Duty Free Retailing Market to have Substantial Growth of $155.30 Billion by 2027 with 8.44% of CAGR profiling Top Industry Leaders - Duty Free Americas, Gebr. Heinemann, King Power International Group

Duty-free retailing offers products to international travelers. Thus is a substantial source of income and Duty-free retailing offers products to international travelers. Thus is a substantial source of income and offers numerous marketing opportunities. The growth of the travel & tourism industry is one of the key factors bolstering the growth of the duty-free retailing market. Duty-free retailing offers temporary spaces that provide extra time to travelers after security check-in and enable them to get indulgent with the ambiance as well as the experience of shopping for international duty-free products.

According to the new research report published by The Insight Partners, titled "Duty Free Retailing Market-- Global Analysis and Forecast to 2027", the global duty free retailing market is expected to reach US$ 155.30 Bn in 2027, registering a CAGR of 8.44% during the forecast period 2019-2027.

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Key findings of the study:

In 2018, the Asia-Pacific region accounted for the largest market share due to the significant presence of a strong aviation sector in the region. Moreover, the growing passenger size in the region is growing, which is supporting the demand for new aircraft. Therefore, the growing aircraft fleet size would require repair and maintenance services, which is supporting the growth of aircraft MRO in the region.

In Asia-Pacific, India is among the fastest-growing economies in APAC, and the aviation industry in the region is growing. In India, the maintenance, repairs, and overhaul market is at an emerging stage and has incredible growth opportunities. India is one of the fastest-growing aviation industries in the world and would continue to grow at a swift pace in the coming years. The country is developing as a potential international hub for manufacturing and MRO.

The global duty-free retailing market is highly fragmented. The flourishing travel & tourism industry is encouraging market players to establish new outlets and chains in the global duty-free retailing market. Moreover, growing focus on offering diverse and broad range of products may allow vendors to attract a vast number of customers and increase market shares. Further, the introduction of innovative promotional campaigns may offer lucrative growth opportunities to these players.

Duty-free retailing offers products to international travelers. Thus is a substantial source of income and Duty-free retailing offers products to international travelers. Thus is a substantial source of income and offers numerous marketing opportunities. The growth of the travel & tourism industry is one of the key factors bolstering the growth of the duty-free retailing market. Duty-free retailing offers temporary spaces that provide extra time to travelers after security check-in and enable them to get indulgent with the ambiance as well as the experience of shopping for international duty-free products.

The duty-free retail market in Europe is anticipated to grow significantly during the forecast period, mainly due to the expansion in international airports and an increasing number of passengers travelling by airplane. The economic stability in Europe is helping the airline companies to procure more aircraft to meet the demands of air traveling. Owing to the increase in economy class and premium economy class passenger count, the airlines have introduced the pre-ordering suites/facilities for economy and premium economy class passengers. The latest trend impacting market growth is the introduction of global brands in the European market since the duty-free retail markets of European countries are actively being endorsed as shopping destinations. LVMH is one of the leading retailers in the market, consisting most significant luxury brands, along with the huge investment in the duty-free retail market. Thus, the introduction of renowned brands in the European market is anticipated to bring a positive impact on the growth of the duty-free retail market during the forecast period.

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This release was published on openPR.