This branch of engineering was unheard of until the Wright Brothers made their historic flight in 1903. After this event, major developments took place in the field of aeronautical engineering, which basically deals with everything related to aircraft's. During the First World War, many new aircraft's and missiles were developed for military purposes and this gave further boost to its growth.
The study of space was also included in aerospace engineering only in 1958. This expanded the scope of aerospace engineering and gave it a greater chance for taking risks and putting innovative ideas into action. The progress of this branch of engineering is being overseen by many major aerospace corporations like Airbus, Boeing, Honeywell, Embraer, etc.