Northbrook, IL 60062 -- (SBWIRE) -- 05/15/2023 -- The aviation industry is rapidly evolving, and the demand for efficient and reliable aircraft is on the rise. One such aircraft that has gained popularity in recent years is the turboprop aircraft. A turboprop aircraft is a type of aircraft that uses a gas turbine engine to power a propeller, which generates thrust and enables the aircraft to fly.

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According to a report by MarketsandMarkets, the global turboprop aircraft market is projected to grow at highest CAGR during the forecast period. The increasing demand for turboprop aircraft can be attributed to their fuel efficiency, lower operating costs, and ability to operate from shorter runways, making them ideal for regional and short-haul flights.

The market is segmented based on type, application, component, end-use, and region. Based on type, the market is further classified into single-engine and multi-engine turboprop aircraft. The multi-engine turboprop aircraft segment is expected to dominate the market during the forecast period, owing to their higher passenger capacity and better performance capabilities.

Based on application, the market is further segmented into commercial, military, and others. The commercial segment is expected to hold the largest share of the market during the forecast period.