Market Trends of Commercial Aircraft Overhead Stowage Bins Industry
Wide-body Aircraft Segment is Estimated to Hold a Major Share During the Forecast Period
Widebody aircraft are predominantly chosen for long-haul and international flights characterized by extended travel times. Passengers on such journeys tend to carry more luggage, including larger carry-on items. Consequently, airlines rely on the generous overhead storage capacity of widebody aircraft to meet the storage needs of these travelers. Widebody aircraft are designed to offer more spacious seating arrangements and larger overhead bins, contributing to a more comfortable and relaxed in-flight experience.
Satisfied passengers are more likely to choose airlines that prioritize their comfort needs. For example, Airbus’ overhead storage for the A330neo, inspired by the A350, is substantially larger. It offers an additional 66% space for more luggage. In the premium cabin, no center stowage is installed to amplify the spacious environment of the A330neo. The Airbus A350 features large overhead storage compartments; passengers can store more hand luggage—at least one roller bag per passenger in all classes— for stress-free boarding and easier access in flight.
Similarly, Boeing offers its Space Bins as an optional feature on its B737 MAX aircraft. Space bins can hold six standard-sized bags, which is two more than the large current Boeing Sky Interior pivot bins installed on several B737NGs. An increase in widebody aircraft orders from various airlines across the globe will likely fuel the demand for more storage bins. For instance, In May 2023, Air India placed orders for 70 widebody aircraft, including 20 B787 Dreamliners and 10 B777Xs from Boeing, as well as 34 A350-1000s and six A350-900s from Airbus.
Asia-Pacific Region is likely to Generate the Highest Demand During the Forecast Period
Asia-Pacific is witnessing a significant surge in air travel, driven by a burgeoning middle-class population, increased disposable income, and expanding tourism. This growth in passenger numbers directly correlates with higher demand for overhead storage bins, as more travelers carry cabin luggage. The Asia-Pacific region is expected to achieve a high growth rate in the aviation market shortly. According to the International Air Transport Association (IATA), air travel in Asia will be greater than the following two biggest markets, North America and Europe, by 2030. With such a high rate of growth in terms of passenger traffic, the airlines in the region need to procure new aircraft to cater to the increasing demand.
Moreover, Airlines in the Asia-Pacific region are increasingly investing in purchasing and modernizing their aircraft fleets to improve operational efficiency and passenger satisfaction. Part of this modernization includes upgrading the cabin, including overhead storage bins, to meet the latest standards in convenience and aesthetics. The airlines in China, India, Japan, and South Korea have substantial order books for narrow-body and wide-body aircraft to aircraft OEMs for fleet expansion and modernization programs.
For instance, in February 2021, Boeing announced a new production line at the Hyderabad facility (India) joint venture with the Tata Group, Tata Boeing Aerospace Limited (TBAL), to manufacture complex vertical Fin for B737 MAX family aircraft. Moreover, as of February 2023, Indian private airlines such as Air India, Indigo, and others have 1,100 pending aircraft orders from various manufacturers. With the increasing aircraft orders and deliveries, simultaneous demand will likely be generated for overhead stowage bins from this region during the forecast period.
