North America was the largest market in 2018, and its position will remain the same during 2019-2023. Market growth in this region will be faster than the growth of the market in Europe and MEA. Over 37% of the overall market growth will originate from this region, and the US will offer maximum growth opportunities to market participants.
Some of the key findings from our commercial aircraft overhead stowage bins market forecast report are summarized below
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Commercial aircraft overhead stowage bins are used in narrowbody, widebody, and regional aircraft. Commercial aircraft overhead stowage bins were mostly used in narrowbody aircraft in 2018, and this segment's position will remain unchanged throughout the forecast period. During 2019-2023, the growth rate of widebody and regional aircraft segments will be faster than the global market growth.
The market is fragmented, and the degree of fragmentation is expected to decrease by 2023. The accelerating growth will provide immense growth opportunities to market participants. To make the most of the opportunities, commercial aircraft overhead stowage bins companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
This market report provides a detailed analysis of the market by aircraft type (narrowbody, widebody, and regional aircraft) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market's competitive landscape and offers information on several market vendors including Airbus SE, FACC AG, Safran SA, The Boeing Co., and UNITED TECHNOLOGIES Corp.
Global commercial aircraft overhead stowage bins market: Key drivers and trends
Aircraft manufacturers are focusing on redefining interactions and enhancing customer experience by adopting smart systems such as smart luggage bins. These luggage bins are fitted with sensors and utilize the Internet of Things (IoT) connection technologies to provide real-time bin occupancy status. Smart luggage bins also help in improving passenger safety, reducing overall passenger stress, and avoiding aircraft diversions by detecting outgassing events and providing metrics such as temperature, humidity, pressure, and air quality within the bin. Some vendors are also offering smart luggage bins that display assigned space for passengers and allow advance space reservation for their luggage. The emergence of smart luggage bins is a critical trend that will positively impact commercial aircraft overhead stowage bins market growth.
Aircraft manufacturers are increasingly using lightweight composites to reduce the overall weight of the aircraft without compromising on its load carrying capacity. Aerospace overhead stowage bin manufacturers are also replacing gas springs in their products with hydromechanical units for longer shelf life, higher ease of operation, and lower total cost of ownership (TCO). Some vendors are also offering overhead luggage bins with increased capacity and light-emitting diode (LED) strips that indicate the space occupancy within the bin. These advances and innovations bin designs will boost the growth of the commercial aircraft overhead stowage bins market at a CAGR of over 4% during the forecast period.
Commercial aircraft overhead stowage bins market: Competitive landscape and companies covered
The global commercial aircraft overhead stowage bins market is fragmented. To help clients improve their market position, this report provides an analysis of the market's competitive landscape and offers information on the products offered by various companies. Moreover, this commercial aircraft overhead stowage bins market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.
The report offers a detailed analysis of several leading commercial aircraft overhead stowage bins manufacturers, including:
- Airbus SE
- FACC AG
- Safran SA
- The Boeing Co.
- UNITED TECHNOLOGIES Corp.
Commercial aircraft overhead stowage bins market: Segmentation based on aircraft type
- Narrowbody
- Widebody
- Regional aircraft
The narrowbody segment will account for the highest commercial aircraft overhead stowage bins market share. This report provides an accurate prediction of the contribution of all the segments to the growth of the commercial aircraft overhead stowage bins market size. The increasing instances of cabin redesigning in existing aircraft models and production drives by major vendors will drive the demand for commercial aircraft overhead stowage bins in narrowbody aircraft.
Commercial aircraft overhead stowage bins market: Segmentation based on geographic region
- APAC
- Europe
- MEA
- North America
- South America
With a complete study of the growth opportunities for the companies, it has been identified that North America will account for the largest commercial aircraft overhead stowage bins market share throughout the forecast period. The presence of robust aviation infrastructure and the growing trend of cabin modification to enhance customer experience will drive commercial aircraft overhead stowage bins market growth in this region.
Commercial aircraft overhead stowage bins market: Key highlights of the report for the forecast period 2019-2023
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the commercial aircraft overhead stowage bins market during the next five years
- Precise estimation of the global commercial aircraft overhead stowage bins market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the commercial aircraft overhead stowage bins industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market's competitive landscape and detailed information on several vendors
- Comprehensive details of factors that will challenge the growth of commercial aircraft overhead stowage bins companies
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