Introduced in the mid-1990s, the ATR 42-500 was developed as an improved version of the -300, focusing on better performance, especially in hot and high conditions. It retains a similar seating capacity of around 46 passengers but offers more powerful Pratt & Whitney Canada PW127 engines, giving it better climb performance and higher cruise speed.
The -500 also features upgraded avionics, improved braking systems, and a more refined cabin environment for passengers. It cruises at around 270 knots (about 500 km/h), which helps reduce travel time on regional routes. The aircraft proved popular with airlines operating in mountainous regions or warmer climates where earlier variants faced performance limits.
Although no longer in production, the ATR 42-500 served as a transition model toward more modern ATR designs. Today, many examples remain in service with regional airlines and charter operators, while others have been converted for special missions or cargo operations.