Market Intelligence
There were a total of 2,524 turbine engines powering the fleet of 1,232 business jets in the Asia-Pacific region as of year-end 2020. Over the past five years, the Asia-Pacific engine market has grown at a compounded annual rate of 1.9% – increasing by 231 units, from 2,293 engines in 2015 to 2,524 in 2020.
Rolls-Royce remained the market leader with 924 engines (37% market share), followed by Pratt & Whitney (P&W), Honeywell, and GE – with 617 (24% market share), 361 (14% market share) and 284 (11% market share) engines, respectively.
The majority of the Rolls-Royce engines were used to power business jets belonging to the long-range and large size business jet categories – 75% and 24% of all Rolls-Royce engines, respectively. Of the 398 long-range and 273 large business jets in operation in the region, 345 and 111 jets were powered by Rolls-Royce engines, respectively.
Pratt & Whitney, the second most utilized engine in the region, was the opposite, with 42% of its engines dedicated to light sized aircraft and only 8% to large jets.
Rolls-Royce’s BR700 remained the most popular turbine engine family in the Asia-Pacific region, with 690 engines powering 345 business jets as of year-end 2020. Honeywell’s TFE731 came in second, with 146 business jets powered by 307 engines. The PW300 was the most popular Pratt & Whitney engine in the region, with 122 business jets powered by 285 engines. Gulfstream G550 (90 units), Learjet 35/36 (34 units) and Falcon 7X (35 units) are the most popular business jets in the region using the BR700, TFE731 and PW300 engines, respectively.
COVID-19 proved to be so deadly and far-reaching that we are still, even after a year since it was declared a pandemic by the World Health Organization, awaiting its end. As things stand, with several countries witnessing a spike in the number of cases due to the second and third waves, commercial aviation is unlikely to pick-up anytime soon. Business jets are thus expected to continue being in high demand and fill in the void left by grounding commercial flights. Business jet fleet numbers are expected to increase in 2021, accompanied by an increase in the number of turbine engines.
Market Intelligence
Market Intelligence
Market Intelligence
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