Global Commercial Aircraft Overhead Stowage Bins Market 2019-2023| Emergence of Smart Luggage Bins to Boost Market Growth| Technavio
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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.
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Technavio has published a new market research report on the global commercial aircraft overhead stowage bins market from 2019-2023. (Graphic: Business Wire)
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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- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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