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Gallium arsenide components market 2023-2027; A descriptive analysis of the five forces model, market dynamics, and segmentation – Technavio

Gallium arsenide components market 2023-2027; A descriptive analysis of the five forces model, market dynamics, and segmentation – Technavio
PR Newswire
NEW YORK, Jan. 24, 2023

NEW YORK, Jan. 24, 2023 /PRNewswire/ — According to Technavio, the glo…

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Gallium arsenide components market 2023-2027; A descriptive analysis of the five forces model, market dynamics, and segmentation - Technavio

PR Newswire

NEW YORK, Jan. 24, 2023

NEW YORK, Jan. 24, 2023 /PRNewswire/ -- According to Technavio, the global gallium arsenide components market size is estimated to grow by USD 3266.55 million from 2022 to 2027. The market is estimated to grow at a CAGR of 6.19% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 79%. For more Insights on market size, Request a sample report

Gallium arsenide components market - Five Forces

The global cloud data warehouse market is fragmented, and the five forces analysis covers– 

  • Bargaining Power of Buyers 
  • The threat of New Entrants
  • Threat of Rivalry
  • Bargaining Power of Suppliers
  • Threat of Substitutes
  • Interpretation of porter's five models helps to strategize the business, for entire details – buy the report!

Gallium arsenide components market – Customer Landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Gallium arsenide components market - Segmentation Assessment

Segment Overview

Technavio has segmented the market based on the type (LEC grown GaAs and VGF grown GaAs), application (mobile devices, wireless communication, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). 

  • The market growth will be significant in the LEC Grown GaAs segment during the forecast period. The segment is driven by the high usage of semi-insulating GaAs single crystals in the semiconductor industry. Also, growing developments in wireless communication, satellite technology, and other wireless networks are expected to contribute to the growth of the segment during the forecast period.
Geography Overview

By geography, the global gallium arsenide components market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global gallium arsenide components market.

  • APAC will account for 79% of the market growth during the forecast period. The growth of the regional market can be attributed to the high demand for gallium arsenide components from communication device manufacturers. Also, the increasing demand for various consumer electronics such as smartphones and laptops is driving the growth of the gallium arsenide components market in APAC.

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Gallium arsenide components market – Market Dynamics

Key factor driving market growth

  • The market is driven by the rising adoption of smartphones and tablets.
  • The increasing availability of low-cost smartphones in emerging markets such as China and India and the growing penetration of the internet have led to a growth in the shipment of smartphones worldwide.
  • For instance, the shipment of smartphones reached more than 1.3 billion units in 2021 compared with 1.2 billion in 2020.
  • The global rise in the adoption of smartphones and tablets is increasing the demand for gallium arsenide components, especially GaAs power amplifiers, thereby driving the growth of the market.

Leading trends influencing the market 

  • The emergence of high-powered electronic devices is one of the major trends in the market.
  • Electronic device manufacturers are replacing silicon-based wafers with gallium arsenide (GaAs) components.
  • Integration of GaAs components delivers high speed, accuracy, and reliability, which are essential in high-powered devices.
  • GaAs components are energy-efficient and are small enough to fit into compact devices. Also, they offer a reduction in cost in the long run and substantial improvement in device characteristics that allow the addition of new performance capabilities to the device, enabling vendors to introduce better offerings in the market.
  • With the growing adoption of high-powered electronic devices, the demand for GaAs components will increase during the forecast period.

Major challenges hindering market growth

  • The availability of alternative devices is a major challenge hindering market growth.
  • Over recent years, GaN, SiGe, LDMOS, and CMOS devices have emerged as alternatives to GaAs devices. These are widely used in a wide range of applications in the electronics industry.
  • For instance, CMOS power amplifiers are being used in entry-level phones and are expected to be used in smartphones as well.
  • Thus, many end-user applications served by GaAs components are now being targeted by these alternative technologies, which could reduce the demand for GaAs components during the forecast period.

Driver, trend, and challenges are the factors of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this gallium arsenide components market report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the gallium arsenide components market between 2023 and 2027
  • Precise estimation of the size of the gallium arsenide components market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the gallium arsenide components market industry across APAC, North America, Europe, South America, and Middle East and Africa
  • A thorough analysis of the market's competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of gallium arsenide components market vendors

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  • The GaN RF devices market size is expected to increase by USD 1.19 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 17.3%. The increasing use in broadcasting applications is notably driving the GaN RF devices market growth, although factors such as the high cost of raw materials and the production process may impede the market growth.

Gallium Arsenide Components Market Scope

Report Coverage

Details

Page number

162

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 6.19%

Market growth 2023-2027

USD 3266.55 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.62

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 79%

Key countries

US, South Korea, China, India, and Taiwan

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Analog Devices Inc., AXT Inc., Broadcom Inc., CMK Ltd., DOWA Electronics Materials Co Ltd, Edmund Optics Inc., Freiberger Compound Materials GmbH, Furukawa Denshi Co. Ltd., Hanergy Thin Film Power EME BV, II-VI Inc., Logitech Ltd., MACOM Technology Solutions Holdings Inc., Murata Manufacturing Co. Ltd., NXP Semiconductors NV, Qorvo Inc., Reade International Corp., Skyworks Solutions Inc., Sumitomo Electric Industries Ltd., Umicore NV, and Western Minmetals SC Corp.

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents:

1 Executive Summary

  • 1.1 Market overview 
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem 
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition 
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis 
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
  • 3.4 Market outlook: Forecast for 2022-2027 
    • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
    • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
    • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
    • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

  • 4.1 Global gallium arsenide components market 2017 - 2021
    • Exhibit 18: Historic Market Size – Data Table on Global gallium arsenide components market 2017 - 2021 ($ million)
  • 4.2 Type Segment Analysis 2017 - 2021 
    • Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)
  • 4.3 Application Segment Analysis 2017 - 2021
    • Exhibit 20: Historic Market Size – Application Segment 2017 - 2021 ($ million)
  • 4.4 Geography Segment Analysis 2017 - 2021 
    • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
  • 4.5 Country Segment Analysis 2017 - 2021 
    • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

  • 5.1 Five forces summary 
    • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
  • 5.2 Bargaining power of buyers 
    • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
  • 5.3 Bargaining power of suppliers 
    • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
  • 5.4 Threat of new entrants 
    • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
  • 5.5 Threat of substitutes 
    • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
  • 5.6 Threat of rivalry 
    • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
  • 5.7 Market condition 
    • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

  • 6.1 Market segments 
    • Exhibit 30: Chart on Type - Market share 2022-2027 (%)
    • Exhibit 31: Data Table on Type - Market share 2022-2027 (%)
  • 6.2 Comparison by Type 
    • Exhibit 32: Chart on Comparison by Type
    • Exhibit 33: Data Table on Comparison by Type
  • 6.3 LEC grown GaAs - Market size and forecast 2022-2027
    • Exhibit 34: Chart on LEC grown GaAs - Market size and forecast 2022-2027 ($ million)
    • Exhibit 35: Data Table on LEC grown GaAs - Market size and forecast 2022-2027 ($ million)
    • Exhibit 36: Chart on LEC grown GaAs - Year-over-year growth 2022-2027 (%)
    • Exhibit 37: Data Table on LEC grown GaAs - Year-over-year growth 2022-2027 (%)
  • 6.4 VGF grown GaAs - Market size and forecast 2022-2027
    • Exhibit 38: Chart on VGF grown GaAs - Market size and forecast 2022-2027 ($ million)
    • Exhibit 39: Data Table on VGF grown GaAs - Market size and forecast 2022-2027 ($ million)
    • Exhibit 40: Chart on VGF grown GaAs - Year-over-year growth 2022-2027 (%)
    • Exhibit 41: Data Table on VGF grown GaAs - Year-over-year growth 2022-2027 (%)
  • 6.5 Market opportunity by Type 
    • Exhibit 42: Market opportunity by Type ($ million)

7 Market Segmentation by Application

  • 7.1 Market segments 
    • Exhibit 43: Chart on Application - Market share 2022-2027 (%)
    • Exhibit 44: Data Table on Application - Market share 2022-2027 (%)
  • 7.2 Comparison by Application 
    • Exhibit 45: Chart on Comparison by Application
    • Exhibit 46: Data Table on Comparison by Application
  • 7.3 Mobile devices - Market size and forecast 2022-2027
    • Exhibit 47: Chart on Mobile devices - Market size and forecast 2022-2027 ($ million)
    • Exhibit 48: Data Table on Mobile devices - Market size and forecast 2022-2027 ($ million)
    • Exhibit 49: Chart on Mobile devices - Year-over-year growth 2022-2027 (%)
    • Exhibit 50: Data Table on Mobile devices - Year-over-year growth 2022-2027 (%)
  • 7.4 Wireless communication - Market size and forecast 2022-2027 
    • Exhibit 51: Chart on Wireless communication - Market size and forecast 2022-2027 ($ million)
    • Exhibit 52: Data Table on Wireless communication - Market size and forecast 2022-2027 ($ million)
    • Exhibit 53: Chart on Wireless communication - Year-over-year growth 2022-2027 (%)
    • Exhibit 54: Data Table on Wireless communication - Year-over-year growth 2022-2027 (%)
  • 7.5 Others - Market size and forecast 2022-2027
    • Exhibit 55: Chart on Others - Market size and forecast 2022-2027 ($ million)
    • Exhibit 56: Data Table on Others - Market size and forecast 2022-2027 ($ million)
    • Exhibit 57: Chart on Others - Year-over-year growth 2022-2027 (%)
    • Exhibit 58: Data Table on Others - Year-over-year growth 2022-2027 (%)
  • 7.6 Market opportunity by Application 
    • Exhibit 59: Market opportunity by Application ($ million)

8 Customer Landscape

  • 8.1 Customer landscape overview 
    • Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

  • 9.1 Geographic segmentation 
    • Exhibit 61: Chart on Market share by geography 2022-2027 (%)
    • Exhibit 62: Data Table on Market share by geography 2022-2027 (%)
  • 9.2 Geographic comparison 
    • Exhibit 63: Chart on Geographic comparison
    • Exhibit 64: Data Table on Geographic comparison
  • 9.3 APAC - Market size and forecast 2022-2027
    • Exhibit 65: Chart on APAC - Market size and forecast 2022-2027 ($ million)
    • Exhibit 66: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
    • Exhibit 67: Chart on APAC - Year-over-year growth 2022-2027 (%)
    • Exhibit 68: Data Table on APAC - Year-over-year growth 2022-2027 (%)
  • 9.4 North America - Market size and forecast 2022-2027
    • Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ million)
    • Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ million)
    • Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
    • Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)
  • 9.5 Europe - Market size and forecast 2022-2027
    • Exhibit 73: Chart on Europe - Market size and forecast 2022-2027 ($ million)
    • Exhibit 74: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
    • Exhibit 75: Chart on Europe - Year-over-year growth 2022-2027 (%)
    • Exhibit 76: Data Table on Europe - Year-over-year growth 2022-2027 (%)
  • 9.6 South America - Market size and forecast 2022-2027
    • Exhibit 77: Chart on South America - Market size and forecast 2022-2027 ($ million)
    • Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 ($ million)
    • Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
    • Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)
  • 9.7 Middle East and Africa - Market size and forecast 2022-2027 
    • Exhibit 81: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
    • Exhibit 82: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
    • Exhibit 83: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • Exhibit 84: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
  • 9.8 South Korea - Market size and forecast 2022-2027
    • Exhibit 85: Chart on South Korea - Market size and forecast 2022-2027 ($ million)
    • Exhibit 86: Data Table on South Korea - Market size and forecast 2022-2027 ($ million)
    • Exhibit 87: Chart on South Korea - Year-over-year growth 2022-2027 (%)
    • Exhibit 88: Data Table on South Korea - Year-over-year growth 2022-2027 (%)
  • 9.9 China - Market size and forecast 2022-2027
    • Exhibit 89: Chart on China - Market size and forecast 2022-2027 ($ million)
    • Exhibit 90: Data Table on China - Market size and forecast 2022-2027 ($ million)
    • Exhibit 91: Chart on China - Year-over-year growth 2022-2027 (%)
    • Exhibit 92: Data Table on China - Year-over-year growth 2022-2027 (%)
  • 9.10 US - Market size and forecast 2022-2027
    • Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ million)
    • Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ million)
    • Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
    • Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)
  • 9.11 India - Market size and forecast 2022-2027
    • Exhibit 97: Chart on India - Market size and forecast 2022-2027 ($ million)
    • Exhibit 98: Data Table on India - Market size and forecast 2022-2027 ($ million)
    • Exhibit 99: Chart on India - Year-over-year growth 2022-2027 (%)
    • Exhibit 100: Data Table on India - Year-over-year growth 2022-2027 (%)
  • 9.12 Taiwan - Market size and forecast 2022-2027
    • Exhibit 101: Chart on Taiwan - Market size and forecast 2022-2027 ($ million)
    • Exhibit 102: Data Table on Taiwan - Market size and forecast 2022-2027 ($ million)
    • Exhibit 103: Chart on Taiwan - Year-over-year growth 2022-2027 (%)
    • Exhibit 104: Data Table on Taiwan - Year-over-year growth 2022-2027 (%)
  • 9.13 Market opportunity by geography 
    • Exhibit 105: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

  • 10.1 Market drivers
  • 10.2 Market challenges
  • 10.3 Impact of drivers and challenges 
    • Exhibit 106: Impact of drivers and challenges in 2022 and 2027
  • 10.4 Market trends

11 Vendor Landscape

  • 11.1 Overview
  • 11.2 Vendor landscape 
    • Exhibit 107: Overview on Criticality of inputs and Factors of differentiation
  • 11.3 Landscape disruption 
    • Exhibit 108: Overview on factors of disruption
  • 11.4 Industry risks 
    • Exhibit 109: Impact of key risks on business

12 Vendor Analysis

  • 12.1 Vendors covered 
    • Exhibit 110: Vendors covered
  • 12.2 Market positioning of vendors 
    • Exhibit 111: Matrix on vendor position and classification
  • 12.3 Analog Devices Inc. 
    • Exhibit 112: Analog Devices Inc. - Overview
    • Exhibit 113: Analog Devices Inc. - Business segments
    • Exhibit 114: Analog Devices Inc. - Key offerings
    • Exhibit 115: Analog Devices Inc. - Segment focus
  • 12.4 AXT Inc. 
    • Exhibit 116: AXT Inc. - Overview
    • Exhibit 117: AXT Inc. - Product / Service
    • Exhibit 118: AXT Inc. - Key offerings
  • 12.5 Broadcom Inc. 
    • Exhibit 119: Broadcom Inc. - Overview
    • Exhibit 120: Broadcom Inc. - Business segments
    • Exhibit 121: Broadcom Inc. - Key news
    • Exhibit 122: Broadcom Inc. - Key offerings
    • Exhibit 123: Broadcom Inc. - Segment focus
  • 12.6 DOWA Electronics Materials Co Ltd 
    • Exhibit 124: DOWA Electronics Materials Co Ltd - Overview
    • Exhibit 125: DOWA Electronics Materials Co Ltd - Product / Service
    • Exhibit 126: DOWA Electronics Materials Co Ltd - Key offerings
  • 12.7 Freiberger Compound Materials GmbH 
    • Exhibit 127: Freiberger Compound Materials GmbH - Overview
    • Exhibit 128: Freiberger Compound Materials GmbH - Product / Service
    • Exhibit 129: Freiberger Compound Materials GmbH - Key offerings
  • 12.8 Hanergy Thin Film Power EME BV
    • Exhibit 130: Hanergy Thin Film Power EME BV - Overview
    • Exhibit 131: Hanergy Thin Film Power EME BV - Product / Service
    • Exhibit 132: Hanergy Thin Film Power EME BV - Key offerings
  • 12.9 II-VI Inc. 
    • Exhibit 133: II-VI Inc. - Overview
    • Exhibit 134: II-VI Inc. - Business segments
    • Exhibit 135: II-VI Inc. - Key news
    • Exhibit 136: II-VI Inc. - Key offerings
    • Exhibit 137: II-VI Inc. - Segment focus
  • 12.10 Logitech Ltd. 
    • Exhibit 138: Logitech Ltd. - Overview
    • Exhibit 139: Logitech Ltd. - Product / Service
    • Exhibit 140: Logitech Ltd. - Key offerings
  • 12.11 MACOM Technology Solutions Holdings Inc.
    • Exhibit 141: MACOM Technology Solutions Holdings Inc. - Overview
    • Exhibit 142: MACOM Technology Solutions Holdings Inc. - Product / Service
    • Exhibit 143: MACOM Technology Solutions Holdings Inc. - Key offerings
  • 12.12 Murata Manufacturing Co. Ltd. 
    • Exhibit 144: Murata Manufacturing Co. Ltd. - Overview
    • Exhibit 145: Murata Manufacturing Co. Ltd. - Business segments
    • Exhibit 146: Murata Manufacturing Co. Ltd. - Key news
    • Exhibit 147: Murata Manufacturing Co. Ltd. - Key offerings
    • Exhibit 148: Murata Manufacturing Co. Ltd. - Segment focus
  • 12.13 NXP Semiconductors NV 
    • Exhibit 149: NXP Semiconductors NV - Overview
    • Exhibit 150: NXP Semiconductors NV - Product / Service
    • Exhibit 151: NXP Semiconductors NV - Key news
    • Exhibit 152: NXP Semiconductors NV - Key offerings
  • 12.14 Qorvo Inc. 
    • Exhibit 153: Qorvo Inc. - Overview
    • Exhibit 154: Qorvo Inc. - Business segments
    • Exhibit 155: Qorvo Inc. - Key offerings
    • Exhibit 156: Qorvo Inc. - Segment focus
  • 12.15 Skyworks Solutions Inc. 
    • Exhibit 157: Skyworks Solutions Inc. - Overview
    • Exhibit 158: Skyworks Solutions Inc. - Product / Service
    • Exhibit 159: Skyworks Solutions Inc. - Key offerings
  • 12.16 Sumitomo Electric Industries Ltd. 
    • Exhibit 160: Sumitomo Electric Industries Ltd. - Overview
    • Exhibit 161: Sumitomo Electric Industries Ltd. - Business segments
    • Exhibit 162: Sumitomo Electric Industries Ltd. - Key news
    • Exhibit 163: Sumitomo Electric Industries Ltd. - Key offerings
    • Exhibit 164: Sumitomo Electric Industries Ltd. - Segment focus
  • 12.17 Umicore NV 
    • Exhibit 165: Umicore NV - Overview
    • Exhibit 166: Umicore NV - Business segments
    • Exhibit 167: Umicore NV - Key news
    • Exhibit 168: Umicore NV - Key offerings
    • Exhibit 169: Umicore NV - Segment focus

13 Appendix

  • 13.1 Scope of the report
  • 13.2 Inclusions and exclusions checklist 
    • Exhibit 170: Inclusions checklist
    • Exhibit 171: Exclusions checklist
  • 13.3 Currency conversion rates for US$ 
    • Exhibit 172: Currency conversion rates for US$
  • 13.4 Research methodology 
    • Exhibit 173: Research methodology
    • Exhibit 174: Validation techniques employed for market sizing
    • Exhibit 175: Information sources
  • 13.5 List of abbreviations 
    • Exhibit 176: List of abbreviations
About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Nike Making a Surprising Return to Macy’s

After a brief break, Nike and Macy’s rekindle their partnership.

Published

22 mins ago

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June 4, 2023

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Retail is a tough industry and it’s really fickle right now post covid pandemic. Macy’s  (M) - Get Free Report retail footprint has been similar to the likes of recently failed retailers like Sears, Kmart, Bed Bath and Beyond, but also similar to Target  (TGT) - Get Free Report, who is considered a leader in the retail industry. How is it that similar business models fail, and others seem to succeed at the same time?

The struggles Macy’s is facing is multifaceted as it lost its wholesale partnership with Nike  (NKE) - Get Free Report to sell the brand’s apparel in 2021. Nike was focused on selling directly to customers rather than having retailers reach their customer base, according to Retail Dive. Macy’s like all retailers was already struggling after 2020 and the pandemic, and losing a major brand like Nike would prove to be a hard hit. Customers were definitely disappointed that they could no longer buy the Nike brand apparel at Macy’s stores, according to Jeff Gennette, Macy’s CEO.

Macy’s is facing changes in leadership as well; its long-term CEO is retiring after four decades with the company and Macy’s has already selected his replacement. Bloomingdale’s CEO Tony Spring will replace Gennette to lead the department store. Spring also has a long retail tenure, he has been with Bloomingdale’s for 35+ years, according to CNN Business.

Image source: Shutterstock

Macy’s Brings Back Nike

Nike and Macy’s are bringing the Nike apparel back to the department store as well as online. Both Nike and Macy’s have been faced with retail challenges, and working togethe,r both companies may benefit during this tumultuous time for retailers.

“It is imperative that we have the right assortment, including the appropriate mix of private and national brands that our customers care about, with compelling value and price points that appeal to our diverse, fashion-conscious base,” said Macy’s CEO and Chairman Jeff Gennette in the most recent earnings call. “Value does not mean the lowest price. It means offering the right brands, fashion content, and elevated omnichannel shopping experiences.”

“This morning, we are excited to share that we are bringing Nike back to the Macy's nameplate this fall. This mutually beneficial relationship reflects our strategy to provide customers with an enhanced and elevated offering. Starting in October, an expanded Nike selection including apparel, plus size women's, big and tall men's, kids' bags, and gear will be available online and in key locations nationwide. Footwear will continue to be sold in our Finish Line licensed locations,” Gennette said.

Retail chains and department stores alike are struggling to work through staffing their stores during this unprecedented labor shortage. Other retail chains like Dollar General  (DG) - Get Free Report have noted that they have inventory, but not the staff to be able to move it to the retail floor. Staffing continues to be an ongoing challenge across industries. Building and maintaining positive business partnerships and relationships may be the right choice to help weather the storm for the long-term success of both Nike and Macy’s.

Making the Most of Competitions Downfalls

Macy’s and Nike have the opportunity to make the most of rivals’ challenges right now. Nike has the chance to step ahead while Adidas  (ADDDF)  was stuck figuring out what to do with its unsold inventory of shoes from its terminated partnership with Kayne West, aka “Ye.” Adidas decided to sell the rest of the Yeezy inventory exclusively through its website and donate the proceeds to the charities that were hurt by the antisemitic statements he made on social media.

Macy’s sells similar products that Bed Bath and Beyond sold, which filed for bankruptcy and will close all of its stores. Bed Bath and Beyond closures include its Buy Buy Baby stores. As the home goods store winds down its operations and sells off the remaining inventory, shoppers will have one less storefront to visit when it comes to buying products for the home.

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This Hack Makes Flying Spirit Better Than JetBlue Or Southwest

It’s possible to make the no-frills, low-cost carrier as nice as flying much more expensive airlines (for less money).

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June 4, 2023

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It may seem impossible that the low-cost, no-frills air carrier could be an improvement over Southwest Airlines or its would-be merger partner JetBlue, but it’s possible.

Before the covid pandemic, I flew Southwest Airlines fairly religiously in order to maintain my A-List status. You need 25 one-way flights each year (or 35,000 miles) to keep that status and I flew just enough to keep eking out my renewal each year.

A-List has some meaningful perks for Southwest Airlines  (LUV) - Get Free Report passengers. You get same-day standby for free, which was very convenient when I was flying for work and a meeting got canceled allowing me to leave earlier. In addition, A-List members can change their flights with no fees or penalties, and most importantly, they get priority boarding status.

Southwest boards based on its A, B, and C boarding groups with 60 slots in each group. A-List members got checked in early and were guaranteed that if they don’t get an “A” spot, they could check in between the A and B groups. They can also do that if they fly standby and missed the check-in window altogether.

Every year, I tried really hard to keep those perks, but in 2022, it simply was not possible. I didn’t travel anywhere close to the amount I did before covid and had to let my A-List status expire as the year ended.

I was not super happy about it, but as my travel ramped up, I was being forced to fly like a regular person with no status. That changed, however, when Spirit Airlines ran a quick promotion where people with top-tier status at a number of major airlines and hotels could buy Spirit’s top-tier Gold loyalty status for $100.

It’s the best $100 I have ever spent because it elevates the experience on the no-frills airline.

Spirit is a low-cost carrier.

Image source: Shutterstock

Why Spirit Airlines Gold Status Is So Valuable

A low-cost carrier, Spirit charges for everything. Your basic fare gives you the right to get on the plane with a personal item (think a purse or a small backpack). Fares are very low because you pay for everything from checked bags to a full-size carry-on to getting an actual seat assignment. Spirit passengers even pay for water and soda, and they can opt to pay for snacks and perks like being able to get through airport security faster.

As a Gold member, I pay the basic fare price and then get bags and a premium seat assignment for free. On the three Spirit flights I have booked, I was able to get an exit row seat, with much more legroom for no extra charge. I also got access to a priority security line at the airport and got to board in the first group.

In addition, I also got one flight change (for each leg of my trip) free (which I did not need to use on this trip).

What It’s Like Flying As a Spirit Gold Member

Spirit tends to fly out of the least convenient terminal at every airport (at least that has been my experience). That was true of my Fort Lauderdale flight where the airline flies from Terminal 4, which has a small parking lot that never seems to have any spaces. That forces you to park in a garage that’s farther away, but it’s well marked and walkable or there’s a tram if you are willing to wait.

My flight was a 9:30 p.m. non-stop to Las Vegas on a Saturday night. There were very few people in the security line and while I had access to a priority Spirit line, I’m also a Clear member and opted to go with that experience instead.

Once I cleared security, I made my way to my gate passing a few shops and some restaurants. I stopped to buy some snacks, as my first boss drilled the idea of never getting onto a plane without an emergency snack into my head before my first business trip 30 years ago (I was 19).

The gate had plenty of seats and we were scheduled to board at 8:45. When boarding was called, at roughly 8:47, the woman at the desk called for people needing extra assistance, families flying with kids under two, and active military members. There were none of those, so she then called for Group 1 and since I was standing near the gate, I was literally the first person on the plane.

In my multiple years of being Southwest A-List, I had never had fewer than 20 people board before me. I found my seat and while the actual seat was hard and not all that comfortable (Spirit skimps on the padding to save on fuel) the exit row legroom was impressive. In fact, the distance between my seat and the seat in front of me was so great that I actually had to lean forward to type on my laptop given the very narrow fold-down tray.

My flight was not without problems. It did not have WiFi, which the airline did not announce until we were in the air (so I could not text my wife to let her know I would be out of touch for five hours). Aside from that, however, my Gold status also got me a free soda, water, coffee, or juice, as well as a choice of snacks.

So, for my very lucky $100 purchase of Gold status, I had a roomier seat than I have ever had on Southwest. I was also paying a price that was less than half what I would have paid on Southwest or JetBlue, neither of which offered a comparable direct flight.

Spirit may be no-frills for infrequent flyers, but for its elite passengers, the airline offers value and meaningful perks. It also offers 10X points for Gold members, so even with the cheap fares I’m paying, the first two Spirit flights I have booked will earn enough points to allow me to keep my status for another year.

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Warren Buffett’s Advice on Stocks vs. Bonds

In October 2010, Warren Buffett thought that stocks were far more attractive than bonds, a prediction that proved to be accurate.

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June 3, 2023

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“It’s quite clear that stocks are cheaper than bonds. I can’t imagine anybody having bonds in their portfolio when they can own equities, a diversified group of equities. But people do because they, the lack of confidence. But that’s what makes for the attractive prices. If they had their confidence back, they wouldn’t be selling at these prices. And believe me, it will come back over time.”

— Warren Buffett, October 5, 2010

From our perspective in mid-2023, Warren Buffett’s advice in late 2010 seems obvious, but it was not self-evident at the time. The United States had recently emerged from a financial crisis and it took years for investors to regain confidence. In retrospect, most of the fluctuations that seemed meaningful to us on a day-to-day basis have receded into mere noise when we zoom out and look at markets over a period of many years. 

With the benefit of hindsight, Mr. Buffett’s observations nearly thirteen years ago were exactly on target. From October 2010 to May 2023, the S&P 500 posted an annualized return of 10.7%. Those who reinvested dividends would have achieved a 12.7% annualized return over that timeframe. Berkshire Hathaway Class A shares have compounded at an annualized rate of 11.8% since October 4, 2010. 

Stocks have done very well indeed, just as Mr. Buffett predicted. How does this compare to the experience of bond investors over the same timeframe?

When I listen to Mr. Buffett comment on bonds, I usually think of treasury securities because Berkshire Hathaway tends to concentrate its fixed maturity investments in treasuries rather than accept credit risk. The occasional drama over the debt ceiling notwithstanding, treasury securities are considered very safe when it comes to credit risk. This lack of credit risk usually comes at the cost of relatively low returns. 

On October 5, 2010, the following yields were available on treasury securities:

Source: United States Treasury

Although no one knew it at the time, treasuries were at the beginning of a very long period of extremely low returns. In 2010, the Federal Reserve did not yet have an explicit inflation target, but Chairman Ben Bernanke would soon announce a 2% target. Investing at the short end of the yield curve was a near guarantee of loss of purchasing power of time. A yield in excess of inflation expectations at the time could be obtained in treasuries, but only by purchasing a maturity of ten years or more which involves taking considerable duration risk.

In 2010, fixed income investors might have waited on the sidelines in short term treasury bills expecting that long term treasuries would eventually provide more attractive yields as the economy recovered. While the ten year treasury did offer better yields occasionally, the story of the past thirteen years has been one of consistently low long term yields, as we can see from the chart of the ten year treasury note:

Source: St. Louis Fed

According to the inflation calculator provided by the Bureau of Labor Statistics, the consumer price index compounded at approximately 2.7% from October 2010 to April 2023. Investors in the S&P 500 or Berkshire Hathaway have compounded their wealth far in excess of inflation while an investor in longer term treasury securities would have been lucky to achieve any real return after inflation and taxes.

What if a skittish investor worried about the risk of investing in stocks but found the yields offered on ordinary treasuries unappealing because of the risk of inflation? 

Since 1997, the United States Treasury has offered Treasury Inflation Protected Securities (TIPS) which are meant to provide investors with a real return adjusted for inflation. Just as we have a yield curve for regular treasury securities, we also have a yield curve for TIPS. This is what TIPS yields looked like on October 5, 2010:

Source: United States Treasury

Unlike regular treasury securities, TIPS are only offered as longer term securities at auction, although one can purchase TIPS on the secondary market for shorter maturities. For purposes of this discussion, I have displayed TIPS yields for five to thirty year maturities in the chart above. Note that the yields are expressed in real terms. In addition to the real yield, investors receive an adjustment for inflation.

At the time, the yield curve was upward sloping for TIPS, with the five year offering a real yield of negative 0.19% and the thirty year security offering a real yield of 1.54%. 

It is interesting to note the difference between the yield on the regular ten year treasury of 2.5% and the yield on the ten year TIPS of 0.65% which implies that the market expected the inflation rate to be approximately 1.85% over the ten year period. This means that the choice of investing in the regular ten year treasury or the ten year TIPS would depend on the investor’s expectation of inflation. The investor who expected inflation higher than 1.85% would opt for the TIPS over the regular treasury.

Just as the interest rate for regular treasury securities fluctuates over time, TIPS real yields also fluctuate. The following chart shows how the real yield on the ten year TIPS has varied over the past thirteen years:

Source: St. Louis Fed

We should note that the real yield on longer term TIPS can become negative, as we can see from the exhibit above. This happened early in the thirteen year period and, in a more extreme way, during the period following the pandemic. As of mid-2023, real yields on TIPS are back in positive territory again.

The other option for risk averse small investors in October 2010 would have been to buy I Series U.S. Savings Bonds, also known as I Bonds. However, at the time, the I Bond offered a real yield of 0%, lower than the yields available on TIPS.

The bottom line is that unless an investor in October 2010 was willing to take credit risk in bonds and had a high degree of skill, it is almost certain that stocks provided far higher returns. A long-term investor who took Warren Buffett’s advice to heart would have achieved returns well in excess of inflation. In the bond world, an investor would have struggled to keep his head above water in real purchasing power terms.

This raises the question of whether it ever makes sense to invest in bonds over long periods of time, especially during periods of inflation. The answer depends on the yields offered on bonds, the likely level of inflation in the future, and the current valuation of a broad-based index of U.S. stocks. 

I recently wrote an article about the role of TIPS in a fixed income portfolio, but this was in the context of a five year cash flow ladder rather than a long term investment. However, the fact is that the majority of investors will want to allocate a portion of their assets to bonds, especially those who are approaching their retirement years. A bond allocation usually provides a baseline level of perceived stability which permits many investors to view stock price fluctuations with greater equanimity, avoiding panic during the inevitable periods when stocks are declining. 

For U.S. based investors who are unwilling to take credit risk, it makes sense to focus on securities backed by the United States government. Both marketable treasury securities and savings bonds have no credit risk, although all marketable securities, including regular treasuries and TIPS, have duration risk if sold prior to maturity. 

Anyone investing in bonds needs to be aware of the risk of inflation, the topic of an article published yesterday. TIPS and I Bonds are both viable options that can provide limited inflation protection. In my next article, I will provide a detailed comparison of how TIPS and I Bonds work along with my opinion on how they might be used for various investment goals based on the interest rates that currently prevail.

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Nothing in this article constitutes investment advice and all content is subject to the copyright and disclaimer policy of The Rational Walk LLC. The Rational Walk is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.

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