In order to study the many forthcoming movements and patterns prevailing in the global market, FactMR has included the latest Forecast report on airport retailing consumer electronics market to its vast database. The delivered study offers significant figures about the leading regions and applications which are functioning in the airport retailing consumer electronics market forthcoming trends by 2028, along with their market production, consumption, revenue, upcoming industry trends and forecasted market share details. Further, the accomplished market research report also anticipates that the concerned market would grow at a constructive CAGR until 2028.
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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. 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.
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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.
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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