Aircraft Engine Parts and Equipment Market Highlights

• Global aircraft engine parts and equipment market revenue is poised to garner USD 438.6 billion by 2032 with a CAGR of 5.6% from 2024 to 2032
• As per the ACI World statistics, global air passenger traffic in 2023 reached approximately 8.7 billion passengers, representing a significant 30.6% increase from 2022
• North America aircraft engine parts and equipment market value occupied around USD 97.8 billion in 2023
• Asia-Pacific aircraft engine parts and equipment market growth will record a CAGR of more than 6.2% from 2024 to 2032
• Among type, the aircraft engines sub-segment generated noteworthy revenue in 2023
• Based on application, the commercial aircraft sub-segment generated significant aircraft engine parts and equipment market share in 2023
• Demand for sustainable and hybrid-electric engines is a popular aircraft engine parts and equipment market trend that fuels the industry demand

Aircraft engine parts and equipment encompass the essential components and systems that enable the operation, efficiency, and safety of aircraft engines. These include compressors, turbines, fans, blades, combustion chambers, and engine control systems, all designed to deliver optimal thrust and fuel efficiency. Materials such as high-strength metals, advanced composites, and ceramics are employed to withstand extreme temperatures and stresses. The market serves original equipment manufacturer (OEM) and aftermarket segments, addressing production, repair, and maintenance needs. These components are integral to various engine types, including turbofan, turboprop, and turboshaft engines, used in commercial, military, and general aviation. Continuous advancements in material science and engineering drive innovation, improving performance, reducing emissions, and enhancing sustainability in the aerospace sector.

Global Aircraft Engine Parts and Equipment Market Dynamics

Market Drivers

• Increasing global air travel boosts demand for new aircraft and engine parts
• Innovations in engine efficiency and lightweight materials drive market growth
• Growing focus on eco-friendly engines spurs the development of advanced components
• Airlines upgrading aging fleets generate consistent demand for replacement parts

Market Restraints

• Expensive raw materials and manufacturing processes hinder affordability
• Dependence on global suppliers makes the industry vulnerable to delays and shortages
• Complex regulatory approvals extend the time to market for new products

Market Opportunities

• Rising investments in aviation infrastructure in Asia-Pacific and Africa fuel growth potential
• Increasing reliance on maintenance, repair, and overhaul services creates steady revenue streams
• 3D printing opens avenues for cost-effective and customized component production

Aircraft Engine Parts and Equipment Market Report Coverage

Aircraft Engine Parts and Equipment Market Insights

Aircraft engine parts and equipment consist of engine parts, aircraft engines, rotor, avionics systems, fuselage, landing gear, electric and hydraulic control and propeller. Only engines and related components account for norable share of the global aircraft engine parts and equipment market. Canada, U.S., France, Japan and UK are some of the major manufacturers of aircraft engine parts and equipment. The aircraft engine parts and equipment market has an average level of concentration having two key market players including Airbus and Boeing and holds notable of the overall market share while Boeing dominates the global market especially in the commercial aircraft sector. Aircraft engine parts and equipment comprise of commercial aircrafts including narrow body aircraft and wide body aircraft, military aircrafts including engines and helicopters used in military & defense applications, rotary aircrafts such as helicopters and general aviation including small business planes and jets. Multi engine piston, single engine piston, turbojet or turbofan as well as turboprop are also used in aircrafts.

Increasing demand for commercial and private aircrafts due to increasing population, change in trends in air travel and increasing per capita disposable incomes are some key factors anticipated to fuel the global aircraft engine parts and equipment market over the forecast period. Growth in global economy is, in turn, catalyzing the emergence of middle class people coupled with rapid urbanization. These are some other major aspects accounting for a rapid growth of expansion of aerospace industry, thus fueling the demand for aircraft engine parts and equipment. Moreover, technological advancements coupled with development of innovative trends including M601H-80 Turboprop Derivative Engine II-49 and introduction of G3-R9 II-48 are some other elements projected to surge the global aircraft engine parts and equipment market growth.

Aircraft Engine Parts and Equipment Market Segmentation

The worldwide market for aircraft engine parts and equipment is split based on type, application, and geography.

Aircraft Engine, Parts and Equipment Market By Type

• Aircraft Engines
• Landing Gears
• Electric & Hydraulic Control
• Propeller
• Rotor
• Turbine Parts
• Fuselage
• Avionics systems
• Others

According to aircraft engine parts and equipment industry analysis, the aircraft engines sector is predicted to have the highest revenue in the aircraft engine parts and equipment market. Aircraft engines are crucial components that affect an aircraft's performance, fuel efficiency, and environmental compliance. The growing need for fuel-efficient and low-emission engines, driven by severe regulatory standards, has greatly increased the significance of this market. Furthermore, rising worldwide aviation traffic and fleet modernization projects drive demand for sophisticated engines. The high cost of manufacturing, as well as technological breakthroughs in engine design, such as turbofan and turboprop systems, all contribute to significant income generation. Furthermore, regular repair and replacement requirements in the aftermarket sector increase the revenue potential of the aviation engine industry.

Aircraft Engine, Parts and Equipment Market By Application

• Business Aircraft
• Commercial Aircraft
• Military Aircraft
• Other Aircraft

The commercial aircraft sector is predicted to generate the most revenue during the aircraft engine parts and equipment market forecast period. This is mostly due to the considerable growth in global air travel, which increases demand for new commercial aircraft and their upkeep. The expanding number of passengers, combined with the introduction of low-cost carriers and international air routes, has resulted in increased commercial aircraft production. As a result, commercial aircraft engines, components, and other items like landing gear and avionics are in high demand. Furthermore, ongoing fleet restoration plans, as well as a demand for fuel-efficient, environmentally friendly aircraft, contribute to long-term revenue development in the business.

Aircraft Engine Parts and Equipment Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Aircraft Engine Parts and Equipment Market Regional Analysis

North America emerges as the largest aircraft engine parts and equipment market, because of its well-established aerospace sector, considerable defense budgets, and high commercial aviation demand. According to the US Department of Defense, the Defense Department's budget has increased from $700 billion to $850 billion during the last three years. The region's leading aircraft manufacturers include Boeing, General Electric Aviation, and Pratt & Whitney. These companies are constantly investing in research and development (R&D) to develop cutting-edge, fuel-efficient engines and novel components. Furthermore, the United States dominates the market due to its vast commercial aircraft fleet and ongoing military modernization initiatives. For example, there are currently over 5,800 commercial flights operating in the U.S., and in 2022, the U.S. had 5,213 military aircraft, a number that has since increased. The prevalence of repair, maintenance, and overhaul (MRO) activities drives up demand for spare parts and equipment in this region.

Asia-Pacific is the fastest growing area, due to a strong airline industry and expanding fleets. China and India are seeing fast growth in passenger and cargo traffic, necessitating increased investment in new aircraft and engine technologies. For example, the Indian Aerospace & Defense Bulletin forecasts that India's domestic aircraft passenger volume would reach 153 million by 2023. It is anticipated to triple to 300 million by 2030. The region's governments are also investing heavily in aviation infrastructure, and local manufacturers are developing ties with global companies to improve their expertise. Furthermore, low-cost airlines (LCCs) in this region are driving up demand for new aircraft with efficient and long-lasting engines, resulting in market growth. Asia-Pacific's potential for domestic engine part production, as well as the distribution of MRO facilities, makes it a top focus for market rivals.

Aircraft Engine Parts and Equipment Market Players

Some of the top aircraft engine parts and equipment market companies offered in our report include Airbus SE, Pratt and Whitney, SAFRAN, Kawasaki Heavy Industries, Rolls-Royce, Zodiac Aerospace, Bell Helicopter Textron Inc., BAE Systems, GE Aviation, Thales Group, and CFM International.