Summary
Major companies in the market include Best Buy Co. Inc., Ceconomy AG, Dixons Carphone plc, The home depot, Yamada-Denki Co. Ltd, Bic Camera Inc., Fnac Darty SA, GOME Retail Holdings Limited, Gamestop Corp, and Office Depot.
The global electronics and appliance stores market is expected to grow from $944.57 billion in 2021 to $1,040.61 billion in 2022 at a compound annual growth rate (CAGR) of 10.2%. The market is expected to grow to $1,478.69 billion in 2026 at a compound annual growth rate (CAGR) of 9.2%.
The electronics and appliance stores market consists of sales of electronics and appliances by entities (organizations, sole traders, and partnerships) that sell electronics and appliances to ultimate users from fixed point-of-sale locations. The segment is typically operated from the locations that have provisions for floor displays and provide electrical capacity for the demonstration of the products.
The main types of electronics and appliance stores are hardware suppliers and security stores and consumer electronics stores.Consumer electronic stores refer to those stores that sell consumer electronic goods like mobile phones, TVs, and so on.
The main types of stores are exclusive retailers/showrooms and inclusive retailers/dealer stores having ownership of retail chains and independent retailers.
Asia Pacific was the largest region in the electronics and appliance stores market in 2021.Western Europe was the second-largest region in the electronics and appliance stores market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The electronics and appliance stores are adopting a robust and cohesive strategy for data analytics in management.This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers, and build loyalty, data has become critical for most retail operations.
For instance, the global retail analytics market raised to $5.1 billion in 2020. With the rapid growth in retail data and the availability of technologies to analyze data, it will become easier for electronics and appliance stores to identify and meet the needs and expectations of their customers, thus it is expected to drive the market going forward.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the electronics and appliance stores market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in manufacture and trade of non-essential goods and an overall decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the electronics and appliance stores market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy
Electronics stores are rapidly adopting technology to implement efficient workflow, better store management, and services.The stores now have traffic-tracking sensors, radio-frequency identification (RFID) tags, handheld scanners, and heat maps, all designed to offer a real-time snapshot of how the modern consumer is shopping.
These digital technologies help in real-time stock management, inventory controls, making solid predictions, and demand forecasting. Global electronics and appliance stores including Best Buy, Conn’s, Fry’s Electronics, the retail operations of Apple, Fnac Darty (Belgium), GOME (China), Saturn brands (Germany), and Yamada Denki (Japan) have adopted a wide range of digital technologies to enhance the in-store experience
The countries covered in the electronics and appliance stores market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
