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Overview
Textile Vending Market size was valued $975 million in 2019, estimated to grow at a CAGR of 9.5% during 2020-2025. The growing need for automated retail in countries such as the US, Japan and so on has significantly enhanced the market growth. Moreover, the need for surgical scrubs, sanitary textile, construction wear and so on has highly propelled the textile vending market industry. Moreover, the rising causes due to pandemic in the recent times has highly upsurge the need for masks, gloves and so on which has further resulted in the growth of safe textile vending machine market during the forecast period.
Report Coverage
The report: “Textile Vending Market Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Textile Vending Market.
Key Takeaways
- In 2019, the Textile Vending market was dominated by North America, with changing lifestyles of the customers and the rising need for automated retail in the US.
- The adoption of technology such as augmented and virtual reality in the automated retail has also enhanced the textile vending machine in various public places such as malls and airports. These significant shift towards technology has highly propelled the growth of the market.
- The evolution in the fashion industry is leading to the need for AR/VR dressing rooms which is raising the demand for unmanned mini stores. Thus, this key factor is significantly deploying the demand for automated vending machines in various countries such as China and the US, which in turn is favoring the market’s growth. The rising risk of fraud cases and faulty programming leading to hacking of the vending machines are the major factors which are challenging the market growth.
Application - Segment Analysis
Automated Retail segment held the largest market share in the Textile Vending market in 2019. The rising demand for automated retail is growing widely as it has adopted technology such as augmented and virtual reality which has made shopping more convenient for the customers. The automated retail is also mainly enhanced due to the changing behavior in the customer’s lifestyle which will significantly fuel the market growth in the future.
The others major segment which will fuel the growth of the textile vending machine market is the pharmaceutical industry. As the rising causes due to pandemic has raised the need for safety Personal protective Equipment (PPE), masks and gloves which can be easily provided with more care by vending machines. Thus, these key drivers will further influence the growth of the textile vending market.
Geography - Segment Analysis
In 2019, North America dominated the Textile Vending market with a share of more than 35.78%, followed by APAC and Europe. The changing lifestyle and increasing demand for automated shops in the US is fueling the growth of this market in North America. Moreover, the rising need for masks and gloves vending machines are playing a key role in the upsurge of the market growth in this region.
Drivers – 3D Cloud-based Navigation System Market
- Low operating cost and easy to manage
Vending machines are easy to manage as they do not require employees for selling products. They are easy to install in any desired location and can be easily monitored from remote locations. Moreover, the use of vending machines also solves the payment problems as it requires instant cash/card for ease of payments. Furthermore, the operating cost is also low as compared to retail stores or showroom which requires employees and other maintenance for selling products. Thus, this underlying advantages of vending machines are further enhancing the growth of the textile vending market.
- Increasing Need for Automated Shops
The rising demand for automated shops in public places such as malls and airports are also the major factor that is driving the growth of the market. Major e-commerce companies such as Amazon started testing automated retail stores in 2016, and also led to the expansion of vending machines which are fully automated and more significant. Moreover, the changing shopping behavior of the customers due to busy schedule and laziness are also enhancing the need for automated vending machines. This key factors are further propelling the growth of textile vending market.
Challenges – Textile Vending Market
- Fraud Cases
Vending machines are the easiest way of buying products with the ease of a dispensing system, but also faces major challenges such as fraud cases by customers. In the recent times, the rising risk of cybersecurity leading to the ethical hacking of dispensing machines to control the dispensing of products is majorly hindering the use of vending machines.. This leads heavy taxation on the sites or the location where they are installed, and also hampers the capital investments by the companies causing loss to the manufacturer. Thus, the rise of fraud cases such as ethical hacking and faulty programming of the system further hampers the growth of the textile vending market.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Textile Vending market. In 2019, the Textile Vending Market top 10 companies such as – Intelligent Dispensing Solutions, Boer Group Recycling Solutions, Alok Industries Ltd., Polytex Technologies Ltd., Healthera Engineering Pvt. Ltd., Bicom Vending Machine, My Lil’ Healthbot, International Vending Machine, Stauffer Glove & Safety and Magid Glove & Safety Manufacturing Company LLC.
Acquisitions/Technology Launches
- In 2017, Uniqlo, a Japanese Fashion Brand installed vending machine that dispenses clothes at Oakland Airport in California. The company installed nine other machines at airports and malls in sites including Los Angeles, Houston and New York. This vending machines stocks men and women shirts and light-weight jackets.