North America is estimated to reach $372.2 million by 2030, with a CAGR of 12.4%
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, UNITED STATE, March 14, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Online In-flight Shopping Market by Aircraft Type, Flight Type, and Shopping Type: Global Opportunity Analysis and Industry Forecast, 2021-2030,”
The global online in-flight shopping market is growing rapidly since last few years owing to the increase in inclination of people toward travelling and exploring unique holiday destinations. The growth of the market is further driven by upsurge in disposable income and improvement in living standard of living. Increase in the number of high net worth individual (HNIs) in emerging markets further propels the online in-flight shopping growth. The global online in-flight shopping market size was valued at $232.3 million in 2020, and is projected to reach $825.3 million by 2030, registering a CAGR of 12.8% from 2021 to 2030. North America was the highest revenue contributor, accounting for $111.2 million in 2020, and is estimated to reach $372.2 million by 2030, with a CAGR of 12.4%.
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The growth of market is majorly attributed to rise in middle-class population in countries such as China, India, Brazil, Japan, Australia, and Thailand. As per the recent statistics, Asia-Pacific millionaires now control more wealth than their peers in North America. In terms of future spending options, travel has been recognized as the top priority with greater focus on unique luxury experiences and adventure activities. Surge in interest of people to explore new places and to have unique travel experiences have encouraged market players to offer food & beverage products and regional liquor flavors that connect travelers to local culture of the destination and explore the unknown acquaintance of the place and its people are the online in-flight shopping market trends. However, changes in socio-economic conditions threatens the growth of the market. On the contrary, market players are coming up with new specialized limited edition products for travel retail categories to cater to the needs of travelers, which is anticipated to offer remunerative opportunities for the expansion of the global market during the forecast period.
According to the global online in-flight shopping market analysis, the market is segmented on the basis of aircraft type, flight type, shopping type, and region. Depending on aircraft type, the market is divided into economy class, business class, and first class. In 2020, the first class segment held around 40.6% share of the global online in-flight shopping market, and is expected to continue this trend during the online in-flight shopping market forecast period. This is attributed to increase in interest of people to explore new products in the beauty and care industry.
By flight size, the market is segregated into full service, and low cost. The low cost segment is estimated to grow at the fastest rate. Full service carrier offers passengers the options of economy class or business class travel and on some flights, premium economy and first class; thus, contributing toward the online in-flight shopping market growth.
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By shopping type, it is categorized into travel accessories, beauty and care, and others. The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of region, North America was the prominent market in 2020, accounting for the maximum online in-flight shopping market share. Asia-Pacific is expected to grow at the fastest rate in the market, registering a CAGR of 14.1% during the forecast period. In addition, rise in travelling & shopping aspirations of young and rich millennial is expected to majorly foster the market growth in Asia-Pacific. Baby boomer and generation X are the major contributors in the Asia-Pacific online in-flight shopping market.
The players in the online in-flight shopping industry have adopted product launch and business expansion as their key development strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Inmarsat plc, Lufthansa, AirAsia Group, The Emirates Group, Swiss International Air Lines AG, Thomas Cook Airlines Ltd, Singapore Airlines Limited, EasyJet Airline Company Limited, airfree, and SKYdeals.
Key findings of the study
By aircraft class, the first class segment held the highest share, accounting for 40.6% of the global online in-flight shopping market.
Based on flight type, the full service segment held the major share of 68.4% of the market.
Region wise, North America held the major share in the market, and is expected to remain dominant throughout the forecast period.
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