LONDON--(BUSINESS WIRE)--The global commercial aircraft overhead stowage bins market is expected to post a CAGR of more than 4% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global commercial aircraft overhead stowage bins market is the advancements in bin design. Aircraft manufacturers are increasingly focusing on reducing the overall weight of the aircraft, resulting in the growing demand for advanced lightweight composites. Initially, the aircraft stowage bins used gas springs, made of stamped steel, for actuating movements to open and close the bin door. The mechanism was bulky, heavy, and relatively inefficient due to the resulting leakage of nitrogen gas on each operation. However, constant innovations have resulted in the emergence of stowage bins that are operated by custom hydromechanical units which allow longer service life, higher ease of operation, and lower total cost of ownership (TCO). Such advances are expected to positively impact market growth during the forecast period.
As per Technavio, the emergence of smart luggage bins will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global commercial aircraft overhead stowage bins market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global commercial aircraft overhead stowage bins market: Emergence of smart luggage bins
In recent years, aircraft manufacturers have been focusing on enhancing the efficiency of the carry-on process for airlines and passengers alike, resulting in the increasing adoption of digital technology. Bins are being equipped with smart sensors that can collect data, store, process, and transfer it to a remote display on a real-time basis. The new intelligent Bins use the Internet of Things (IoT) to detect and report in real-time regarding bin occupancy status. Further, it can provide metrics regarding the temperature, humidity, pressure, and air quality within the bin and help detect outgassing events. Such innovations are anticipated to have a significant impact on the market in focus during the forecast period.
“Apart from the emergence of smart luggage bins, factors such as the introduction of baggage fee, and the diversification of OEMs into aftermarket will have a significant impact on the growth of the commercial aircraft overhead stowage bins market during the forecast period,” says a senior research analyst at Technavio.
Global commercial aircraft overhead stowage bins market: Segmentation analysis
This market research report segments the global commercial aircraft overhead stowage bins market by aircraft type (narrowbody, widebody, and regional aircraft) and geographic regions (North America, Europe, MEA, APAC, and South America).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. North America comprises of technologically-advanced countries and mature markets, such as the US and Canada, which has resulted in the ever-increasing demand for aftermarket services for aircrafts. The market growth in North America is mainly driven by the robust aviation infrastructure in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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