The rise in air passengers and the emergence of new airline services are expected to drive the growth of the global aircraft engine leasing market in the forecast period, 2023-2027. According to the TechSci Research report, “Aircraft Engine Leasing Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global aircraft engines leasing market is anticipated to grow at a significant rate in the forecast period, 2023-2027.
Important Elements of the Aircraft Engine Leasing Market
The primary reason driving the market growth is the low cost, as leasing aircraft engine over buying is a profitable alternative for aircraft business owners. The other factors boosting the global aircraft engine leasing market are a surge in the number of low-cost aircraft carriers and the growing e-commerce industry, which requires faster transportation services. Passengers have started to travel by air mode as it is the most convenient and faster option to go long distances.
Aviation industry market players are constantly looking for solutions that can increase the fuel-efficiency and ensure passenger safety while flying. They are installing engines that are advanced and can power the flight without facing any malfunctions during the flight. The availability of aircraft engines offered by the leasing service providers attracts the customer as they provide the aircraft manufacturers the opportunity to invest in other things and improve their services.
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The global aircraft engine leasing market is segmented into engine type, leasing period, aircraft type, application, regional distribution, and competitive landscape.
Based on the engine type, the market is divided into turboprop, turbofan, turboshaft, and piston. The turbofan segment is expected to witness the fastest incremental growth in the forecast period. The demand for business jets increased due to rapid urbanization and industrialization across the developing economies is driving the segment demand over the forecast period. A turbofan is also known as a bypass engine or as a fanjet. They are capable of flying at a higher altitude and produce less noise when compared to other engines, which is the major reason, they are suitable for long-range flights.
Based on aircraft type, the market is divided into narrow-body aircraft, wide-body aircraft, regional aircraft, business aircraft, rotorcraft, and fighter aircraft. Narrow-body aircraft are expected to capture the highest market share in the forecast period owing to the growing popularity of the low-cost carrier business models, which also boast of having the low operational cost and fuel efficiency. The advancements in technology enable narrow-body aircraft manufacturers to make them able to fly at faster rates. Also, the rise in investments to boost domestic demand along with international flight traveling is fueling the demand for narrow-body aircraft.
Based on application, the market is bifurcated into commercial and military. Military aircraft are expected to account for a significant market share in the forecast period owing to the increased defense spending by several countries and the need to procure advanced aircraft to secure the country’s borders.
Major operating companies operating in the aircraft engine leasing market are:
- Willis Lease Finance Corporation
- SMBC Aero Engine Lease B.V.
- A J Walter Aviation Limited
- MTU Aero Engines AG
- Aircraft Propulsion Leasing
- Shannon Engine Support Ltd.
- Hale Aircraft, Inc
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“On the basis of regional analysis, the Asia-pacific region is expected to hold the dominant market share over the next five years. The rise in the investments by the public and private players in the development of the aviation industry and the increase in the disposable income of middle-class families are expected to fuel the demand for air travel transportation services. The government of developing economies like India and China is supporting the expansion of the aviation industry. The high demand from the commercial aviation industry and huge fund allocation for the defense sector to buy advanced aircraft is expected to propel the growth of the global aircraft engines leasing market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Aircraft Engine Leasing Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Engine Type (Turboprop, Turbofan, Turboshaft, Piston) , By Leasing Period (Less than 5 years, 5 to 10 years, More than 10 years), By Aircraft Type (Narrow Body Aircrafts, Wide Body Aircrafts, Regional Aircrafts, Business Aircrafts, Rotorcrafts, Fighter aircraft), By Application (Commercial, Military), and By Region”, has evaluated the future growth potential of global aircraft engine leasing and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global aircraft engine leasing market.
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