Aircraft Engines Market Horizon: Soaring from US$ 76.8 Billion in 2025 to US$ 157.5 Billion by 2032 at a 10.8% CAGR

The global aircraft engines market is projected to witness robust growth over the coming decade, as indicated by Persistence Market Research. The market size is expected to reach US$ 76.8 billion in 2025, and more than double to US$ 157.5 billion by 2032, expanding at a strong CAGR of 10.8% from 2025 to 2032. This impressive trajectory is being driven by sustained demand for next-generation engines, the rapid modernization of global aircraft fleets, and continuous advances in propulsion efficiency and sustainability.

Aircraft engine manufacturers are responding to evolving airline and defense requirements through the introduction of high-bypass turbofan designs, geared turbofans, and hybrid-electric propulsion concepts. These innovations enable reduced fuel burn, lower emissions, and enhanced performance reliability, aligning with industry-wide goals for cost efficiency and carbon reduction. The commercial aviation sector, supported by fleet renewals and expanding air traffic across Asia-Pacific and North America, continues to dominate demand.

Within the industry landscape, turbofan engines are expected to lead the market, accounting for a commanding share due to their extensive use in commercial narrow-body and wide-body aircraft. On the regional front, North America remains the leading market, fueled by the presence of major OEMs, defense contracts, and robust airline operations. The region benefits from established MRO (maintenance, repair, and overhaul) infrastructure and sustained investment in advanced propulsion systems, giving it a strategic edge in innovation and production capabilities.

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Key Highlights from the Report

The global aircraft engines market is set to grow from US$ 76.8 billion in 2025 to US$ 157.5 billion by 2032, expanding at a CAGR of 10.8%.

Turbofan engines will remain the most dominant segment, contributing the largest revenue share through 2032.

North America is projected to maintain its market leadership, supported by strong defense and commercial aviation sectors.

Asia-Pacific is anticipated to be the fastest-growing regional market, driven by increased passenger travel and aircraft deliveries.

Advancements in hybrid-electric propulsion, open-fan concepts, and Sustainable Aviation Fuel (SAF)-compatible engines are opening new technological frontiers.

Stricter environmental regulations and rising fuel costs are accelerating fleet modernization, creating strong replacement and retrofit demand.

Aircraft Engines Market Segmentation

By Engine

• Turboprop
• Turbofan
• Turboshaft
• Piston Engine

By Component

• Compressor
• Turbine
• Gearbox
• Exhaust System
• Fuel System
• Others

By Aircraft

• Commercial Aircraft
• Military Aircraft
• Business
• General Aviation Aircraft

By Region

• North America
• Europe
• East Asia
• South Asia and Oceania
• Middle East and Africa
• Latin America

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Market Drivers

The aircraft engines market is being propelled by several critical factors that are transforming the aerospace propulsion ecosystem. Foremost among these is the surge in global air travel demand, supported by economic expansion, rising disposable incomes, and greater connectivity between cities and continents. Airlines are accelerating their fleet modernization programs to meet passenger capacity while reducing operational costs. This ongoing replacement of older engines with advanced, fuel-efficient models significantly boosts market growth.

Additionally, environmental sustainability and regulatory pressure are acting as strong market drivers. The aviation industry faces increasing mandates to curb emissions and reduce carbon intensity per flight hour. In response, engine manufacturers are innovating with geared turbofans, composite fan blades, and lightweight materials to enhance fuel efficiency. The industry is also adopting digital twin technologies and predictive maintenance systems, enabling real-time monitoring and reducing maintenance downtime. Collectively, these drivers contribute to the rapid adoption of modern, cleaner, and smarter engine technologies across the aviation value chain.

Market Restraints

Despite promising growth prospects, the aircraft engines market is not without challenges. One of the most significant restraints is the high capital intensity associated with designing, testing, and certifying new engine technologies. Developing an advanced propulsion system can require billions of dollars in R&D investment and a decade or more before commercial deployment. Such long development cycles limit flexibility and expose manufacturers to high financial risk.

Another restraint stems from supply-chain constraints and geopolitical uncertainties. Engine manufacturing depends on specialized raw materials such as titanium alloys, composites, and ceramic components that require precision manufacturing and stringent quality control. Any disruption in this supply chain - due to trade barriers, geopolitical tensions, or material shortages - can delay deliveries and escalate production costs. Furthermore, cyclical downturns in air travel demand or macroeconomic instability can prompt airlines to defer fleet upgrades or extend maintenance intervals, impacting engine order backlogs and service revenue streams.

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Market Opportunities

The coming decade presents several exciting opportunities for market players. The most transformative lies in sustainable aviation propulsion, particularly the integration of Sustainable Aviation Fuels (SAF) and hybrid-electric or hydrogen-powered engines. As governments and airlines commit to achieving net-zero emissions targets, there is growing demand for propulsion systems capable of operating efficiently with alternative fuels. This transition is spurring collaboration between engine OEMs, energy producers, and regulatory bodies to accelerate the certification and adoption of eco-friendly engine technologies.

Moreover, the aftermarket and digital service segment represents a major growth opportunity. As aircraft fleets grow and age, operators increasingly rely on MRO providers for predictive maintenance, spare-part management, and engine performance optimization. Advanced analytics and artificial intelligence are transforming maintenance from reactive to proactive, improving engine uptime and reducing lifecycle costs. For OEMs and suppliers, this creates recurring revenue streams beyond initial engine sales. Additionally, emerging economies across Asia-Pacific, the Middle East, and Latin America are investing in local MRO ecosystems and joint ventures with global engine manufacturers - unlocking new markets and strengthening regional resilience in engine production and servicing.

Company Insights

Key players operating in the global aircraft engines market include:

• Advanced Atomization Technologies Inc.
• Enjet Aero
• Engine Alliance
• Safran Group
• Pratt & Whitney
• Rolls-Royce
• MTU Aero Engines AG
• CFM International
• General Electric Company
• ITP Aero
• New Hampshire Ball Bearing (MinebeaMitsumi Aerospace)

Recent Developments:

Rolls-Royce introduced the Pearl 10X engine, designed for next-generation business jets and capable of operating with 100% Sustainable Aviation Fuel (SAF), marking a major step toward cleaner propulsion technology.

CFM International secured a landmark agreement with a major Asian airline for over 300 LEAP-1B engines, underscoring growing demand for fuel-efficient propulsion in the single-aisle commercial aircraft segment.

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Future Opportunities and Growth Prospects

Looking ahead, the global aircraft engines market will continue its strong upward trajectory, shaped by technological advancement, policy evolution, and global air travel resurgence. As fleets expand and environmental mandates intensify, demand for new and upgraded engines will remain high. Innovations in hybrid-electric propulsion, open-fan architecture, and SAF compatibility are expected to revolutionize the industry over the next decade.

The integration of artificial intelligence, 3D printing, and advanced materials engineering will further enhance production efficiency, reduce weight, and extend engine life. Aftermarket and service-based models will become increasingly vital, offering stable, long-term revenue opportunities for OEMs. Meanwhile, emerging markets in Asia-Pacific, the Middle East, and Africa will continue to absorb significant portions of new engine demand, driven by rising air traffic and local industrial growth.

The forecast growth from US$ 76.8 billion in 2025 to US$ 157.5 billion by 2032, at a CAGR of 10.8%, highlights a vibrant market ecosystem rich with potential. Stakeholders who align early with sustainability goals, digital innovation, and regional expansion strategies are well positioned to capture the next wave of aerospace propulsion growth and leadership.

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