Aircraft Engines Market is Anticipated to Expand upto $62.55 Billion in 2029

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What Is the Forecasted Market Growth Rate of the Aircraft Engines Industry?
The size of the aircraft engines market has seen consistent expansion in the past few years. A surge from $52.91 billion in 2024 to $54.27 billion in 2025 is expected, with a compound annual growth rate (CAGR) of 2.6%. The growth observed in the previous period is credited to factors like the progression of commercial aviation, technological advancements, airline fleet updating, and regulatory requisites.

How Will the Aircraft Engines Market Size Evolve From 2025 to 2029?
The market size of aircraft engines is projected to witness consistent expansion in the coming years, with an expectation to rise to $62.55 billion in 2029 at a CAGR of 3.6%. The predicted growth in this period is due to factors such as sustainable aviation, innovative technologies, economic growth in emerging markets, and urban air mobility (uam). Key trends to note for the forecast period consist of improved fuel efficiency and reduction of emissions, superior materials and manufacturing processes, high bypass turbofans and geared turbofan engines.

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What Are the Main Growth Drivers in the Aircraft Engines Market Today?
The escalation in air passenger traffic is anticipated to stimulate the expansion of the aircraft engine market throughout the projected timeframe. For example, in February 2023, the International Civil Aviation Organization (ICAO), which is a Canada-based subdivision of the United Nations responsible for managing worldwide civil aviation, reported a 47% surge in the global number of air passengers in 2022 compared to 2021. Additionally, there was a significant 70% growth in revenue passenger kilometers (RPKs) in 2022 relative to 2021. With the aim of catering to this accelerating air traffic, numerous airlines are modernizing their fleets by acquiring new aircraft, thereby generating a demand for fresh engines. The International Air Transport Association (IATA) revealed the potential doubling of passenger numbers to 8.2 billion by 2037. Consequently, the rising air passenger traffic is a key factor propelling the aircraft engine market's growth.

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Which Aircraft Engines Market Segment Is Expected to Lead Through 2029?
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

Which Market Trends Are Expected to Dominate Aircraft Engines Industry Growth?
A focus on the development of technologically advanced solutions like hybrid electric engines is being seen in leading companies within the aircraft engine market to meet crucial industry needs. Hybrid electric engines are power systems that enhance fuel efficiency, decrease emissions, and boost overall performance by integrating traditional internal combustion engines (ICE) with electric propulsion technologies. An example of this is when GE Aerospace, an American aerospace company, began the creation of a hybrid electric demonstrator engine in June 2024. The company achieved this by modifying its present Passport engines in partnership with NASA. This is part of NASA's Hybrid Thermally Efficient Core (HyTEC) project, aimed at integrating electric motor/generators into the engine to improve performance and reduce fuel use. The early tests of these electric components have proven successful.

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Which Companies Hold the Largest Market Share in the Aircraft Engines Sector?
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

Where Is the Aircraft Engines Market Experiencing the Highest Growth?
North America was the largest region in the aircraft engine market in 2024. 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

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