The airport retailing consumer electronics market is foreseen to expand at a significant pace with global revenues crossing US$ 1,700 Mn in 2017, according to a new study. Traditionally pervasive as transportation service facilities, airports are now witnessing an influx of retail outlets for consumer electronics products. The shift in customer perspective toward airports as a retail destination continues to influence the growth of the airport retailing consumer electronics market.
Fact.MR envisages that prospects for consumer electronics in airports are expected to remain promising, with the airport retailing consumer electronics market to grow at a CAGR of 6.3% in terms of value throughout the period of forecast, 2018-2028
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The airport retailing consumer electronics market valuation is likely to remain influenced by a growing number of airports. Sales of consumer electronics in airports are projected to remain concentrated in the Southeast Asian (SEA) countries, making the region a lucrative market for airport retailing consumer electronics. India is poised to showcase higher market attractiveness in SEA during the forecast period on the back of steady economic development coupled with rising air tourism, according to the report.
India's lucrativeness in the airport retailing consumer electronics marketplace is attributed to the rising number of air passengers. According to IATA (International Air Transport Association), the air passenger count in India is expected to reach 478 million by 2036. This is expected to present potential opportunities for growth for airport retailing consumer electronics in the coming years. In addition, sales of airport retailing consumer electronics on departure are likely to be on an upswing as compared to sales on arrival in the country. The report forecasts that the sales of airport retailing consumer electronics in India could exceed US$ 250 Mn by 2028.
Growing sales of accessories are expected to largely contribute to the growth of the airport retailing consumer electronics market, according to the report. Consumer preference for accessories is projected to expand at a higher rate as compared to electronic devices. Against this backdrop, airport retailers are also planning to rent accessories for travelers opting for short trips.
IATA projects that by 2036, global air passenger traffic is expected to reach 7.8 billion. This indicates that the growth of the airport retailing consumer electronics market is likely to remain significant in large airports. However, medium-size airports are projected to showcase growing demand for airport retailing consumer electronics, says the report.
The trend of hyper-personalization remains instrumental in driving the growth of the airport retailing consumer electronics market. With critical airline restrictions apropos to the number of goods to be carried in flight, a new personalized service in the airport retailing consumer electronics space has been witnessed. Airport retailing consumer electronics stores can use customer data from boarding passes and deliver products to the customer's destination. This trend is likely to influence growth in revenues of airport retailing consumer electronics in the coming years.
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Advertisements on flyers continue to remain instrumental in driving the growth of the airport retailing consumer electronics market. Growing digitalization coupled with product displays on flyers is expected to influence sales of consumer electronics in turn presenting positive growth avenues for airport retailing consumer electronics market. This is likely to translate into increased product sales across specialty retail stores in airports, consequently making them a key growth platform for airport retailing consumer electronics, says the report.
As traditional brick and mortar sales are getting impacted due to mega trends such as the relentless onslaught of online selling platforms, physical retailing in airports is thriving. Overall, the airport retailing consumer electronics scenario remains positive and stakeholders can expect an optimistic growth path in the airport retailing consumer electronics market in the forthcoming years.
Airport Retailing Consumer Electronics Market, Key Segments
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Competition landscape: Top Companies of Airport Retailing Consumer Electronics Market
Market players in airport retailing consumer electronics business have mainly opted for growth oriented strategies. In addition, branding and continuous technical advancements in the aforementioned technology hits the top position in their priority list. These strategies are helping the global players to expand their regional footprint and garner maximum market share thus providing technical advantage.
Fact.MR has provided detailed information about price points of top service providers of airport retailing consumer electronics positioned across regions, market growth, growth in number of airports and speculative technological growth in the recently published report.
For instance, In August 2021, Durfy continued its partnership by extended the duty and tax free rental contract at Cardiff airport, Wales.
Similar, recent developments related to companies offering in big data analytics technology have been tracked by the team at Fact.MR, which are available in the full report.
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| Fact.MR | 6282511583 | neha.b@factmr.com | https://www.factmr.com |
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