General Retail Goods and Services
Overview of the luggage market
According to the market research analysts at Technavio, the global luggage market is anticipated to witness steady growth and will post a moderate CAGR of more than 6% over the forecast period. The increasing preference for a high standard of living is one of the significant factors driving this market’s growth. Many developing countries have seen a sharp rise in the middle-class population and a considerable increase in their income levels owing to an increase in the number of working women. The growing number of working women across the world has also made consumers to spend more on their recreational activities. An improving economy, backed by rising individual household income, directly results in the population being able to spend much more of what they earn on non-essential items like expensive travel and luggage products. Developing countries like India and China have been seeing major changes in customer buying behavior. With the increase in the standard of living in developing countries will boost the sales of luxury, branded luggage in the coming years.
In terms of geographical regions, APAC was the highest revenue contributing region in the global market during 2016 and will continue to lead the market during the predicted period. The region has two of the world’s most populated countries, India and China, which is one of the major factors contributing to this market’s growth. With the relative stability in economic fundamentals and growth in domestic and international tourism, the luggage market is anticipated to have a positive outlook in the APAC region until the end of 2021. Moreover, the region is witnessing an influx of international and high-end luggage brands like Louis
Overview of the global smart coffee maker market
Technavio’s market research analyst predicts the global smart coffee maker market to grow steadily at a CAGR of around 39% by 2021. One of the primary drivers for this market is remote access convenience and growing market for automatic coffee brewing machines. All the smart coffee makers can be accessed through smartphones either from Bluetooth or Wi-Fi connectivity. The users can operate smart coffee maker from anywhere inside the house and can provide instructions from a smartphone. For instance, if the user forgets to refill the water or neglects to return the pot in coffee machine, the app would send the notifications to the user. It will also remind the user to replace the water filtration disk at the appropriate time. Smart coffee maker can remind the user when it is running low on coffee beans, milk, or water, and the users can reorder through a smartphone. Increased convenience and functional value of easy communication with smart connected products are remotely driving the market for smart coffee makers.
In terms of geography, EMEA accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. In Europe, the market for small electric appliances grew tremendously in 2016. This upward trend has been seen in small electric appliances in Western European countries such as Germany, the UK, and Italy, which have registered double-digit growth. In the Europe's smart coffee maker market, growth has been seen primarily in countries like Italy, the UK, and Germany. The major factor contributing to this growth is the high purchasing power of the consumers to switch from semi-automatic to smart coffee makers. Factors
Overview of the duty-free retailing market
Technavio’s market research analysts predict that the global duty-free retailing market will witness impressive growth and will post a CAGR of more than 8% over the forecast period. Duty-free retailing is mostly concentrated on the sales of luxury brands of fashion goods, accessories, hard luxury items, cosmetics, fragrances, wines, and spirits. However, luxury items, fashion goods, and accessories account for the majority of revenue generated in the global duty-free retailing market. It has been observed that premium categories play a pivotal role in determining sales in the duty-free retailing space, which has led international retailers like DFS from LVMH and Dufry to predominantly introduce luxury brands to their product portfolio to boost sales. Moreover, the exemption of excise or custom duties at airports, cruise lines, and international borders further lower the prices of these otherwise expensive premium products. With premium products becoming affordable to the price-sensitive consumer segment, the market for duty-free retailing is expected to have a positive outlook in the coming years.
In terms of geography, the APAC region dominated the global duty-free retailing market and is expected to lead the market during the predicted period. South Korea, China, Hong Kong, Singapore, and Thailand are some of the key countries that drive the sales and growth of the duty-free market in the region. The growth of duty-free retailing in the region is attributed to the increasing number of Chinese outbound tourists, who contributed nearly 30% of the global duty-free retailing market's revenue in 2016.
Overview of the global smart shade devices market
Technavio’s market research analyst predicts the global smart shade devices market to grow exponentially at a CAGR of around 90% by 2021. One of the primary drivers for this market is the rise in the acceptance of motorized shades among the developed countries. The recent years witnessed an increase in the demand for shades operated by motorized mechanisms for both residential and commercial usage. This rising demand has created the opportunity for shade manufacturers to move towards smart shades. They integrate technologies such as Bluetooth low energy (BLE) or Bluetooth Smart, Wi-Fi, and other wireless technologies to communicate with the motor mechanism and automate the movement of such motorized shades. The devices that are used to motorize shades can control multiple windows from one mobile app. Users can set daily or weekly schedules to automate each room. Moreover, the capability of devices to operate through a touch interface in addition to mobile apps will drive investments in this market during the forecast period.
In terms of geography, North America accounted for the maximum market share during 2016 and will continue to dominate the market during the next few years. North America is currently witnessing an increasing adoption of smart home devices, particularly in the home appliances, home security, and window coverings categories, owing to the benefits associated with their usage. A rising number of consumers in the US are using window covering products that can be controlled automatically or by the intervention of electronic remote control equipped with wireless technology or by smartphones and tablets. The major markets in this region are the US, Mexico, and Canada, among which the US is the largest country for smart shade devices.
Competitive landscape and key vendors
Overview of the global pest control services market
The global pest control services market is anticipated to grow at a steady rate and will post a CAGR of more than 5% during the forecast period. The growing hospitality, pharmaceutical, and food processing industries will drive the growth prospects for the global pest control services market in the forthcoming years. One of the major factors responsible for the growth in these industries includes the recovery from the economic recession of the late 2000s. Also, the demand for pest control services from these pharmaceutical and hospitality industries is constant since they follow stringent health and safety regulations. Furthermore, a boom in the tourism industry is resulting in the increasing demand for the hospitality sector and tourist lodging services that fuel the demand for safe and hygienic stays. Since stringent good manufacturing practices (GMP) and good laboratory practices (GLP) require pharmaceutical companies to ensure zero tolerance to pests, they are increasingly partnering with pest control service providers to eradicate pests and termites.
In terms of geography, the Americas accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. One of the major factors responsible for the market’s growth is the steady economic growth of the region. Also, it has been noted that companies such as Rollins, Rentokil Initial, Ecolab, and Terminix account for more than 50% of the commercial pest control market in North America.
Competitive landscape and key vendors
The global pest control services market is intensely competitive with five major players and many small vendors across the globe, and it is led by multinationals that compete across different markets at the regional and international levels. To gain a significant competitive edge, these vendors are
Overview of the global DIY tools market
Technavio’s market research analyst predicts the global DIY tools market to grow steadily at a CAGR of above 3% by 2021. The exponential increase in the presence of retail stores such as hypermarkets, supermarkets, and specialty stores offering different DIY products, is the key driver responsible for the growth of the DIY tools market. The growing number of stores have compelled retailers to constantly come up with new ideas and innovative products for better user engagement. For instance, Home Depot offers various DIY projects and ideas allowing customers to perform DIY tasks by watching videos easily. It also offers suggestions on the type of tools that can be used to perform these activities.
The Americas held the largest share of the global DIY tools market in 2016. Due to the low popularity of the DIY culture in APAC, the market is highly concentrated in the western countries. One of the major reason for this dominance is the constant engagement of the North American consumers in home improvement. The increased proliferation of media in the form of cable TV, the Internet, and other knowledge centers allows customers to indulge in several projects. This growing importance of digitalization has played a major factor in boosting the sales of the segment. Digitalization has also, influenced millennials to increase their participation in the DIY culture, this rising interest is an indication that the region will continue to maintain dominance during the forecast period.
Competitive landscape and key vendors
At present, the DIY tools market is highly fragmented due to the presence of both major and private players. Due to this competition, manufacturers are focusing on innovations to meet the varying buying trend of the consumer. The key factors intensifying this competition are low product differentiation and long product
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