According to a new study, the airport retail consumer electronics market is expected to grow at a significant rate, with global revenues exceeding US$1.7 billion in 2017. Traditionally ubiquitous as service facilities transportation, airports are now experiencing an influx of consumer electronics retail outlets. The changing perspective of customers towards airports as a retail destination continues to influence the growth of the airport retail consumer electronics market.
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Fact.MR estimates that the outlook for airport consumer electronics remains promising, with the airport consumer electronics retail market growing at a CAGR of 6.3% in value over the 2018 forecast period. -2028
The valuation of the consumer electronics retail market at airports is expected to continue to be influenced by an increasing number of airports. Airport consumer electronics sales are expected to remain concentrated in Southeast Asian (SEA) countries, making the region a lucrative market for airport consumer electronics retail. According to the report, India is expected to show increased market attractiveness in SEA over the forecast period owing to stable economic development coupled with an increase in air tourism.
India’s lucrative nature in the airport consumer electronics retail market is attributed to the growing number of air passengers. According to the International Air Transport Association (IATA), the number of air passengers in India is expected to reach 478 million by 2036. This should present potential growth opportunities for the retailing of consumer electronics at airports over the of the next few years. In addition, retail sales of consumer electronics at departing airports are expected to increase relative to inbound sales in the country. The report predicts that retail sales of consumer electronics at Indian airports could top US$250 million by 2028.
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Segmentation
The airport retail consumer electronics market is broadly segmented on the basis of product types, airport size, sales channel, store locations and geographical regions.
Based on product types, the airport retail consumer electronics market is segmented into two main categories: consumer electronics and accessories. Based on airport size, the airport retail consumer electronics market is segmented into large, medium and small airports.
Based on sales channels of airport consumer electronics retail, the market is segmented into two types: hypermarkets/supermarkets and specialty retail stores.
The airport retail consumer electronics market is segmented into three store locations: pre-security (ground side), post-security (airside) and aerocities.
The trend towards hyper-personalization remains key to driving the growth of the airport consumer electronics market. With critical airline restrictions on the amount of cargo to be carried in-flight, a new personalized service has been seen in the airport’s consumer electronics retail space. Airport consumer electronics retailers can use customer data from boarding passes and deliver the products to the customer’s destination. This trend is likely to influence the growth of airport consumer electronics revenue in the coming years.
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Advertising flyers continue to play a key role in the growth of the airport retail consumer electronics market. The increasing digitization associated with product display in brochures is expected to influence consumer electronics sales and in turn present positive growth avenues for the airport consumer electronics retail market. This will likely result in increased product sales at specialty airport retailers, making them a key growth platform for airport consumer electronics retail, the report said.
While traditional brick-and-mortar retail is impacted by megatrends such as the relentless onslaught of online retail platforms, brick-and-mortar airport retail is booming. Overall, the scenario for airport retail consumer electronics remains positive and stakeholders can expect optimistic growth of the airport retail consumer electronics market in the coming years. .
Read more trend reports and more from Fact.MR: https://www.globenewswire.com/en/news-release/2020/03/09/1997228/0/en/MEMS-Sensor-Market-to- Reach-US-50-Bn-in-2027-Raising-Prospects-for-Smart-Devices-and-EVs-Favor-Growth-Concludes-Done-MR-in-a-New-Study.html
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