Aircraft Stowage Market Report
Aircraft Stowage Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028 See less
Aircraft Stowage Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
Aircraft Stowage Market Is segmented by Aircraft Type (Narrow-Body Aircraft, Wide-Body Aircraft, Regional Aircraft, and Business Jet), by Stowage Type (Overhead Stowage Bins and Others), 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]).
Airframers are developing innovative, spacious, lightweight, and visually appealing stowage to satisfy airline and passenger expectations. Stowages offer passengers quick access to their luggage. Storage capabilities have been increased since their creation to handle luggage of various shapes and sizes. Mergers & acquisitions and long-term contracts are among the few strategies implemented by aircraft stowage manufacturers. Important aspects in this market are the expected rise in regional and commercial aircraft deliveries and the introduction of fuel-efficient variants of aircraft programs. Retrofitting of interior components as a part of modernization is further fuelling the growth of the aircraft stowage market in the years to come.
The COVID-19 outbreak in 2020 caused lockdown, order cancellations, and supply chain disruption, which completely shattered the aircraft stowage market. The negative impact of the pandemic caused tremendous disruption and a huge burden on the balance sheets of tier players. The aircraft stowage market was no exception and recorded a huge plunge in sales amid the pandemic (-40%+ decline in 2020). A steady recovery was anticipated in 2021; however, the industry stakeholders’ hope thrashed away due to gloomy market conditions including postponement or cancellation of orders for both, retrofit as well as OE by airlines in the year 2021.
After mammoth declines in the past two consecutive years, the market is hoping for a fast recovery. Primary interviews with all the leading aircraft interior manufacturers suggest that they all are extremely positive about the near-term market outlook, expecting to hit back their pre-COVID sales levels by 2025. Stratview Research analysis is in line with the results obtained from primary interviews, expecting the market to hit back their pre-COVID levels in the same year. Overall, the aerospace stowage market is estimated to rise at a remarkable CAGR of 10.8% during the forecast period to reach a value of US$ 811 Million in 2028.
Key players are heavily investing in research & development to develop efficient, lightweight, and spacious stowage that can store large amounts of luggage. Products by Safran such as ECOS bins have increased storage capacity by 60%, it is large, easy to maintain, and lightweight. 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.
The market is bifurcated into narrow-body aircraft, wide-body aircraft, regional aircraft, and business jets. Narrow-body aircraft is expected to be the dominant segment with a market share of > 45% in the foreseeable future. An expected increase in the production rates for the A320 series, B737, and A220 is creating opportunities across the supply chain. Furthermore, all the leading stowage bin suppliers, particularly overhead stowage bins, have been hammering hard for the development of advanced bin systems for narrow-body aircraft, helping airlines to accommodate a greater number of baggage in the bin area.
Wide-body aircraft emerged to be the biggest victim of the pandemic. Restrictions on international travel almost soaked the market demand for wide-body aircraft programs. Furthermore, delays in the market entry of B777x and B787’s glitch dented the market demand. However, it is anticipated that the market will bounce back at an impressive rate in the coming years, driven by B777x, B787, A350XWB, and A330 neo.
The market is segmented into overhead stowage bins and others. Overhead stowage bin is expected to be the dominant segment in the forthcoming years. Overhead stowage bins are used in all major platforms, including B737, B767, B787, A320 family, and A350XWB. New product developments in overhead stowage bins targeting aftermarkets are driving the demand for overhead stowage bins.
The market is segmented as OE and aftermarket. Between end-user types, the OE segment dominates the market and is anticipated to maintain its dominance in the years to come; however, the aftermarket segment is likely to grow faster for the same period. The aftermarket segment is likely to double over the next five years from the current level, creating humongous opportunities for market participants.
North America is likely to dominate in the years to come with a market share of >40%, whereas Asia-Pacific is expected to witness the fastest growth in the aircraft stowage market 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. On the other hand, Asia-Pacific is witnessing a rise in demand for air travel, 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 the coming years. 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 aircraft stowage market is segmented into the following categories:
By Aircraft Type
By Stowage Type
By Sales Channel Type
By End-User Type
The market's supply chain is composed of raw material manufacturers, component manufacturers, stowage manufacturers, aircraft OEMs, airline companies, aircraft leasing companies, and MRO companies. The following are some of the key players in the aircraft stowage market:
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aircraft stowage 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 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:
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The aircraft stowage market is estimated to grow at a healthy CAGR of 10.8% over the next five years to reach a value of US$ 811 million in 2028. Several factors are impacting the market and competitive dynamics including the patterned growth in aircraft deliveries, rising demand for fuel-efficient aircraft programs, market entry of new players, and higher focus on inorganic growth.
AVIC Cabin Systems Limited, Bucher Leichtbau AG, Collins Aerospace, Diehl Stiftung & Co. KG, EFW GmbH, Euro-Composites, Haeco Cabin Solutions, Jamco Corporation, Safran S.A., The Boeing Company, and The Gill Corporation (alphabetically arranged) are the key players of the market.
North America is estimated to be dominant in the aircraft stowage market in the coming years. North America is the manufacturing capital of the aviation industry with the presence of several manufacturers.
Asia-Pacific is estimated to grow at the fastest rate in the coming five years, driven by a long list of factors. Rising urbanization and middle-class income are creating a greater space for airlines to mushroom their business, which, in turn, is creating opportunities for airframers and their tier players to grow in the region. Furthermore, key Asian economies have understood the importance of indigenization in aircraft manufacturing and are hammering hard for the development of commercial and regional aircraft. This is creating greater opportunities for industry stakeholders, more particularly for local companies or affiliated companies of local companies
OE is likely to maintain its dominance in the market over the next five years. The OE market is driven by an increase in orders for aircraft from developing economies, a sizable backlog, an increase in air passenger traffic, and new aircraft programs.
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