Aircraft Engine, Parts and Equipment Market Growth and Forecast 2016 - 2024
The global aircraft engine, parts, and equipment market can be segmented by aircraft type into military aircrafts – comprising of helicopters, their engines, and engine parts, commercial aircrafts – comprising of wide body aircrafts and narrow body aircrafts, rotary aircrafts – consisting of helicopters, and general aviation – consisting of small business jets and planes. It also encompasses turbofan or turbojet, turboprop, single engine piston, and multi-engine piston that form a part of these aircrafts.
Global Aircraft Engine, Parts and Equipment Market: Drivers and Trends
The single-most important growth driver in the global aircraft engine, parts, and equipment market is the soaring demand for new, advanced private and commercial aircrafts, which in turn has been brought about by the foray of new airlines and network expansion by current players. Such aircrafts consist of both single-aisle or narrow body aircrafts and large wide-body aircrafts. Another growth driver is the frequent need to supplant obsolete aircrafts. This has resulted from the swift pace of technological progress along with new trends such as the unveiling of M601H-80 Turboprop Derivative Engine II-49 by GE Aviation.
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The growth in air passenger traffic fueled by economic development in many countries has also boosted the market significantly. A recent noticeable trend in the global market for aircraft engine, parts, and equipment market is the rising demand for fuel-efficient aircrafts. This would likely compel companies to push the envelope further by launching more budget air carriers. This, in turn, would power more growth in the near future.
Global Aircraft Engine, Parts and Equipment Market: Regional Outlook
Based on geography, the five key segments of the global aircraft engine, parts, and equipment market are Asia Pacific, North America, Europe, and the Rest of the World. North America, among them, dominates the market on account Canada, which leads in the production of turbine-powered aviation engines for business and commercial aircraft and copters. The U.S. is another prominent market in the region. Its market is slated to be boosted by a solid commercial demand and the increase in light jet production, despite a cut back on spending on defense due to reduced military activities overseas.
Europe is another major market that follows North America in terms of market share. France, and the U.K. are major producers of aircraft parts in Europe. Going forward, nations such as Japan and South Korea are expected to emerge as crucial markets due to the continued progress in cutting-edge technologies. Further, with the rapid increase in population, economic progress, rapid urbanization, multiplying cargo and passenger hubs, emergence of budget carriers, and increasing deregulation resulting in proliferation of inter-regional trade in emerging economies of China and India, the market in Asia Pacific is predicted to gain the most in the upcoming years.
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Companies Mentioned in Report
To present a detailed assessment of the competition prevailing in the global aircraft engine, parts, and equipment market, the report profiles companies such as Bell Helicopter Textron Inc., Airbus S.A.S., American Champion Aircraft Corporation, CFM International, Inc, BAE Systems, Safran, Kawasaki Heavy Industries, European Aeronautic Defense and Space Co, GE Aviation, Pratt & Whitney International Aero Engines, Rolls-Royce, Thales, and Zodiac.
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