Global Turboprop Planes Market Size to to Exceed USD 13.27 Billion by 2033: Market Study Report

Global Turboprop Planes Market Size to to Exceed USD 13.27 Billion by 2033 

According to a research report published by Spherical Insights & Consulting, The Global Turboprop Planes Market Size Expected to Grow from USD 7.87 Billion in 2023 to USD 13.27 Billion by 2033, at a CAGR of 5.36% during the forecast period 2023-2033.    

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Turboprop Planes Market Size, Share, and COVID-19 Impact Analysis, By Engine (Conventional and Hybrid), By Application (Commercial Aviation, Military Aviation, and General Aviation), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033         

The turboprop planes market is used to describe the international industry that produces, sells, and operates turboprop aircraft, which use turbine engines to drive a propeller. Turboprop aircraft are used extensively for regional air transport, military services, cargo flights, and private air travel because of their fuel economy, short takeoff and landing (STOL) capabilities, and low cost for short- to medium-distance flights. Moreover, the turboprop planes market is used to describe the international industry that produces, sells, and operates turboprop aircraft, which use turbine engines to drive a propeller. Turboprop aircraft are used extensively for regional air transport, military services, cargo flights, and private air travel because of their fuel economy, short takeoff and landing (STOL) capabilities, and low cost for short- to medium-distance flights. However, market constraints are competition from regional jets, reduced speeds relative to jet aircraft, high maintenance requirements, and noise issues. Regulatory issues, volatile fuel prices, and limited hybrid-electric infrastructure also constrain market growth.

The conventional segment accounted for the largest share of the global turboprop planes market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.              

On the basis of engine, the global turboprop planes market is divided into conventional and hybrid. Among these, the conventional segment accounted for the largest share of the global turboprop planes market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. Classic turboprop engines are popular with their tried and tested reliability, fuel economy, and established infrastructure. Airlines, military, and cargo operators will still favour conventional turboprops for regional linkages, short-haul operations, and cost-efficient transportation, cementing their market leadership.

The commercial aviation segment accounted for a substantial share of the global turboprop planes market in 2023 and is anticipated to grow at a rapid pace during the projected period.

On the basis of the application, the global turboprop planes market is divided into commercial aviation, military aviation, and general aviation. Among these, the commercial aviation segment accounted for a substantial share of the global turboprop planes market in 2023 and is anticipated to grow at a rapid pace during the projected period. Regional airlines are fond of using turboprops due to fuel efficiency, the ability to reach short distances and affordability. The aircraft are popular in linking out-of-the-way communities and short hops, which causes demand in increasing regional air traffic and charter flying markets.

North America is projected to hold the largest share of the global turboprop planes market over the projected period.

North America is projected to hold the largest share of the global turboprop planes market over the projected period. This is led by a strong presence of regional airlines, strong demand for short-haul flights, and extensive military and cargo uses. The region is supported by well-developed aviation infrastructure, top aircraft manufacturers, and growing investments in fuel-efficient and versatile turboprop aircraft.  

Europe is expected to grow at the fastest CAGR of the global turboprop planes market during the projected period. This is driven by growing regional air transport, robust demand for fuel-efficient aircraft, and growing military uses. France, Germany, and the UK are among the most important countries investing in turboprop fleets for commercial, freight, and defense use, which is driving market growth throughout the region.

Company Profiling

Major vendors in the global turboprop planes market are ATR, Textron Aviation Inc., Lockheed Martin Corporation, Pilatus Aircraft Ltd., Airbus SE, Embraer S.A., De Havilland Aircraft of Canada Limited, DAHER, Piper Aircraft, Inc., PiaggioAero Industries S.p.a., Air Tractor Inc., Thrush Aircraft, LLC, Northrop Grumman Corporation., and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In May 2023, Leonardo S.p.A. was given a contract by the Malaysian Ministry of Defence to supply two ATR 72 MPA (Maritime Patrol Aircraft) platforms.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global turboprop planes market based on the below-mentioned segments:

Global Turboprop Planes Market, By Engine

• Conventional
• Hybrid

Global Turboprop Planes Market, By Application

• Commercial Aviation
• Military Aviation
• General Aviation

Global Turboprop Planes Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa