Mobile-based cashless payments increasing investment in retail sector
India’s Vending Machine Market is expected to witness substantial growth of 14.9% CAGR during 2020-2026 on account of the growing retail industry and rapid urbanization, says a report by ResearchAndMarkets.
The Indian retail markets have transformed from traditional shops towards new organized retail formats and the emergence of shopping malls, supermarkets, hypermarkets, and convenience stores.
Currently, vending machines are mainly used in India’s retail sector. The majority of the vending machines operating in the country are being installed at airports, educational institutions, railway stations, offices, hospitals, petrol stations, malls, supermarkets, and hypermarkets. Moreover, demand for vending machines was decreased during 2020, on account of COVID-19 pandemic lockdowns and low public footfall in commercial and transportation complexes post lockdowns in the market.
Rising population, growing digitization, mobile-based cashless payment options increasing investment in the retail sector, raising awareness, and increasing consumers’ purchasing power are key growth drivers of India’s vending machine market, said the report released on 24May 2021.
Additionally, the demand for vending machines will be primarily driven by the growth of organized retailing across malls and multiplexes, BPOs, IT, and ITES sectors in India during the forecast period.
However, the vending machine’s growth in India is anticipated to slow down during the first half of 2020-2021 due to the outbreak of the Covid-19 pandemic. The market is expected to recover at the beginning of 2021 in some regions in India. In other regions of India, the market is likely to recover gradually over the next few years.
Additionally, growing investment in public infrastructure and the organized retail sector’s development would further drive the demand for India’s vending machine market over the coming years.
Additionally, the pharmacy outlets are also recording significant growth in revenues due to the spread of the Covid-19 pandemic, which has resulted in increased usage of vending machines across hospitals and other healthcare centers. #retail #investment #manufacturing #consumers /fiinews.com
