Exhibitions Market to Grow at the Fastest Rate in APAC Region by 2023 | Arizton

Exhibitions are the most effective marketing tool and play a pivotal role in showcasing skills and works of art, demonstrating products, driving innovations, fine-tuning strategy, and gathering data. The primary focus on creativity, crafting new condensed show formats, and enabling digital environments at show floors are some of the drastic changes that the exhibitions market has witnessed in the recent times. The shift from product demos to conversations and experiences is creating new opportunities for service providers in the global market. The increase in B2B marketing spends is propelling the demand for these services in the global market. The top vendors are offering new resources such as lounges and show-floor activations to attract new consumers and gain a larger market share.

The exhibitions market is estimated to reach values of over $36 billion by 2023, growing at a CAGR of approximately 5% during the 2017-2023.

Read the full report on Exhibitions Market – Global Outlook and Forecast 2018-2023

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Exhibitions Market in APAC

The development of the economies and increasing investment in local infrastructure is augmenting the growth of the market in APAC. China, Hong Kong, and India are the hub for new fairs in the APAC region. The growing demand for B2B exhibitions in industries such as automotive and machinery are driving the market in this region. The Philippines recorded the highest growth in 2016 as rented venue space jumped approximately 10%. Indonesia also grew significantly fast owing to infrastructure improvements and a cultural driver, which has noteworthy importance in the face-to-face and personal conversations space in the market.

Singapore has had an international appeal, and a strategic location that is well connected, the market in the country is only expected to grow at a rapid pace but also, create lucrative opportunities for vendors in this region. South Korea’s new venues and schemes are some of the factors that will transform the APAC market during the forecast period. The establishment of standards and schemes will increase the attractiveness and quality of the programs hosted in the APAC market. For instance, the Singapore Exhibition and Convention Bureau have developed a scheme, the Approved International Fair scheme, which bestows official recognition to select trade fairs that have proven commercial and international appeal. The global exhibitions market in APAC is expected to grow at a CAGR of around 7% during the forecast period.

Key Countries – Exhibitions Market in APAC

China

China is the second largest region in the exhibitions market and recorded very high levels of international trade and economic activities in 2017. The growing number of restructuring and consolidation activities and licensing of technological trade shows will attribute to the growth of Chinese market. The emergence of government-funded exhibitions is expected to reduce the gap between private companies augments the development of the market in this country. Shanghai, Beijing, Shenzhen, and Guangzhou are major cities in the market in China.

The exhibitions market in China is projected to grow at a CAGR of over 7% during the forecast period.

Hong Kong

Hong Kong market is driven by the exponential growth of sectors of jewelry, automotive, electronics, gifts, clocks, watches, and lighting. The new style of governance of being proactive, a strong sense of commitment embodied in the new roles of the government, and new fiscal philosophy to manage finances wisely are some of the factors attributing to the growth of the market in this country. In 2015, both the Chinese and Hong Kong governments signed the Agreement on Trade in Services that applied liberalization measures for Hong Kong service professionals and suppliers on the mainland thereby, driving the market in the region. The exhibitions market in Hong Kong is estimated to grow rapidly.

The Indian market offers significant potential due to the improvement of the Indian economy and development of network connectivity. The massive growth in various individual sectors driving SME participation in the market in India. Mumbai, Bangalore, Chennai, Delhi, and Hyderabad are important destinations for such events in the Indian market. The current government is geared toward improving the tourism sector and enhancing the facilities for exhibitions to meet international standards. The exhibitions market in India is likely to grow at a an impressive CAGR during the forecast period.

The top players in the global exhibitions market are Fiera Milano, GL Events, ITE Group, MCH Group, Messe Frankfurt, RELX Group, and UBM.

Read: Emergent Trends in the Global Exhibitions Market
https://www.arizton.com/news/press-release/global-exhibitions-market-growth

Read: Leading Vendors in the European Exhibitions Market by 2023
India
https://www.arizton.com/blog/european-exhibitions-market-leading-vendors/

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