PORTLAND, Ore., June 14, 2022Large number of people who are addicted to smoking and advent of intelligent cigarette vending machines and its many features that benefit the retailers drive the growth of the global cigarette vending machine market.
/PRNewswire/ -- Allied Market Research published a report, titled, 'Cigarette Vending Machine Market by Operational Mode (Manual, Automatic), by Payment Mode (Cash, Swiping Card), by By Application (Pubs and Nightclubs, Hotels and Restaurants, Public Places, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.' According to the report, the global cigarette vending machine industry generated $1.3 billion in 2021, and is anticipated to generate $2.2 billion by 2031, witnessing a CAGR of 4.7% from 2022 to 2031.
Prime determinants of growth
Large number of people who are addicted to smoking, huge investment in pubs and nightclubs, and advent of intelligent cigarette vending machines and its many features that benefit the retailers drive the growth of the global cigarette vending machine market. However, obligations and restrictions due to the stringent government policies regarding smoking tobacco restrict the market growth. On the other hand, increase in demand for yogurt in developing nations and technological advancements present new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a negative impact on the global cigarette vending machine market, owing to temporary closure of all hotels, restaurants, pubs, and nightclubs.
- Also, the production hubs of cigarette were forced to close due to the implementation of lockdown. Supply chain disruptions caused challenges in trading cigarettes. These factors declined the demand for cigarette vending machine during the pandemic.
The cash segment to maintain its leadership status throughout the forecast period
Based on payment mode, the cash segment held the highest market share in 2020, accounting for more than half of the global cigarette vending machine market, and is estimated to maintain its leadership status throughout the forecast period. Ease in operations and maintenance is driving the growth of the cash segment. However, the swiping card segment is projected to manifest the highest CAGR of 5.2% from 2022 to 2031. The swiping card cigarette vending machine also utilizes smart and advanced technologies, which is driving the growth of this segment.
The pubs and nightclubs segment to maintain its lead position during the forecast period
Based on application, the pubs and nightclubs segment accounted for the largest share in 2020, contributing to around one-third of the global cigarette vending machine market, and is projected to maintain its lead position during the forecast period. This is attributed to the fact that they allow customers to purchase cigarettes without leaving the premises. However, the hotels & restaurants segment is expected to portray the largest CAGR of 5.2% from 2022 to 2031, due to the rise in demand for luxury dining and tourism.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global cigarette vending machine market, owing to rising demand for self-service technology at retail stores to automate the sales process and technical developments. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.4% from 2022 to 2031. This can be ascribed to surge in number of smokers as well as increased demand for cigarettes from the tourism industry.
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Leading Market Players: -
- Slim Line Designs
- Willbold GmbH
- Glory
- Vending Design Works Ltd.
- Peninsula Vending CC
- Hunan TCN Vending Machine Co. Ltd
- Bestzone Industry
- Jofemar
- GM Global Solutions
- HARTING Technology Group
- Jofemar
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