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The predicted growth of the turboprop engine market size from 2021 to 2026 is USD 1.54 billion at a progressing CAGR of 5.24%. This turboprop engine market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The turboprop engine market report also offers information on several market vendors, including Air Tractor Inc., Airbus SE, ATR, DAHER, Embrear SA, General Electric Co., Honeywell International Inc., Lockheed Martin Corp., Northrop Grumman Corp., PBS Group AS, PIAGGIO AERO INDUSTRIES Spa, Pilatus Aircraft Ltd., Piper Aircraft Inc., Pratt and Whitney, Rolls-Royce Holdings Plc, Safran SA, Textron Inc., Viking Air Ltd., and Williams International Co. LLC among others. Furthermore, this report extensively covers turboprop engine market segmentation by the following:
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The increase in aircraft deliveries is notably driving the turboprop engine market growth, although factors such as impact of covid-19 on the aviation industry may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the turboprop engine industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Turboprop Engine Market Driver
Key Turboprop Engine Market Trend
Key Turboprop Engine Market Challenge
This turboprop 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.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the turboprop engine market encompasses successful business strategies deployed by the key vendors. The turboprop engine market is concentrated and the vendors are deploying growth strategies such as focusing on varied product offerings and R&D investments to compete in the market.
airbus.com - The company offers TP 400 turboprop engines which can fly higher, the aircraft can cruise above poor weather and turbulence found at medium altitudes, resulting in less fatigue for the crews, passengers or troops alike.
airbus.com - The airbus segment is involved in manufacturing aircraft for passenger airliners.
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 turboprop 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.
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36% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for turboprop engine in North America. Market growth in this region will be faster than the growth of the market in the South American and MEA regions.
The robust aviation industry and related manufacturing facilities present in North America will facilitate the turboprop engine market growth in North America 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.
COVID Impact and Recovery Analysis
The outbreak of the COVID-19 pandemic in the region severely impacted the regional aviation industry in 2020. Countries in the region imposed stringent lockdown norms to contain the spread of the disease. Many manufacturing units for aircraft in North America faced temporary closures in 2020, which had a negative impact on the growth of the turboprop engine market in the region during 2020-2021. However, the region has been witnessing a decline in the number of COVID-19 cases due to the widespread availability and administration of COVID-19 vaccines. Therefore, with the relaxation of travel restrictions and the resumption of commercial airline services and air travel, the demand for aircraft will increase in the region.
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The turboprop engine market share growth by the commercial segment will be significant during the forecast period. In 2021, commercial aircraft was the largest application segment in the global turboprop engine market. This segment includes the turboprop engines used in passenger aircraft, cargo aircraft, and business aircraft. The global population has witnessed an increase in per capita income on average. The increasing demand for air travel has encouraged airline operators to procure new aircraft.
This report provides an accurate prediction of the contribution of all the segments to the growth of the turboprop engine market size and actionable market insights on post COVID-19 impact on each segment.
Technavio categorizes the global turboprop engine market as a part of the global aerospace and defense market within the global capital goods market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the turboprop engine market during the forecast period.
Our report provides extensive information on the value chain analysis for the turboprop engine market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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Turboprop Engine Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.24% |
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Market growth 2022-2026 |
$ 1.54 billion |
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Market structure |
Concentrated |
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YoY growth (%) |
4.58 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 36% |
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Key consumer countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Air Tractor Inc., Airbus SE, ATR, DAHER, Embrear SA, General Electric Co., Honeywell International Inc., Lockheed Martin Corp., Northrop Grumman Corp., PBS Group AS, PIAGGIO AERO INDUSTRIES Spa, Pilatus Aircraft Ltd., Piper Aircraft Inc., Pratt and Whitney, Rolls-Royce Holdings Plc, Safran SA, Textron Inc., Viking Air Ltd., and Williams International Co. LLC |
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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, and Market condition analysis for the forecast period. |
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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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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