Airport Retailing Consumer Electronics Market to Grow at a 7.2% CAGR - Fact.MR Study
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NEW YORK, Jan. 24, 2022 /PRNewswire/ -- The global airport retailing consumer electronics market is expected to increase at a CAGR of 7.2% from 2022 to 2032, from USD 1,880 million in 2022 to USD 3,780 million by 2032 end.
Travelers benefit from the ease of airport retailing because it is an immediately available choice. During the projected period of 2022-2032, the market valuation will increase by 2.1X due to an increase in the diversity of merchandises available, as well as an increase in the number of low-cost aircraft choices.
Consumer electronics sold in airports have direct application in air travel environments. Furthermore, according to a poll conducted by Airport Council International, a growth of 8% to 10% in global aviation passenger traffic over the last five years is expected to generate profitable prospects for manufacturers. The aforementioned patterns indicate that this market has a good chance of doubling its current market value in the next ten years.
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By the end of 2022, the United Arab Emirates is predicted to contribute 48% of sales in the MEA airport retailing consumer electronics market. With rising air traffic in developing countries, Asia Pacific and the Middle East and Africa (MEA) continue to be popular destinations for airport retailing consumer electronics retailers.
Dufry AG, a Swiss travel retailer and a market leader in airport retailing consumer electronics, has won a new contract with Perth Airport Pty Ltd (PAPL) in Australia to manage a 2,300 m2 with two duty-free outlets. Significant investments in the company's travel retail locations at important airports in these countries, such as Sharjah International Airport, support the company's goal of establishing a stronger footprint in Asia, Eastern Europe, the Middle East, and Australia.
Aero cities are expected to give the highest absolute dollar opportunity among the major store locations linked with airport retailing consumer electronics industry (Pre-security (Landslide), Post-security (Airside), and Aero Cities) during the forecast period of 2022-2032. The current transition pattern followed by the bulk of high-air-passenger-traffic airports such as Seoul Incheon, Singapore Changi, Dubai International, Shanghai Pudong, and Beijing Capital is a factor worth considering.
Key Takeaways:
Growth Drivers:
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Competitive Landscape
The majority of market participants in the airport retailing consumer electronics business have chosen growth-oriented strategies. Furthermore, branding and ongoing technological improvements in the aforementioned technology are at the top of their priority list. These techniques aid global firms in expanding their geographical footprint and capturing maximum market share, resulting in a technical edge.
Key Companies Profiled by Fact.MR are:
More Valuable Insights on Airport Retailing Consumer Electronics Market
Fact.MR provides an unbiased analysis of airport retailing consumer electronics market, presenting forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global airport retailing consumer electronics market with a detailed segmentation on the basis of:
Key Questions Covered in Airport Retailing Consumer Electronics Market Report
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