Aircraft Engine Market by Application and Geography - Forecast and Analysis 2022-2026

The aircraft engine market share is expected to increase by USD 57.07 billion from 2021 to 2026, at a CAGR of 18.83%.

This aircraft engine market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers aircraft engine market segmentation by application (commercial aviation and military aviation) and geography (Europe, North America, APAC, South America, and MEA). The aircraft engine market report also offers information on several market vendors, including Airbus SE, BMW AG, General Electric Co., Honeywell International Inc., Mitsubishi Heavy Industries Ltd., MTU Aero Engines AG, PowerJet Pressure Cleaning Systems, Pratt and Whitney, Safran SA, and Williams International Co. LLC among others.

What will the Aircraft Engine Market Size be During the Forecast Period?

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"Aircraft manufacturing is an important industry in Russia"

Aircraft Engine Market: Key Drivers and Trends

The increase in aircraft deliveries is notably driving the aircraft engine market growth, although factors such as scarcity of skilled resources may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the aircraft engine industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Aircraft Engine Market Driver

The rise in aircraft deliveries is one of the key factors driving the aircraft engine market share growth. With the regional airlines using strategies such as introducing low-fare business models, the demand for air travel in the middle-class population is estimated to rise. Moreover, the year-on-year increase in air traffic has encouraged the induction of new aircraft to serve the demand. Therefore, despite numerous challenges the global air travel is expected to grow at a positive rate, boosting the aircraft engine market growth during the forecast period.

Key Aircraft Engine Market Challenge

The lack of skilled resources is a key challenge for the aircraft engine market share growth during the forecast period. Although machine learning is an advanced tool and valuable for customer service management, a large number of resources is required to achieve desired performance on a consistent basis. Moreover, the revolution in the demand for advanced technology requires higher professional skills. However, the lack of skilled human resources organizations is expected to limit the aircraft engine market growth during the forecast period.

This aircraft engine market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Market Overview 

The parent, global aerospace and defense market covers products and companies engaged in the production of aerial platforms used under commercial and general aviation; defense platforms used under naval, land, and air domains; arms and ammunitions; defense electronics; defense logistics equipment; and space platforms, equipment, and launch vehicles. The aerospace & defense market also encompasses maintenance, overhaul, and repair (MRO) activities related to commercial and general aviation and defense sectors. Technavio calculates the global capital goods market size based on the combined revenue generated by the manufacturers/providers for industries such as aerospace and defense, building, construction & engineering, electrical equipment, industrial conglomerates, machinery, and trading companies, and distributors.

Who are the Major Aircraft Engine Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Airbus SE
• BMW AG
• General Electric Co.
• Honeywell International Inc.
• Mitsubishi Heavy Industries Ltd.
• MTU Aero Engines AG
• PowerJet Pressure Cleaning Systems
• Pratt and Whitney
• Safran SA
• Williams International Co. LLC

 

This statistical study of the aircraft engine market encompasses successful business strategies deployed by the key vendors. The aircraft engine market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The aircraft engine market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Aircraft Engine Market?

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32% of the market's growth will originate from Europe during the forecast period. France, Germany, and the UK are the key markets for aircraft engine market in Europe. Market growth in this region will be faster than the growth of the market in South America and MEA regions.

The localization of maintenance technology and services will facilitate the aircraft engine market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Aircraft Engine Market?

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The aircraft engine market share growth by the commercial aviation segment will be significant during the forecast period. Both general aviation and regular air travel are included in commercial aviation - most of them work together with agencies to establish standards and best aviation practices. Moreover, the commercial aviation aircraft engines are driven by second-generation CFM6 engines, which have retractable wings. Thus, the commercial aviation segment is estimated to drive the aircraft engine market share growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the aircraft engine market size and actionable market insights on post COVID-19 impact on each segment.

 

Aircraft Engine Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Decelerate at a CAGR of 18.83%
Market growth 2022-2026	$ 57.07 billion
Market structure	Fragmented
YoY growth (%)	26.96
Regional analysis	Europe, North America, APAC, South America, and MEA
Performing market contribution	Europe at 32%
Key consumer countries	US, France, Germany, UK, and China
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Airbus SE, BMW AG, General Electric Co., Honeywell International Inc., Mitsubishi Heavy Industries Ltd., MTU Aero Engines AG, PowerJet Pressure Cleaning Systems, Pratt and Whitney, Safran SA, and Williams International Co. LLC
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Aircraft Engine Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive aircraft engine market growth during the next five years
• Precise estimation of the aircraft engine market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the aircraft engine industry across Europe, North America, APAC, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of aircraft engine market vendors

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