Global aircraft engine market - Statistics & Facts

The aircraft engine manufacturing industry provides the most important component of an aircraft to enable its desired functioning. Since an aircraft engine is highly complex and sophisticated, globally the manufacturing procedure is heavily controlled by the governments. In 2018, the aircraft engine market was sized at over 70.1 billion U.S. dollars. As the global interconnectedness increases, this figure is forecasted to exceed over 97 billion U.S. dollars by 2026 due to increasing demand for air travel and cargo.

When it comes to manufacturers of aircraft engines, CFM International is the leading commercial aircraft engine manufacturer, with 39 percent of the engine market worldwide as of December 2019. It is followed by Pratt & Whitney, Rolls-Royce and General Electric Aviation. Together these four companies make up 99 percent of the global market. As of December 31, 2019, over 4,900 of Airbus aircraft had CFM International-built engines. On the other hand, during that same time, there were 2,854 General Electric Aviation-built engines installed on Boeing aircraft.

Narrowbody and widebody are two types of aircraft utilized in the aviation sector. Considering these two aircraft types, the market share division amongst engine manufacturers varies. As of May 2019, CFM International provided 71 percent of the global narrowbody aircraft engine market. Although CFM international is leading the commercial aircraft engine market in terms of overall market share, General Electric Aviation is the primary manufacturer of widebody aircraft engines, holding 51 percent of the widebody engine market worldwide. In the widebody aircraft engine market, General Electric Aviation is followed by Rolls-Royce, with 30 percent of the global market share.

In addition to the production of engines and aircraft, there is a continuous need to maintain the conditions of an aircraft to function. Therefore, aircraft maintenance, repair and overhaul (MRO) market facilitates the performance of tasks required to sustain the functioning and capacity of an aircraft or its parts. As safety is one of the priorities in the aviation industry, the MRO activities of aircraft are highly regulated to ensure decent functioning during flights. MRO activities ensure high capacity through inspection, replacement, refinement and modification in compliance with airworthiness directives and rules. Due to the coronavirus outbreak, the global aircraft engine MRO market is expected to be hit hard - in 2020 it will generate only 19.7 billion U.S. dollars, a drop of more than 50 percent than its initial forecast. Between 2020 and 2029, it is forecasted that General Electric Aviation will compose 31 percent of the commercial aircraft engine MRO market.

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