Market Size of Asia-Pacific Aircraft Engine Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 26.93 Billion |
| Market Size (2029) | USD 33.01 Billion |
| CAGR (2024 - 2029) | 4.15 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Aircraft Engine Market Analysis
The Asia-Pacific Aircraft Engine Market size is estimated at USD 26.93 billion in 2024, and is expected to reach USD 33.01 billion by 2029, growing at a CAGR of 4.15% during the forecast period (2024-2029).
The substantial rise in passenger traffic and the imposition of new emission regulations have led to a significant increase in the demand for new-generation aircraft purchases over the last decade. Aircraft manufacturers are developing new aircraft models in commercial, military, and general aviation sectors, requiring newer engines with better performance, low weight, better fuel efficiency, and lesser emissions. As a result, the emphasis on newer material technologies like composites is increasing.
Technological innovations are significantly fueling market growth, and developing new models results in weight reduction, fewer noise footprints, fewer emissions, high thrust, reduced maintenance operations, etc. The development of battery technology boosts hybrid propulsion commercial aircraft engines in areas such as weight reduction, less space requirement, and high power. Factors such as these will fuel the growth of aircraft engines in the Asia-Pacific region.
Asia-Pacific Aircraft Engine Industry Segmentation
An aircraft engine, often referred to as an aero engine, is the power component of an aircraft propulsion system. An aircraft engine also refers to the element of an aircraft that offers thrust to an aircraft during taxing or the course of the flight. The major components of an aircraft engine encompass a fan, compressor, combustor, turbine, mixer, and nozzle, and each component plays a crucial role in the working of the aircraft engine.
The Asia-Pacific aircraft engine market is segmented by engine type, end user, and geography. Based on the engine type, the market is segmented into turboprop, turbofan, turboshaft, and piston. By end-user, the market is segmented into commercial, general, and military aviation. The report also offers the market size and forecasts for five countries across the region. For each segment, the market sizing and forecasts have been done based on value (USD)
| Engine Type | |
| Turbofan | |
| Turboprop | |
| Turboshaft | |
| Piston |
| End User | |
| Commercial Aviation | |
| Military Aviation | |
| General Aviation |
| Geography | |
| China | |
| India | |
| Japan | |
| Singapore | |
| South Korea | |
| Rest of Asia-Pacific |
Asia-Pacific Aircraft Engine Market Size Summary
The Asia-Pacific aircraft engine market is poised for significant growth, driven by the rising demand for new-generation aircraft and the implementation of stringent emission regulations. This demand is fueled by the increasing passenger traffic and the need for advanced aircraft models across commercial, military, and general aviation sectors. Manufacturers are focusing on developing engines that offer improved performance, reduced weight, enhanced fuel efficiency, and lower emissions, with a growing emphasis on innovative materials like composites. Technological advancements, including battery technology for hybrid propulsion, are further propelling market expansion. The turbofan segment is expected to lead the market, supported by substantial investments in next-generation jet engines designed for long-range, fuel-efficient flights.
India stands out as a rapidly growing aviation market within the region, with significant potential for future expansion. The country's strategic investments in airport infrastructure and its position as a major military spender are expected to bolster the aviation sector. Despite challenges such as a preference for pre-owned business jets due to lower disposable incomes, the demand for aircraft engines is anticipated to rise. The market is consolidated, with key players like Pratt & Whitney, Rolls-Royce, Safran, UEC Aviadvigatel, and General Electric holding significant shares. Collaborative efforts, such as the India-US partnership for fighter jet engine production, and strategic agreements like those between Air India and GE Company, are expected to enhance production capabilities and meet the increasing demand for aircraft engines in the region.
Asia-Pacific Aircraft Engine Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Engine Type
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2.1.1 Turbofan
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2.1.2 Turboprop
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2.1.3 Turboshaft
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2.1.4 Piston
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2.2 End User
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2.2.1 Commercial Aviation
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2.2.2 Military Aviation
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2.2.3 General Aviation
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2.3 Geography
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2.3.1 China
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2.3.2 India
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2.3.3 Japan
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2.3.4 Singapore
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2.3.5 South Korea
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2.3.6 Rest of Asia-Pacific
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Asia-Pacific Aircraft Engine Market Size FAQs
How big is the Asia-Pacific Aircraft Engine Market?
The Asia-Pacific Aircraft Engine Market size is expected to reach USD 26.93 billion in 2024 and grow at a CAGR of 4.15% to reach USD 33.01 billion by 2029.
What is the current Asia-Pacific Aircraft Engine Market size?
In 2024, the Asia-Pacific Aircraft Engine Market size is expected to reach USD 26.93 billion.
