Airline Retailing Market By Technology Trends 2027 | Air France/ KLM, AirAsia Group Berhad British Airways Plc, Deutsche Lufthansa AG
The global airline retailing market accounted for US$ 7.25 Bn in 2018 and is expected to grow at a CAGR of 16.4% over the forecast period 2019-2027, to account for US$ 27.66 Bn by 2027. The operational tempo of the global commercial aviation sector continues to soar in recent years. The steep growth of commercial aviation sector is majorly attributed to the tremendous rise in the number of air travelers, both leisure and business travelers. The airlines across the globe are investing an increasing number of aircraft year on year. Also, the airlines are monetizing towards the improvement of their added services. However, the constantly rising aviation fuel cost possess a significant threat towards any airline’s operation. With an objective to maintain the operational structure, the airlines, both full service carriers as well as low cost carriers, have adopted the strategy to merchandise variety of products on-board as well as on-ground.
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Companies Mentioned
- Air France/ KLM
- AirAsia Group Berhad
- British Airways Plc
- Deutsche Lufthansa AG
- Easy Jet PLC
- Korean Air Lines Co., Ltd
- Qantas Airways Limited
- Singapore Airlines Limited
- Thai Airways International Public Co., Ltd
- The Emirates Group
North America leads the airline retailing market by region. North America region consists of highly developed countries, which are witnessing high growth in their airline sector. Airline customers prefer frictionless and seamless shopping experiences that give a huge opportunity for airline retailers. With the increasing focus on offering enhanced customer services, vendors are looking for new technologies and capabilities to offer seamless services to its customers. The North America airline retailing market is witnessing significant growth during the forecast period.
The airline sector is witnessing the high number of travelers from the Asia-Pacific region. The rate almost twice that of visitors from the Americas and Europe over the past ten years. Vendors are highly focused on tapping the emerging airline retailing market in Asia-Pacific region. In China, Chinese traveler traffic is expected to increasingly come from outside the tier 1 cities i.e., Beijing, Shanghai, Guangzhou, and Shenzhen. The airline retailing market is expected to be driven by the tier 1 cities of China.
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The airline sector is a highly competitive market. The operational costs of airline are very high, and the demand is subject to significant seasonal fluctuations. With the increasing number of airline companies, businesses are looking for alternatives that could help airlines to gain an edge in the competitive market. In order to gain an edge in the market, the airline companies are highly focused on enhancing its services for high customer satisfaction.
Advanced technology and customer intelligence are enabling new opportunities for improving customer experiences. Implementation of customer intelligence is enabling new opportunities for airline retail. The airline has a captive audience and extensive customer knowledge, enabled by digital application, can be stimulated with smart and entertaining in-flight retail opportunities utilizing emotional momentum. Most of the airlines are on the learning curve when it comes to retail opportunities. With the external recruits, who have experience in retail, airlines are improving their retail performance. Big data utilization is also impacting airline retail and is optimizing customer value and experiences. With the introduction of advanced technologies and the increasing demand for enhanced customer experience are significantly driving the airline retailing market.
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The well-established market players operating in the airline retailing market are Air France/ KLM, AirAsia Group Berhad British Airways Plc, Deutsche Lufthansa AG, Easy Jet PLC, Korean Air Lines Co., Ltd, Qantas Airways Limited Singapore Airlines Limited, Thai Airways International Public Co., Ltd, and The Emirates Group.
The overall global airline retailing market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global airline retailing market. It also provides an overview and forecast for the airline retailing market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the airline retailing industry.
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