Global Aerospace: NB Fleet Availability Trends: GTF vs. LEAP engine

研报英文原文证据摘录

Global Aerospace: NB Fleet Availability Trends: GTF vs. LEAP engine

Equity Research

27 May 2026

Global Aerospace

NB Fleet Availability Trends: GTF

vs. LEAP engine Industry Update

This note provides an updated assessment of the operational European Aerospace & Defence

status of narrow body fleets, focusing on the P&W GTF NEUTRAL

(PW1100G/PW1500G) and CFM LEAP. Our analysis draws on NEUTRALUK Capital Goods

recent fleet data to highlight trends in out-of-service rates, European Aerospace & Defence

Milene Kernerregional disparities, and operator-specific impacts.

+33 (0)1 4458 4002

milene.kerner@barclays.com

GTF fleet status: approximately 27% of GTF engines are currently out of service (Figure 1), BBI, Paris

with the PW1100G (A320neo) series exhibiting a higher rate (~30%) compared to the PW1500G

Afonso Osorio, CFA

(A220) series (~14%). The 623 PW1100G-powered non-operational aircraft represent a 14% +44 (0)20 3134 7016

decline compared to the peak level of 720 aircraft in October, which represented 38% of the afonso.osorio@barclays.com

total fleet. Notably, of the current total, approximately 349 aircraft have remained inactive for Barclays, UK

over one year (Figure 7). The GTF parked fleet also includes 72 aircraft parked by Spirit Airlines

Luke Seelig

as it ceased operations in recent weeks - excluding the Spirit parking, the GTF engine parking +44 (0)20 3134 5355

share stands at ~25% of the global fleet. luke.seelig@barclays.com

Barclays, UK

LEAP fleet status: The LEAP engine family demonstrates a significantly lower out-of-service

rate, with the current estimate at ~3% for the overall fleet. LEAP-1A (A320neo) engines show a Sambhav Kochar

+91 (0)22 6175 2559marginally higher rate (~5%) compared to LEAP-1B (737 MAX) engines (~2%).

sambhav.kochar@barclays.com