Turboprop Aircraft Market Size, Share, and COVID-19 Impact Analysis, By Engine (Conventional and Hybrid), By End User (Commercial, Military, and Civil), By Point of Sale (New and Pre-Owned), and Regional Forecast, 2024-2032.
KEY MARKET INSIGHTS
Turboprop aircraft are those which use rotor blades instead of fixed wing jet engines. Turboprop aircrafts are primarily used in the defence industry, with applications in the commercial and general sector. They differ from the traditional turbo jet engines in that jet engines use the exhaust air to produce thrust, while turboprop engines use the exhaust air to turn the propellers. They operate at lower RPM than the turbojet engines, and are suitable for covering smaller distances. The global turboprop aircraft market is expected to display strong growth during the forecast period of 2024-2032.
Turboprop engines are mainly employed in the defence side. Governments around the world are increasing their military capacities and this makes tremendous room for the market to grow. Other than defence, the market also has a considerable share in the general aviation industry, where turboprops are suitable for covering shorter distances while being more economical and environment-friendly.
Turboprops lag behind the traditional jet industry only in the efficiency of flying over longer distances. Jets fly at higher speeds and at higher altitudes, while turboprops can only rotate at about 2000-3000 rpm, compared to the 20000-30000 rpm of jet engines.
Impact of COVID-19 on Turboprop Aircraft Industry:
COVID-19 forced production shutdowns and supply chain disruption across the globe. The sales of turboprop aircrafts went down. About 443 turboprops were sold in 2020, which was a 15.6% reduction from the 525 sold in 2019. Turboprop aircrafts were mostly used in the civil aviation sector during the period, as chartered flights proved better for travelling with the travel restrictions in effect across the globe.
The global turboprop aircraft market can be divided into three major segments- by engine, by end user, and by point of sale. Based on the type of engine, it is bifurcated into conventional engine and hybrid engine. Based on the end user, it is divided into commercial use, military use, and civil use. Based on the point of sale, it is divided into new aircraft and pre-owned aircraft. Based on the geography, it is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Key Insights:
The report will describe the following key insights:
- The report analyzes a detailed turboprop aircraft industry overview, including qualitative and quantitative information.
- The report analyzes an overview and forecast of the global turboprop aircraft market based on various segments.
- The report also analyzes comprehensive PEST analysis for all four regions, i.e. North America, Europe, Asia Pacific, and the Rest of the World, after evaluating economic, social, and technological factors affecting the global charter jet services in these regions.
Regional Analysis:
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The fastest growing turboprop aircraft market for turboprop aircraft is the Asia Pacific region. The Chinese and Indian governments are investing heavily in the defence industry. The increasing number of High Net Worth Individuals (HNWIs) boosts the chartered service sector, and increasing concern over the region over environmental issues, all are contributing towards the growth of the turboprop market.
Key Players Covered:
- Airbus
- Embraer
- Daher
- Honeywell International Inc.
- Textron Aviation Inc.
- Lockheed Martin Corporation
- Cessna
- Pilatus Aircraft Ltd.
- Piaggio
Turboprop Aircraft Market Segmentation:
By Engine | By End User | By Point of Sale | By Geography |
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Key Industry Developments:
- In March 2023, Philippine Air Force signed a contract with Embraer to provide more than 200-Parts for the PAF’s fleet of six A-29 Super Tucano Aircraft.
In July 2022, Hindustan Aeronautics Limited signed an agreement with Honeywell to provide engine repair kits for HAL’s HTT-40 aircrafts
- Ongoing
- 2023
- 2019-2022
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