Aircraft Overhead Stowage Bins Market Forecast
Aircraft Overhead Stowage Bins Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028 See less
Aircraft Overhead Stowage Bins Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
Aircraft Overhead Stowage Bins Market Is segmented by Aircraft Type (Narrow-Body Aircraft, Wide-Body Aircraft, Regional Aircraft, and Business Jets), by Stowage Bin Type (Shelf Bin, Pivot Bin, and Translating Bin), by Sales Channel Type (BFE and SFE), by End-User Type (OE and Aftermarket), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).
Aircraft Overhead Stowage Bins Market Is segmented by Aircraft Type (Narrow-Body Aircraft, Wide-Body Aircraft, Regional Aircraft, and Business Jets), by Stowage Bin Type (Shelf Bin, Pivot Bin, and Translating Bin), by Sales Channel Type ...
In aircraft cabins, overhead bins are mounted on to aircraft ceiling to serve as storage spaces for passengers' luggage. Overhead stowage bins have substantially improved in storability and motion control. To better accommodate various bag sizes and shapes, storage capacities have been enhanced, it allows passengers easy access to their baggage Moreover, there may be a charge for these additional spaces. OEMs are working to create new, spacious, lightweight, and visually appealing overhead bins that will meet customer and airline demand.
Every commercial aircraft has an overhead stowage bin, therefore, as more new aircraft are delivered, demand for these overhead stowage bins grows. In 2020, the market for aircraft overhead stowage bins was impacted by the economic and social turmoil caused by the pandemic. Revenues decreased and the market for aircraft overhead stowage bins faced a staggering drop of more than -40% in 2020. Substantial growth was anticipated to start again in 2021. However, due to a lack of finance, airlines postponed or abandoned their plans to modify interiors paired with the B787 glitch found during the shimming process harmed the demand for overhead stowage bins, resulting in another year with a mammoth decline of more than -20% YoY.
The demand for overhead stowage bins is expected to increase over the next five years as a result of rising commercial aircraft deliveries, the launch of fuel-efficient programs, advancements in bin design, and expanding aircraft fleets. Manufacturers are investing in research & development to develop advanced, efficient, and lightweight products, such as ECOS bins by Safran which are large, easy to maintain, lightweight, and have a 60% increase in storage capacity. Similarly, FACC’s passenger luggage space upgrade allows 5 instead of 3 roller bags per 4 frames overhead luggage bin and weight is reduced by 15kg. Slowly and gradually, the market for aircraft overhead stowage bins is expected to reach its post-pandemic levels by 2026. Overall, the market is expected to flourish at a skyrocketing CAGR of 10.7% during the forecast period to reach a value of US$ 657 Million in 2028.
Based on the aircraft type, the market is bifurcated into narrow-body aircraft, wide-body aircraft, regional aircraft, and business jets. Narrow-body is expected to be the dominant segment of the aircraft overhead stowage bins market in the foreseen future, driven by the high focus of bin manufacturers on the development of spacious bins for key aircraft programs (B737 and A320) and the faster recovery trajectory of narrow-body aircraft programs than wide-body ones. A320 family including neo, B737 including & max, and A220 will remain the growth propellors of the segment in the years to come.
Based on the stowage bin type, the market is segmented into shelf bin, pivot bin, and translating bin. Pivot bin is expected to be the dominant bin type in the market in the forthcoming years. Pivot bins provide high visibility, high article retention, and reduce accidents. They are currently used on all the major platforms, including the B737, B747, B767, B787, A320 family, and A350XWB. Key players are developing new and advanced products, primarily targeting pivot bins and shelf bins.
Based on the sales-channel type, the market is segmented into BFE and SFE. Among these sale-channel types, SFE dominates the market with a share of more than three-fifths of the aircraft overhead stowage bins market. Airlines are switching from BFE to SFE products. Several advancements in retrofits are used to cut down additional costs and avoid delays from BFE suppliers. SFE is becoming more popular in the cabin because of the delays in wide-body aircraft deliveries.
In terms of regions, the North American region is likely to dominate the market for aircraft overhead stowage bins in the coming years. Factors supporting the demand for aircraft overhead stowage bins in North America are the presence of several aircraft OEMs and tier players. Asia-Pacific is likely to witness the fastest growth rate in the coming years, due to high growth in air travel demand, which led airlines to make new orders for aircraft of a newer generation. The Chinese aircraft, COMAC C919, is anticipated to be in service in 2023. Overhead stowage bin demand from this region is projected to increase at the same time as aircraft orders and deliveries rise throughout the projection period.
The market's supply chain is composed of raw material manufacturers, bin component manufacturers, overhead stowage bin manufacturers, aircraft OEMs, and airline companies. The following are some of the key players in the aircraft overhead stowage bins market:
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aircraft overhead stowage bins market realities and future market possibilities for the forecast period of 2023 to 2028. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The aircraft overhead stowage bins market is segmented into the following categories:
Aircraft Overhead Stowage Bins Market, by Aircraft Type
Aircraft Overhead Stowage Bins Market, by Stowage Bin Type
Aircraft Overhead Stowage Bins Market, by Sales Channel Type
Aircraft Overhead Stowage Bins Market, by End-User Type
Aircraft Overhead Stowage Bins Market, by Region
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com
The aircraft overhead stowage bins market is estimated to grow at a healthy CAGR of 10.7% over the next five years to reach a value of US$ 657 Million in 2028. Factors that will boost the demand for overhead stowage bins are an expected recovery in the production rates of key aircraft programs, increasing demand for fuel-efficient variants, improvements in bin design, and growing aircraft fleet size.
AVIC Cabin Systems Limited, Boeing Encore Interiors LLC, Bucher Leichtbau AG, Collins Aerospace, Diehl Stiftung & Co. KG, EFW GmbH, Euro-Composites Corporation, Haeco Cabin Solutions, Jamco Corporation, Safran S.A., and The Gill Corporation (arranged alphabetically) are the key players of the market.
North America is estimated to be dominant in the aircraft overhead stowage bins market in the coming years. The presence of multiple commercial aircraft OEMs is one of the key factors behind the dominance of the region in the market.
Asia-Pacific is estimated to grow at the fastest rate in the coming five years due to the expected gain in the momentum of air passenger traffic, ultimately driving the new aircraft demand. Furthermore, a high focus on indigenously developed aircraft, such as COMAC C919, will create new revenue pockets for the local players.
SFE sales channel type is likely to maintain its dominance in the market over the next five years. Advancements in retrofits, lower costs, and delays from BFE suppliers are a few factors that are pushing airlines to opt for SFE bins.
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