Posted On: 2021-03-23
Office and institutional end-use of a vending machine acquired India's vending machine market's largest revenue share in recent years – 6Wresearch.
The India Vending Machine market witnessed in past years on the back of growing office spaces and rising urbanization in the country. The Indian government is also focusing on focusing on retail transactions on digital media. Unified payment portal usage grew higher than credit and debit card payments in India in the last quarter of 2020. This factor enabled customers to easily purchase vending machines triggering demand for vending machines in Indian commercial and office spaces. However, the Covid-19 pandemic has adversely impacted the consumer goods industry, with national-level lockdowns disrupting production and supply chains. The onset of the Covid-19 pandemic harmed the vending machines market in India and a result of stringent lockdown and reduced footfalls at malls and retail outlets. It is also expected that vending machines would increase in the post-COVID era as people would like to continue social distancing measures and use more vending machines for less human interaction.
According to 6Wresearch, the India Vending Machine Market size is projected to grow at a CAGR of 14.9% during 2020-2026F. Higher acceptance of digital transactions, especially post-Covid, coupled with the increased purchasing power of Indian consumers is the primary reason for the growth in India's India vending machine industry. Moreover, India's rising urbanization rate and per capita income would play a crucial role in improving the living standards and increasing the disposable income of the Indians, hence boosting the deployment of vending machines in malls, offices, and movie halls, and other commercial spaces across metropolitan areas.
According to Alpana Tyagi, Senior Research Analyst, 6Wresearch, "Based on product type, beverage segment is dominating the market followed by snacks segment. This is due to people's fast and changing lifestyle, resulting in an increasing demand for on-the-go food and beverages.
In the coming years, on the back of social distancing practicing, it is expected that vending machine used in other products such as office supplies and stationary would be in higher demand during the forecast period." Alpana further added.
According to Avantika Jain, Research Associate, 6Wresearch, "Based on end-users, offices, and institutions are dominating the India vending machine market. This is because an increasing number of offices are installing vending machines to save time and provide employee satisfaction. Public transport is the second most dominant end-user in India as many airports and railway stations are installing vending machines to offer convenience to travelers. With the increasing hotels, hospitals, supermarkets, and educational infrastructure, commercial offices & retail sector are projected to grow at a faster pace in the India vending machine market in the near future.", Avantika further added.
"India Vending Machine Market (2020-2026)" report provides an in-depth analysis with 11 figures and 2 tables, covered in 68 pages. The report estimates and forecasts the Indian vending machine market by types, applications, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, and market drivers, which would help the stakeholders devise and align their market strategies according to the current and future market dynamics.