Aircraft type segments performance in the global commercial aircraft overhead storage bins market

The global commercial aircraft overhead storage bins market is expected to grow at a CAGR of 4.25% during the forecast period. Based on aircraft type, the global commercial aircraft overhead storage bins market has been segmented into narrowbody, widebody, and regional aircraft.

A narrowbody aircraft has only a single aisle inside the cabin, and the passengers are seated in two axial groups. The demand for such aircraft is fueled by the efficiency-focused operations of aircraft carriers in emerging or developed economies, where average load factor and seasonality are among the features that play vital roles in determining their profit margins.

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Most LCCs are trying to modernize the existing fleet to exploit new market opportunities for matching the competencies of the successive versions of aircraft. The procurement of new aircraft is triggering demand for aircraft cabin modifications as per the specifications and theme of the airline operator. The demand for new aircraft has encouraged a flurry of orders. Hence, aircraft manufacturers, such as Airbus and Boeing, are aiming to enhance their yearly production output to cater to the growing demand in the narrowbody segment, thereby boosting the growth of the global commercial aircraft overhead storage bins market during the forecast period.