The airport retailing consumer electronics market is foreseen to expand at a significant pace with global revenues crossing US$ 1,700 Mn in 2017, according to a new study.
Traditionally pervasive as transportation service facilities, airports are now witnessing an influx of retail outlets for consumer electronics products. The shift in customer perspective toward airports as a retail destination continues to influence the growth of the airport retailing consumer electronics market.
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Fact.MR envisages that prospects for consumer electronics in airports are expected to remain promising, with the airport retailing consumer electronics market to grow at a CAGR of 6.3% in terms of value throughout the period of forecast, 2018-2028.
The airport retailing consumer electronics market valuation is likely to remain influenced by growing number of airports. Sales of consumer electronics in airports are projected to remain concentrated in the Southeast Asian (SEA) countries, making the region a lucrative market for airport retailing consumer electronics.
India is poised to showcase higher market attractiveness in SEA during the forecast period on the back of steady economic development coupled with rising air tourism, according to the report.
India’s lucrativeness in the airport retailing consumer electronics marketplace is attributed to rising number of air passengers. According to IATA (International Air Transport Association), the air passenger count in India is expected to reach 478 million by 2036. This is expected to present potential opportunities of growth for airport retailing consumer electronics in the coming years.
In addition, sales of airport retailing consumer electronics on departure are likely to be on an upswing as compared to sales on arrival in the country. The report forecasts that the sales of airport retailing consumer electronics in India could exceed US$ 250 Mn by 2028.
Growing sales of accessories are expected to largely contribute to the growth of the airport retailing consumer electronics market, according to the report. Consumer preference for accessories is projected to expand at a higher rate as compared to electronic devices.
Against this backdrop, airport retailers are also planning to rent accessories for travellers opting for short trips.
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IATA projects that by 2036, global air passenger traffic is expected to reach 7.8 billion. This indicates that growth of airport retailing consumer electronics market is likely to remain significant in large airports. However, medium size airports are projected to showcase growing demand for airport retailing consumer electronics, says the report.
Trend of hyper-personalization remains instrumental in driving growth of airport retailing consumer electronics market. With critical airline restrictions apropos to amount of goods to be carried in flight, a new personalised service in the airport retailing consumer electronics space has been witnessed.
Airport retailing consumer electronics stores can use customer data from boarding passes, and deliver products to the customer’s destination. This trend is likely to influence growth in revenues of airport retailing consumer electronics in the coming years.
Advertisements on flyers continue to remain instrumental in driving the growth of airport retailing consumer electronics market. Growing digitalization coupled with product displays on flyers are expected to influence sales of consumer electronics in turn presenting positive growth avenues for airport retailing consumer electronics market.
This is likely to translate into increasing product sales across specialty retail stores in airports, consequently making them a key growth platform for airport retailing consumer electronics, says the report.
As traditional brick and mortar sales are getting impacted due to mega trends such as relentless onslaught of online selling platforms, the physical retailing in airports is thriving. Overall, the airport retailing consumer electronics scenario remains positive and stakeholders can expect an optimistic growth path in the airport retailing consumer electronics market in the forthcoming years.
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