Turboprop Aircraft Market Growth, Share & Recent Trends

The global turboprop aircraft market is expected to display strong growth during the forecast period of 2024-2032. Turboprop aircraft refers to the products that deploy rotor blades rather than fixed wing jet engines. These products are mainly utilized in the defense industry and have applications in the general and commercial sectors. They are also primarily used in the defense side. They function at lower RPM as compared to the turbojet engines, and are ideal for smaller distances. The market has a substantial share in the general aviation industry, where the product is ideal for shorter distances and is environment-friendly and economical, which is augmenting its growth.

Fortune Business Insights presents this information in their report titled "Turboprop Aircraft Market, 2024–2032."

Browse In-depth Summary of This Research Insight:

https://www.fortunebusinessinsights.com/turboprop-aircraft-market-108139

Segmentation:

In terms of engine, the turboprop aircraft market is bifurcated into hybrid and conventional.

By end user, the market for turboprop aircraft is segregated into military, civil, and commercial.

With respect to point of sale, the market is divided into pre-owned and new.

On the regional front, the market is categorized into the Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America.

Report Coverage

The turboprop aircraft market report provides an in-depth analysis of the significant driving and restraining factors impacting the turboprop aircraft market size. Additional aspects of the report include the top trends, COVID-19 pandemic impact, notable industry developments, and key segments. In addition, the report provides a comprehensive coverage of the strategic initiatives undertaken by leading companies to sustain their industry leadership while securing a top position in the market. Moreover, the report comprehensively covers the PETS analysis and a detailed overview of the industry.

Drivers:

Rising Military Capacities by Governments to Spur the Market Growth

The turboprop aircraft market growth is driven by an increase in military capacities by governments across the globe.

However, the higher speed of jets may hinder the market growth. Moreover, jet engines can rotate at nearly 20000-30000 rpm. On the contrary, the product can only rotate at around 2000-3000 rpm.

Regional Insights:

Asia Pacific is Emerging as the Fastest-growing turboprop aircraft market Due to HeightenedDefense Investments by Governments

The Asia Pacific is appearing as the fastest-growing turboprop aircraft market. The regional growth can be attributed to the large investments by the governments of India and China in the defense industry. Moreover, a boost in the chartered service sector owing to the growing number of high-net-worth individuals coupled with the surging concerns pertaining to environmental problems is further expediting the market growth.

Competitive Landscape:

Leading Companies Deploy Partnership Strategies to Offer Enhanced Solutions

Market players are leveraging different competitive strategies to capture the largest turboprop aircraft market share. Mergers & acquisitions, joint ventures, and capacity expansions are some of the strategies deployed by them. A wide array of companies are also emphasizing partnership deals to offer advanced solutions to customers while keeping ahead of the competition. Many companies are also focusing on new and innovative product development strategies to strengthen their position. In this regard, they are investing ample amounts into intense research and development.

Key Industry Development

March 2023: The Philippine Air Force and Embraer entered a contract to offer over 200-Parts for the PAF’s fleet of six A-29 Super Tucano Aircraft.

July 2022: Hindustan Aeronautics Limited unveiled that it has entered an agreement with Honeywell to deliver engine repair kits for HAL’s HTT-40 aircraft.

Major Players Profiled in the Report:

Airbus (Netherlands)

Embraer (Brazil)

Daher (France)

Honeywell International Inc. (U.S.)

Textron Aviation Inc. (U.S.)

Lockheed Martin Corporation (U.S.)

Cessna (U.S.)

Pilatus Aircraft Ltd. (Switzerland)

Piaggio (Italy)