The aircraft engine, or aero engine, is a power plant on an aircraft. Aircraft engines are one of the most significant factors in the performance and efficiency of an aircraft. Because of the enormous quality and performance requirements for aircraft engines, the aircraft engine market share is concentrated among only three players: General Electric Aviation (GE Aviation), Rolls-Royce, and Pratt & Whitney. There are many other smaller or niche manufacturers. Aircraft engine manufacturers engage in several joint ventures with each other. For example, CFM International is a joint venture between General Electric and the French company Safran. When considering this, GE is the dominant aircraft engine market share leader for both commercial and military aircraft engines. Pratt & Whitney has a joint venture with Japanese Aero Engine Corporation and MTU Aero Engines (Germany) called International Aero Engines. Even General Electric and Pratt & Whitney have a joint venture, Engine Alliance. In the commercial market, the vast majority of engines are gas turbine engines. There are four primary kinds of gas turbine engines for aircraft - the turbojet engine, the turbofan engine, the turboprop engine, and the turboshaft engine. The turbofan engine is the commercial aircraft engine market share leader by type of engine. You can find Aircraft Engine Market Size, Aircraft Engine Market Share, and other trends and statistics below, and you can get help with additional Aircraft Engine industry market research here.
The chart shows the global Aircraft Engine Market Size during the historical and forecast period of 2018 to 2025. In 2019, the size of the Aircraft Engine Industry was $73B and is projected to grow by 0.8% in 2020. From 2018 to 2025, the Aircraft Engine Industry growth is forecast to average 1% per year (CAGR). The aircraft engine market includes turbine-powered engines like Turboprop and Turboshaft engines, Jet engines like Turbojet and turbofan engines, pulse jet engines, rocket engines, and reciprocating engines, and many others. These estimates exclude the effects of the Coronavirus (COVID-19) pandemic. The short term impact of COVID-19 on the Aircraft Engine market growth will likely be Medium because airlines will likely delay or cancel aircraft orders due to the severe coronavirus pandemic impact on the airline industry. Still, military contracts are unlikely to be affected. The long term impact of COVID-19 on the Aircraft Engine market growth beyond the COVID-19 pandemic will likely be Medium because the pandemic's impact on domestic and global travel will likely persist beyond the pandemic. Request help with obtaining the source for this data and additional Aircraft Engine industry market research here.
The chart shows Aircraft Engine Market Share in 2019 for Airbus and Boeing type aircraft, excluding military and corporate aircraft. The Aircraft Engine Market consists of three large manufacturers, several manufacturer alliances, and many smaller niche or regional manufacturers. The leading manufacturer in the Aircraft Engine Industry was CFM International with 39% market share in 2019, followed by Pratt & Whitney with 26% Aircraft Engine market share, Rolls-Royce with 18% aircraft engine market share, General Electric with 16% market share, and International Aero Engines with 1% share. Get help with market research for the Aircraft Engine market, including the source for this Aircraft Engine Market Share chart and other data here.
Soaring defense spending, especially by the US, and commercial travel drove strong aircraft engine industry growth. However, this growth may not last. Growth in the aircraft engine market has two main components: commercial aircraft purchases and defense spending. Global economic growth, airline travel demand, and oil prices are some of the biggest drivers of commercial aircraft purchases. Political environment and national budgets are the biggest drivers of defense spending. A sharp decline in oil prices, which drive demand for newer fuel-efficient aircraft, and air travel will likely lead to a decrease in aircraft orders and cancellation of the backlog of aircraft engine orders and aircraft orders. A global recession may force countries to reverse the trend of increased defense spending. There are unlikely to be significant shifts in aircraft engine market share. Aircraft purchases are locked in years ahead of delivery, and aircraft engine market share changes are heavily dependent on changes in aircraft model purchasing.
The Aircraft Engine Industry is a Mature market whose competitive landscape is composed of three large manufacturers, several alliances, and many small manufacturing competitors. The most common aircraft engine, especially in commercial aircraft applications, is the turbofan engine. CFM International market share was 39% of the Aircraft Engine market in 2019. CFM International is a joint venture formed in 1976 between GE Aviation and Safran, a French manufacturer. CFM International's aircraft engine market share is led by its series of best-selling LEAP engines. The LEAP engine series is replacing the formerly industry-leading CFM-56 turbofan aircraft engines. Pratt & Whitney market share was 17.5% of the aircraft engine market share in 2019. Pratt & Whitney is an American aerospace manufacturer founded in 1925. It is a subsidiary of Aerospace & Defense giant, Raytheon. Pratt & Whitney collaborated with Rolls-Royce, Fiat Avio, Japanese Aero Engine Corporation and MTU Aero Engines to form International Aero Corporation, which produces the V2500 turbofan engine. Pratt & Whitney also collaborates with GE on the Engine Alliance to produce the GP 7200 turbofan engine for the Airbus A380 aircraft. Rolls-Royce's market share was 18% of the Aircraft Engine market in 2019. Rolls-Royce Holdings is a British Aerospace, Defense, and Marine engine manufacturer whose name was made famous by its sister company, Rolls Royce Motors. The two companies separated in 1973. Rolls-Royce manufactures a number of leading engines, including a turbofan engine that competes with the Engine Alliance for the Airbus A380. General Electric Aviation market share was 16% of the Aircraft Engine market in 2019. GE Aviation, a subsidiary of the American conglomerate General Electric, powers the majority of United States military jet and rotor aircraft. It participates in several industry-leading alliances, including CFM International and the Engine Alliance.
T4's research team can help you learn more about the Aircraft Engine industry with market analysis, competitive analysis, commercial Due Diligence, and other market research needs. This includes more in-depth on analysis on competitors in the Aircraft Engine market, including GE Electric, Rolls-Royce, Pratt & Whitney, CFM International, Engine Alliance, International Aero Engines, Williams International, Honeywell Aerospace, NLP Saturn, Ivchenko-Progress, Aviadvigatel, PowerJet, Klimov, EuroJet, Shenyang Aircraft Corporation, Xi'an Aero-Engine Corporation, Guizhou Aircraft Industry Corporation, and others. T4 can research related topics such as Jet Engines, Turbofan Engines, Piston Engines, Electric Engines, Aircraft Manufacturing, Aircraft Parts, Aircraft Maintenance, Automobile Manufacturing, Ship and Boat Building, Automobile Engine Manufacturing; or additional support in the Aerospace & Defense Sector or other Sectors. Find more information about T4's services here.
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