Press release
Airport Retailing Consumer Electronics Market Expected to Expand at a Steady CAGR through 2028
Tier I vendors of airport retailing consumer electronics continue to consolidate their position market, as high initial investments remains a major barrier to entry for start-ups and new entrants. Established players in the airport retailing consumer electronics market, such as Dufry AG and Dubai Duty Free, hold nearly half the revenue share of the market.
Tier II companies in the airport retailing consumer electronics market lack capital to expand in the market, despite having a significant regional penetration across the globe. Market leaders are investing heavily in advanced technologies and infrastructure to attract more consumers are highly-crowded airports. Eventually, with the increasing expansion of leading market players, the airport retailing consumer electronics market is likely to remain highly concentrated in the upcoming years.
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Airport Retailing Consumer Electronics Companies Eye Growth Opportunities in Emerging Markets
According to a report by Airports Council International, emerging economies, including China, India, the United Arab Emirates, and Indonesia, are likely to account for more than 60% of the global air passenger traffic by 2040. With the increasing air activities in developing countries, regions such as Asia Pacific and Middle East & Africa (MEA) remain one of the leading attractions for airport retailing consumer electronics vendors.
This is expected to encourage players in the airport retailing consumer electronics market to expand their footprint in MEA and Asia Pacific in the upcoming years. Dufry AG, a Swiss travel retailer and a leading player in the airport retailing consumer electronics market, recently signed a new contract to operate a 2,300 m² with two duty-free stores at Perth Airport Pty Ltd (PAPL), Australia. The company’s goal to establish a stronger foothold in Asia, Eastern Europe, Middle East, and Australia is underpinned by its significant investments in its travel retail stores at popular airports in these regions, such as Sharjah International Airport.
Another player in the airport retailing consumer electronics market – Royal Capi-Lux recently announced to have signed a contract to open a consumer electronics store covering 447sq m of space at Abu Dhabi International Airport’s new Midfield Terminal. The company has already opened a franchise electronics store at Muscat International Airport’s new terminal, which has capacity for 20 million passengers a year. Market players are sensing highly lucrative growth opportunities at large and busy airports in emerging economies, which is redefining the growth prospects of the airport retailing consumer electronics market in developing countries.
Challenges Prevail in Improving Airport Retailing Consumer Electronics Sales at Less Ubiquitous Airports
Retailers are still struggling to establish a stronger position in the airport retailing consumer electronics market, despite the recent positive developments in the airport retail industry. Market players are becoming more aware about the fact that airport retailing consumer electronics business models that work for busy airports may misapply for less-popular airports.
Market players continue to face barriers in enhancing the consumer footfall in airports at obscure and less-discovered tourist destinations, amid increasing growth of the e-commerce industry. In order to improve sales at less ubiquitous airports, vendors in the airport retailing consumer electronics market are focusing on unique end-user requirements. Airport retailing consumer electronics market players are adopting strategies to address critical needs of diverse consumer groups, envisaging positive growth at less crowded airports.
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Market Players Adopt Innovative Strategies to Improve Convenience and Customer Experience
Leading vendors in the airport retailing consumer electronics market are shifting their focus on providing world-class shopping experience to passengers. Market leaders are directing their efforts into acquiring important travel data of various airports to measure passengers’ attitude and behavior and identify the high-spending consumer groups arriving at various airports. Stakeholders in the airport retailing consumer electronics market advanced technologies and unique retail strategies to create an appealing Omnichannel customer experience for travelers.
Growing importance of consumer convenience and shopping experience is encouraging airport retailing consumer electronics vendors to offer goods delivery services. For example, airport retailers at the Frankfurt Airport are offering home delivery services to passengers who purchase goods on the airport’s online shopping platform. Incorporating such online purchasing platforms is enabling airport retailing consumer electronics suppliers to offer more convenience for customers with multiple product delivery options.
Opportunities Abundant for Airport Retailing Consumer Electronics Vendors
Large and busy airports worldwide are concentrating on leveraging the potential of non-aeronautical or commercial income from airport retail activities, as it serves as an important source of funds for investment. Additionally, purchasing trends of air transport passenger have extended beyond shopping for food, beverages, and kitschy souvenirs to luxury retails and purchasing consumer electronics, creating lucrative avenues for vendors of airport retailing consumer electronics. Furthermore, duty-free imported consumer electronics, exclusive products, and credible brands continue to coax consumers to indulge into unplanned buying, which is expected to accelerate sales of airport retailing consumer electronics in the coming future.
Air Traffic Proliferation to Complement Market Growth
According to the Airport Council International, the air traffic at 20 busiest airports in the world increased by 5.2% in 2017. Total number of passengers traveling by air grew by 6.6% in 2017 as compared to that in 2016, which creates more opportunities for market players to enhance airport retailing consumer electronics sales. Rise in the global air traffic coupled with increased disposable income of passengers translate into dynamic spending habits of consumers, which is opening new avenues of growth for stakeholders in the airport retailing consumer electronics market.
Competitive Landscape
The Fact.MR report provides comprehensive information about recent developments in the airport retailing consumer electronics market. With the help of detailed financial information about leading airport retailing consumer electronics market players, the report helps readers to understand the competitive landscape of the airport retailing consumer electronics market. The airport retailing consumer electronics market players featured in the report are Durfy AG, Crystal Media, Royal Capi-Lux ('Capi'), InMotion, Dubai Duty Free, Lagardere Travel Retail, Bahrain Duty Free Shop Complex, and Regstaer Duty Free.
Royal Capi-Lux recently collaborated with The Travellers Electronics Company and Vienna Airport to open a new consumer electronics store at Vienna Airport, which has the capacity of 23.4 million passengers a year. The company also collaborated with JBL, a premium speakers and headphones brand, to make available JBL’s colourful and waterproof speakers at its airport retailing consumer electronics stores.
Another stakeholder in the airport retailing consumer electronics market – inMotion announced its plans to modify their business strategies to attract millennial passengers in coming years. The company revenues increased from €20 million in 2011 to €165 million in 2017, and it revealed its plans to envisage even faster growth in the airport retailing consumer electronics market by shifting its focus on developing technological solutions to improve consumer experience in the coming future. Other players in the airport retailing consumer electronics market are Lagardere Travel Retail, Durfy AG, and Dubai Duty Free, are aiming to boost innovation in marketing strategies to accelerate their pace of growth in the airport retailing consumer electronics market.
Definition
Airport retailing consumer electronics involve a variety of electronic devices and accessories that are marketed at specialty retail stores, supermarkets, or hypermarkets at airports. Airport retailing consumer electronics stores can be situated at various locations at airports, such as presecurity area (landside), postsecurity area (airside) and aero cities.
About the Report
The Fact.MR study concentrates on important dynamics of the airport retailing consumer electronics market to provide information on the current growth parameters and future prospects of the airport retailing consumer electronics market. Qualitative information and estimates about the airport retailing consumer electronics market growth included in the report are backed by the accurate quantitative growth prospects of the airport retailing consumer electronics market during the period 2018-2028.
Segmentation
The airport retailing consumer electronics market is broadly segmented according to the product types, airport size, sales channel, store location, and geographical regions. Based on product types, the airport retailing consumer electronics market is segmented into two main categories – electronic devices and accessories. Based on the airport sizes, the airport retailing consumer electronics market is segmented into large, medium, and small airports.
Depending on the sales channels for airport retailing consumer electronics, the market is segmented into two types – hypermarkets/supermarkets and specialty retail stores. The airport retailing consumer electronics market is segmented into three store locations – presecurity (landside), postsecurity (airside) and aero cities. Based on geographical regions, the airport retailing consumer electronics market is segmented into North America, Latin America, Western Europe, Eastern Europe, China, Japan, Southeast Asia and rest of Asia Pacific, and Middle East & Africa.
Additional Questions Answered
The Fact.MR report on airport retailing consumer electronics market can help market players to understand the growth prospects and make accurate decisions to gain a competitive edge in the airport retailing consumer electronics market. The report answers important airport retailing consumer electronics market-related questions for all the market players, which can help them to plan appropriate business strategies in the upcoming years. Some of the questions about the airport retailing consumer electronics market that are answered in the report include:
Which business strategies are helping leading market players to envisage incremental growth in the airport retailing consumer electronics market?
What are the factors that are accelerating the exponential market growth in China and Southeast Asia?
Why are consumers preferring to purchase airport retailing consumer electronics at specialty retail stores?
What are the risks involved in investing in the airport retailing consumer electronics market in the Middle East & Africa?
How does the store locations of airport retailing consumer electronics impact the business?
Research Methodology
Analysts at Fact.MR follow a holistic approach while conducting a thorough research about the airport retailing consumer electronics market to conclude the growth prospects of the airport retailing consumer electronics market during 2018-2028.
The conclusions about the development of the airport retailing consumer electronics market featured in the report are accurate and unique. These conclusions are obtained at the end of detailed secondary and primary market research. Detailed secondary research helps analysts to fathom the historical and recent data about the airport retailing consumer electronics market.
Secondary research is them followed by primary research, which involves interviewing all the leading stakeholders in the airport retailing consumer electronics market. Fact.MR ensures the accuracy and reliability of the quantitative and qualitative information associated with the development of the airport retailing consumer electronics market during the forecast period 2018-2028.
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About FactMR
FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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