The turboprop aircraft market in the US has shown steady growth from 2013 through 2023. In 2023, the market stood at 11.12 thousand units. Over the past decade, the year-on-year growth varied but consistently showed a positive trend, tapering off to 1.18% in 2023. The average annual growth rate (CAGR) over the last five years was 1.27%. This consistent growth suggests a stable market environment for turboprop aircraft.
Looking forward, from 2024 onward, the forecasted data indicates that the market will continue to grow but at a slightly slower pace. The forecasted average annual growth rate (CAGR) over the next five years stands at 0.85%, with an overall growth rate of 4.32% by 2028.
Future trends to watch for:
- Technological advancements in turboprop efficiency and fuel economy
- Increased demand for regional air travel and short-haul routes
- Potential market shifts due to changes in environmental regulations and sustainable aviation initiatives
- Impact of emerging markets and economic conditions on aircraft demand
