine market.

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Which Businesses Are at the Forefront of Aircraft Engines Market Development?
Major companies operating in the aircraft engines market include General Electric Company, Rolls-Royce Limited, Honeywell International Inc., United Technologies Corporation, Safran S.A., IAE International Aero Engines AG, MTU Aero Engines, Textron Inc., Hindustan Aeronautics Limited, Klimov, Continental Motors Group, United Engine Corporation, Motor Sich, AVIC Aircraft, Aero Engine Corporation of China, Barnes Group, Pratt & Whitney, UEC-Aviadvigatel JSC, Ivchenko-Progress, NPO Saturn, PowerJet, EuroJet Turbo GmbH, Xi'an Aero-Engine Corporation (XAEC), Guizhou Aircraft Industry Corporation (GAIC), IHI Corporation, Williams International, Austro Engine GmbH, Textron Aviation Inc., BRP-Rotax GmbH & Co KG, Teledyne Continental Motors, Thielert Aircraft Engines GmbH, UEC Saturn, CFM International, Engine Alliance

What Are the Latest Innovations in the Aircraft Engines Market?
Key players in the aircraft engines market, such as GE Aerospace, are shifting their focus towards the development of high-tech solutions like hybrid electric engines. These power systems merge traditional internal combustion engines (ICE) with electric propulsion innovations, thereby increasing fuel efficiency, reducing emissions, and boosting performance. For example, in June 2024, GE Aerospace, a U.S. based aerospace company, started creating a hybrid electric demonstrator engine by modifying its existing Passport engines in partnership with NASA. This development is an integral part of NASA's Hybrid Thermally Efficient Core (HyTEC) project, which targets embedding electric motor/generators within the engine, aiming to maximize performance whilst minimizing fuel consumption. The initial tests of these electric components have been carried out successfully.

How Is the Aircraft Engines Market Segmented?
The aircraft engines market covered in this report is segmented -

1) By Type: Turboprop, Turboshaft, Turbofan, Piston Engine
2) By Technology: Conventional Engine, Electric/Hybrid
3) By Platform: Fixed Wing, Rotary Wing
4) By Application: General Aviation, Business Aviation, Recreational Aviation, Others

Subsegments:
1) By Turboprop: Civil Turboprop Engines, Military Turboprop Engines
2) By Turboshaft: Civil Turboshaft Engines, Military Turboshaft Engines
3) By Turbofan: High-Bypass Turbofan Engines, Low-Bypass Turbofan Engines
4) By Piston Engine: Air-Cooled Piston Engines, Liquid-Cooled Piston Engines

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Where Is the Aircraft Engines Market Growth Most Prominent?
North America was the largest region in the aircraft engine market in 2023. North America is expected to be the fastest-growing region in the aircraft engines market during the forecast period. The regions covered in the aircraft engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

What Is Covered In The Aircraft Engines Global Market Report?

- Market Size Analysis: Analyze the Aircraft Engines Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Aircraft Engines Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Aircraft Engines Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Aircraft Engines Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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