The commercial aircraft overhead stowage bins market will register a CAGR of over 4% by 2023

NEW YORK, May 20, 2019 /PRNewswire/ --

About this market

The increased procurement of new-generation aircraft is one of the key factors anticipated to trigger market growth during the forecast period. With the growing air passenger traffic, the airline operators require to procure new aircraft for catering to the increased demand. Therefore, several aircraft OEMs have initiated the revamping of their existing production facilities to ensure the scheduled deliveries. The modification would include the installation of new seats, lighting systems, and enlarged stowage bins for delivering premium service to passengers. Hence, the procurement of new aircraft will drive the growth of the market during the forecast period. Analysts have predicted that the commercial aircraft overhead stowage bins market will register a CAGR of over 4% by 2023.



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Market Overview

Advancements in bin design

The development of products such as light-emitting diode (LED) strip with long operating lifecycle and use of innovative technologies for streamlining the operations of airlines (with regard to weight savings and maximum strength-to-weight ratio) is expected to drive the market during the forecast period.

Sourcing risks associated with the aviation industry

The occurrence of similar situations is expected to widen the gap between supply and demand, resulting in an increase in the cost of cabin modernization and refurbishment on account of the limited availability of and price fluctuations in aircraft cabin-specific components, including overhead stowage bins.

For the detailed list of factors that will drive and challenge the growth of the commercial aircraft overhead stowage bins market during 2019-2023, view our report.

Competitive Landscape

The market appears to be fragmented with the presence of several market players. The aircraft manufacturing industry has been witnessing strategic partnerships among major firms to meet the growing demand for aftermarket services. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.

Read the full report: https://www.reportlinker.com/p05777308/?utm_source=PRN

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