Dublin, April 04, 2025 (GLOBE NEWSWIRE) — The “Aircraft Turbofan Engine Market Opportunities and Strategies to 2034” report has been added to ResearchAndMarkets.com’s offering.
The global aircraft turbofan engine market reached a value of nearly $3.14 billion in 2024, having grown at a compound annual growth rate (CAGR) of 0.58% since 2019. The market is expected to grow from $3.14 billion in 2024 to $4.44 billion in 2029 at a rate of 7.15%. The market is then expected to grow at a CAGR of 6.70% from 2029 and reach $6.14 billion in 2034.
Growth in the historic period resulted from the rising aircraft orders, growing defense budget, increased air travel and expansion of aviation infrastructure. Factors that negatively affected growth in the historic period were contamination issues and increasing raw material costs. Going forward, the increasing demand for air cargo, strong economic growth in emerging markets and government support will drive the growth. Factor that could hinder the growth of the aircraft turbofan engine market in the future include supply chain disruptions.
The global aircraft turbofan engine market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up 99.26% of the total market in 2023. General Electric Company was the largest competitor with a 54.79% share of the market, followed by Raytheon Technologies Inc. (Pratt & Whitney) with 26.04%, Rolls-Royce Holdings plc with 18.31%, Williams International Co. LLC with 0.03%, Honeywell International Inc. with 0.019%, IHI Corporation with 0.018%, Safran S.A. with 0.01485%, MTU Aero Engines AG with 0.01477%, Mitsubishi Heavy Industries Aero Engines Ltd. with 0.013% and AECC Commercial Aircraft Engine Co. Ltd. with 0.012%.
The aircraft turbofan engine market is segmented by engine type into PW4000, GEnx, Trent 1000, F414 CFM LEAP and other engines. The CFM LEAP market was the largest segment of the aircraft turbofan engine market segmented by engine type, accounting for 57.31% or $1.8 billion of the total in 2024. Going forward, the CFM LEAP segment is expected to be the fastest growing segment in the aircraft turbofan engine market segmented by engine type, at a CAGR of 9.23% during 2024-2029.
The aircraft turbofan engine market is segmented by aircraft type into narrow-body aircraft, wide-body aircraft and other types. The narrow-body aircraft market was the largest segment of the aircraft turbofan engine market segmented by aircraft type, accounting for 58.64% or $1.84 billion of the total in 2024. Going forward, the wide-body aircraft segment is expected to be the fastest growing segment in the aircraft turbofan engine market segmented by aircraft type, at a CAGR of 7.78% during 2024-2029.
The aircraft turbofan engine market is segmented by application into military aviation, commercial air transport and other applications. The commercial air transport market was the largest segment of the aircraft turbofan engine market segmented by application, accounting for 62.94% or $1.98 billion of the total in 2024. Going forward, the military aviation segment is expected to be the fastest growing segment in the aircraft turbofan engine market segmented by application, at a CAGR of 7.57% during 2024-2029.
North America was the largest region in the aircraft turbofan engine market, accounting for 46.70% or $1.46 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the aircraft turbofan engine market will be Asia Pacific and Middle East where growth will be at CAGRs of 8.47% and 8.25% respectively. These will be followed by Africa and Western Europe where the markets are expected to grow at CAGRs of 7.93% and 7.07% respectively.
The top opportunities in the aircraft turbofan engine market segmented by engine type will arise in the CFM LEAP segment, which will gain $1.0 billion of global annual sales by 2029. The top opportunities in the aircraft turbofan engine market segmented by aircraft type will arise in the narrow body aircraft segment, which will gain $722.02 million of global annual sales by 2029. The top opportunities in the aircraft turbofan engine market segmented by application will arise in the commercial air transport segment, which will gain $817.17 million of global annual sales by 2029. The aircraft turbofan engine market size will gain the most in the USA at $478.75 million.
Market-trend-based strategies for the aircraft turbofan engine market include focus on developing solutions to get self-sufficiency in the military aviation market, focus on domestic engines development to enhance self-reliance, reduce dependency and foster innovation within the aerospace sector, focus on developing innovations in aircraft turbofan engine to gain a competitive edge in the market and focus on advancement in turbofan engine technology to enhance performance with improved specific fuel consumption.
Player-adopted strategies in the aircraft turbofan engine market include focus on strengthening business operations through strategic partnerships, focus on product advancements for future growth and focus on enhancing geographical footprint across the globe through new launches.
To take advantage of the opportunities, the analyst recommends the aircraft turbofan engine companies to focus on self-sufficiency in military aviation, focus on domestic engine development, focus on innovations in turbofan engine technology, focus on advancements in turbofan engine technology, focus on CFM LEAP for growth, focus on wide body aircraft for growth, expand in emerging markets, focus on expanding distribution channels for greater market reach, focus on competitive and value-based pricing for aircraft turbofan engines, focus on targeted digital marketing strategies to enhance brand visibility for companies, focus on building strong relationships with OEMs and airline decision-makers and focus on military aviation for growth.
Major Market Trends
- The Role of Military Turbofan Engines in Modern Aviation
- Fostering Aerospace Innovation Through Domestic Engine Development
- Innovations in Turbofan Engine Technology With Advance Development
- Advancements in Turbofan Engine Technology
Key Mergers and Acquisitions
- Safran Acquired Component Repair Technologies
- FTAI Aviation Ltd Acquired Lockheed Martin Commercial Engine Solutions
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 360 |
| Forecast Period | 2024 – 2034 |
| Estimated Market Value (USD) in 2024 | $3.14 Billion |
| Forecasted Market Value (USD) by 2034 | $6.14 Billion |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | Global |
Key Topics Covered:
1 Executive Summary
1.1 Aircraft Turbofan Engine – Market Attractiveness and Macro Economic Landscape
2 Table of Contents
3 List of Tables
4 List of Figures
5 Report Structure
6 Market Characteristics
6.1 General Market Definition
6.2 Summary
6.3 Aircraft Turbofan Engine Market Definition and Segmentations
6.4 Market Segmentation by Engine Type
6.4.1 PW4000
6.4.2 GEnx
6.4.3 Trent 1000
6.4.4 F414
6.4.5 CFM LEAP
6.4.6 Other Engines
6.5 Market Segmentation by Aircraft Type
6.5.1 Narrow-Body Aircraft
6.5.2 Wide-Body Aircraft
6.5.3 Other Types
6.6 Market Segmentation by Application
6.6.1 Military Aviation
6.6.2 Commercial Air Transport
6.6.3 Other Applications
Some of the major companies featured in this Aircraft Turbofan Engine market report include:
- General Electric Company
- Raytheon Technologies Inc. (Pratt & Whitney)
- Rolls-Royce Holdings plc
- Williams International Co LLC
- Honeywell International Inc.
- IHI Corporation
- Safran S.A.
- MTU Aero Engines AG
- Mitsubishi Heavy Industries Aero Engines Ltd.
- AECC Commercial Aircraft Engine Co Ltd.
- Raghu Vamsi Machine Tools Pvt Ltd
- Hanwha Aerospace
- Japan Airlines
- Hindustan Aeronautics Limited (HAL)
- Ishikawajima Harima Heavy Industries Co Ltd
- MTU Maintenance Zhuhai Co Ltd.
- Kawasaki Heavy Industries Ltd.
- EuroJet Turbo GmbH
- Liebherr-Aerospace
- GE Aviation Systems Limited
- United Engine Corporation (UEC)
- Motor Sich
- Zorya-Mashproekt
- CFM International
- Wright and Engine Company
- Boeing
- Aero Turbine Inc
- StandardAero Inc
- Lockheed Martin Commercial Engine Solutions
- FTAI Aviation Ltd.
- Component Repair Technologies
- SKY Airline
- Turbomachine
- GE Aerospace Sanad
- Tusas Engine Industries Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ktu4du
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- Aircraft Turbofan Engine Market
