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The coin sorter market share is expected to increase by USD 1.55 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.11%.
This coin sorter market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers coin sorter market segmentation by type (small size coin sorter, medium size coin sorter, and large size coin sorter) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The coin sorter market report also offers information on several market vendors, including Arihant Maxsell Technologies Pvt. Ltd., BCASH ELECTRONICS CO. LTD., Cassida Corp., Crane Co., CTcoin AS, De La Rue Plc, Giesecke Devrient GmbH, Glory Ltd., GRGBanking, Hilton Trading Corp., International Business Machines Corp., Julong Co. Ltd., KLOPP Coin Inc., Nadex Coins, Royal Sovereign International Inc., Safescan BV, Semacon Business Machines Inc., Suzhou Ribao Technology Co. Ltd., SUZOHAPP, TaskFile, and Teachers Choice among others.
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The accurate counting of coins is notably driving the coin sorter market growth, although factors such as increased number of card transactions may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the coin sorter industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Coin Sorter Market Driver
One of the key factors driving the global coin sorter industry growth is the accurate counting of coins. These counting errors can result in losses and can complicate the maintenance of financial records. Coin sorter provides high levels of accuracy, thus, they are used for counting, sorting, and currency authentication. The coin sorters are used in banks, railway stations, airports, and shopping malls, where cash exchange takes place regularly. Coin sorter machines offer increased convenience as they can count large amounts of money at a significantly faster rate than humans and with a high degree of precision. They save time and increase the operational efficiency of businesses. Such factors will be driving the demand for coin sorters during the forecast period.
Key Coin Sorter Market Trend
Rising number of bank branches in developing economies is one of the key coin sorter market trends that is expected to impact the industry positively in the forecast period. Banks in emerging economies are opening branches to tap the unbanked population in countries such as India, which will drive the demand for coin sorters. For instance, the number of commercial bank branches in India grew from 9.28 per 100,000 adults in 2008 to 14.7 per 100,000 adults in 2020. Similarly, the number of commercial bank branches in Armenia grew from 17.3 per 100,000 adults in 2008 to 24.6 per 100,000 adults in 2020. Such factors may fuel the growth of the market in the forecast years.
Key Coin Sorter Market Challenge
One of the key challenges to the global coin sorter industry growth is the increased number of card transactions. The rise in the number of cashless payment transactions by consumers poses a threat to coin sorters. Consumers are using online modes of payment or cards to shop at retail or hospitality business stores for making convenient payments. Thus, banks and merchants are investing in cashless technology and the market. In 2021, approximately more than half of all payment transactions globally were done using cards. Moreover, the growth of the retail e-commerce industry has been fueled by the increase in online payments, which will hinder the growth of the coin sorter machine market during the forecast period.
This coin sorter market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global coin sorter market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the coin sorter market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the coin sorter market encompasses successful business strategies deployed by the key vendors. The coin sorter market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The coin sorter market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the coin sorter market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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39% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for coin sorters in APAC. Market growth in this region will be faster than the growth of the market in North America, Europe, and MEA.
The growing number of banks, retail stores, casinos, and other monetary organizations in countries, such as India, Afghanistan, Bangladesh, Bhutan, and Cambodia will facilitate the coin sorter market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic negatively impacted the growth of the coin sorter market in APAC in 2020. The demand for coin sorters declined, owing to the restrictions and lockdowns imposed by the governments of most countries in the region, which led to the temporary closure of retail chains, casinos, and many commercial businesses. However, these restrictions have been lifted with additional measures taken at workplaces, including social distancing and standard safety procedures, such as wearing masks. This is expected to restore the economy back to normalcy, which will increase the demand for coin sorters and drive the growth of the market during the forecast period.
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The coin sorter market share growth by the small-size coin sorter segment will be significant during the forecast period. The increasing number of coins of different sizes that can be handled with the help of small-size sorters and the large popularity of such sorters in the retail industry have largely contributed to the dominance of the small-size coin segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the coin sorter market size and actionable market insights on post COVID-19 impact on each segment.
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Coin Sorter Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.11% |
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Market growth 2022-2026 |
$ 1.55 billion |
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Market structure |
Concentrated |
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YoY growth (%) |
6.89 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 39% |
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Key consumer countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Arihant Maxsell Technologies Pvt. Ltd., BCASH ELECTRONICS CO. LTD., Cassida Corp., Crane Co., CTcoin AS, De La Rue Plc, Giesecke Devrient GmbH, Glory Ltd., GRGBanking, Hilton Trading Corp., International Business Machines Corp., Julong Co. Ltd., KLOPP Coin Inc., Nadex Coins, Royal Sovereign International Inc., Safescan BV, Semacon Business Machines Inc., Suzhou Ribao Technology Co. Ltd., SUZOHAPP, TaskFile, and Teachers Choice |
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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, Market condition analysis for forecast period |
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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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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