Aircraft Overhead Stowage Bins Market Size to reach an estimated value of US$ 501.3 million in 2023
February 05, 2020
The Aircraft Stowage Bins Market offers healthy growth opportunities over the next five years to reach an estimated value of US$ 501.3 million in 2023. Increasing commercial aircraft deliveries, the introduction of fuel-efficient variants of existing aircraft programs, an advancement in bin design, and growing aircraft fleet size are the key factors that are driving the demand for overhead stowage bins in the aircraft industry over the next five years.
Overhead bins are originally more than a shelf with a door. they have grown in size over the years and yet have not reached their optimum level. Recent passenger surveys revealed that the lack of overhead space is one of the biggest gripes in the airline industry today. Airlines keep on conveying to OEMs about their passengers’ complaints regarding the lack of space in overhead bins. They are seeking bins that are large, easier and safer to use, aesthetically good, and easy to maintain.
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Aircraft Overhead Stowage Bins Market Segment Insights:
By Aircraft Type:
Narrow-body aircraft is projected to remain the largest aircraft segment of the global aircraft overhead stowage bins market during the forecast period, driven by increasing production rates of A320 family and B737 including their fuel-efficient variants (A320neo and B737 Max) and an advancement in bins technology. Wide-body aircraft is likely to witness the highest growth during the forecast period, driven by B787 and A350XWB and upcoming fuel-efficient variants including B777x and A330neo.
By Region:
North America is expected to remain the dominant overhead stowage bins market for the aircraft industry during the forecast period. The region is the manufacturing capital of the aerospace industry with the presence of large- to small-sized OEMs, stowage bin manufacturers, and raw material suppliers. Asia-Pacific is likely to witness the highest growth during the same period, driven by an increasing demand for commercial aircraft, the opening of assembly plants of Airbus and Boeing in China, indigenous development of commercial aircraft (COMAC C919), and modernization of old aircraft.
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