Cigarette Vending Machine Market Expected to Exceed $2.2 Billion by End of 2031 | CoreVend, Future Techniks
North America was the dominant region in 2021, occupying more than half of the cigarette vending machine market share
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, Oct. 8, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research titled “Cigarette Vending Machine Market”, the cigarette size of the Vending Machines Market was valued at USD 1.3 Billion in 2021 and is projected to reach USD 2.2 Billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031. Cigarette Vending Machines occupied more half of the global cigarette market share. vending machine market in 2021.
A cigarette vending machine is a machine that accepts money in exchange for cigars and cigarettes. These machines are most commonly found in establishments that offer a designated smoking area for guests, such as hotels and nightclubs. Due to their simple operation and payment method, there is a high demand in the cigarette vending machine market.
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The growing number of people addicted to tobacco is a key factor fueling the expansion of the market. The demand for cigarette vending machines is also fueled by large investments in bars and nightclubs as well as convenience of access. The introduction of cigarette vending machines and their many features that help retailers better understand consumer behavior has fueled the expansion of the market. Due to strict government rules regarding smoking, cigarette vending machines are subject to requirements and restrictions in many countries. Also, cigarette vending machines are usually found in places with a designated smoking area. The market is expected to continue rising owing to the hectic lifestyle and technological developments.
The installation of cigarette vending machines in hotels, restaurants and airports is expected to drive the growth of the global cigarette vending machine market. Cigarette vending machines are attracting customers with their prompt service and wide range of products, propelling the global market. Additionally, cigarette vending machines offer cashless payment options such as smartphone payment systems which are helping the market grow. The high installation cost of cigarette vending machines limits the expansion of the global cigarette vending machine market.
According to the market analysis, the global market is segmented on the basis of operational mode, payment method, application and region. By mode of operation, the market is classified into manual and automatic. Among these, the cigarette vending machine occupied the major share of the market in 2020 and is expected to maintain its dominance during the forecast period of the cigarette vending machine market. Manual cigarette vending machine is expected to grow at the highest CAGR in the future.
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By payment method, the market is segmented into cash and magnetic cards. The magnetic card segment is expected to grow at the highest rate over the forecast period owing to the trend of using digital cash. In addition, magnetic card cigarette vending machines are easy to use and save customers time.
By application, it is categorized into pubs and nightclubs, hotels and restaurants, public places and others. The pub and nightclub segment is expected to dominate the market over the forecast period, owing to the boom in pub and bar culture and the high disposable income of people.
In 2021, North America accounted for more than half of the global market and is expected to maintain its dominance over the forecast period. Additionally, Asia-Pacific and LAMEA are expected to possess the highest CAGRs, owing to the surge in demand for flavored cigarettes in the market.
The increase in demand for cigarettes due to hectic lifestyles, increase in cigarette consumption, increase in technological advancements and increase in demand for cigarette vending machines from the vending industry retail are factors driving the growth of the market.
Porter’s Five Forces Analysis for Cigarette Vending Machines Market highlights the competition in the market in terms of the power of buyers, suppliers, manufacturers and new entrants.
Furthermore, changing living standards of consumers, along with rising per capita income of consumers have resulted in the launch of new products and entry of new players into the market during the forecast period.
The impact of the COVID-19 pandemic on the global market has been negative, due to supply chain disruption. All manufacturing and production units were shut down during the outbreak. Additionally, trade restraints and travel restrictions have hampered the growth of the global cigarette vending machine market.
The major players analyzed for the global cigarette vending machine industry are CoreVend, Future Techniks India Private Limited, GM Global Solutions, HARTING Technology Group, Jofemar, Mega Vending, Peninsula Vending CC, Rvend Pty. Ltd, Slim Line Designs and Vending Design Works Ltd. These major market players have adopted various strategies such as collaboration to expand their reach in the market. The strategies adopted in the market is. The new market players are also entering the market with the latest and advanced versions of cigarette vending machines.
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KEY FINDINGS OF THE STUDY
By mode of operation, cigarette vending machines were the leading market segment in 2021 and are expected to grow at a significant CAGR of 4.4% during the forecast period.
By payment method, the swipe card segment is expected to grow at a CAGR of 5.2%, in value terms, during the forecast period.
By application, the pubs and night clubs segment is expected to grow at a CAGR of 4.5% during the forecast period.
Regionally, North America was the dominant region in 2021, occupying more than half of the cigarette vending machine market share.
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