Global airport retailing consumer electronics market is expected to grow at a CAGR of 8% during the forecast period 2022-2030. Every year, key airports across the globe collectively record an average of 350 million passengers using their facilities. Along with the strong demand that this creates for consumer electronic goods, this also creates attractive prospects for firms that are already operating in airports that sell retail goods. The world’s largest economies are investing in trade centres, ports, and airports due to improving economic growth. Globalization and more individuals traveling abroad create new opportunities for consumer branding and brand loyalty.
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As a result of the increased emphasis placed on tourism in a number of nations, airports are currently undergoing extensive renovations and improvements that are designed to expressly provide chances for business. The rise of the airport retailing consumer electronics market is projected to be driven by factors such as increasing opportunities and investments, as well as increased attention paid to airports as potential branding opportunities. Travelers benefit from an increased level of convenience thanks to airport commerce because it is an alternative that is easy to obtain. It is anticipated that during the period of 2022-2030, the market revenues for airport retailing consumer electronics market will almost double as a result of an increase in the number of low-cost airlines that are to operate during the forecast period.
It is estimated that Asia-Pacific will be the region that contributes the most revenue to this market, is expected to grow at a CAGR of 5% during the forecast. In 2021, it is anticipated that Asia-Pacific and Europe will collectively account for around 75% of the Airport Retailing Consumer Electronics market, with the former region contributing approximately 40% of the market. It is also anticipated that significant growth will take place in both Asia-Pacific and North America at CAGR of 4.5% and 5% during the forecast period, respectively.
The airport retailing consumer electronics market is projected to continue to be highly concentrated over the next several years as a result of the continued expansion of key market participants. Market participants operating in the airport retailing consumer electronics business have, for the most part, chosen growth-oriented strategies. In addition, the most important thing on their list of priorities is maintaining their brand while also making consistent improvements in the aforementioned technologies’ technical capabilities. These tactics are assisting the global players in expanding their geographical footprint and accumulating the highest possible market share, providing them with a technical advantage as a result. Key players in this market include Durfy AG, Crystal Media, Royal Capi-Lux (‘Capi’), InMotion, Dubai Duty Free, Lagardere Travel Retail, Bahrain Duty Free Shop Complex, Regstaer Duty Free and Others.
Key Market Trends
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