Coin Sorter Market Outlook – 2030
The coin sorter market size was valued at $3.81 billion in 2020 and is projected to reach $8.41 billion by 2030, growing at a CAGR of 8.6% from 2021 to 2030.
Coin sorter is used as a sorting unit to facilitate the management of coins for cash intensive businesses. Implementation of coin sorting machine reduces human efforts wasted during the processes of counting and sorting. These products establish automated cash-handling process for coins and enable time & cost saving for the organization by delivering error-free results.
The global coin sorter market is influenced by a number of factors, including growth associated with commercial banks & retail industry, increase in demand for automated cash handling products, surge in demand for technologically advanced self-service machines, increased application areas, and inclination of consumers towards digital transaction solutions. However, increase in use of virtual money is expected to impact demand for coin sorters. Furthermore, several governments are committed to promote the introduction of a cashless society. Growth is further hampered by the proliferation of smartphone applications for digital transactions. On the contrary, developing economies of Asia-Pacific and LAMEA possess high potential for expansion of retail industry, which is expected to drive the coin sorter market growth during the forecast period.
The report focuses on growth prospects, restraints, and trends of the coin sorter market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the coin sorter market.
The coin sorter market is segmented based on type and region. On the basis of type, the market is divided into small size coin sorter, medium size coin sorter, and large size coin sorter. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global coin sorter market include Giesecke & Devrient, Glory Global Solutions Limited, Laurel, De La Rue Plc Baija Baiter, Royal Sovereign, Cummins Allison, Suzhou Ribao Technology Co., Ltd., BCash, and CT Coin. These players have expanded their coin sorter market share by adopting various business strategies, such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.
COVID-19 Impact Analysis
The COVID-19 pandemic has a negative impact on the coin sorter market, owing to increase in usage and adoption of online & digitalized payment methods among consumers globally. Central banks focused more on contactless payments and encouraged customers to adopt it to tackle from COVID-19. Moreover, banks and fintech industries are providing their customers with options of online payments across the globe to speed up their transaction process and enhance digitalized payments in the market. Thus, these factors hinder the growth of coin sorter industry during the crisis.
Top Impacting Factors
Growth Potential for Developing Countries
Growth associated with commercial banks and the retail industry in developing nations is expected to augment the demand for coin starters to implement them for smooth & hassle-free handling of coins. Coin sorter machines have high demand from cash-intensive environments, such as the retail industry. Further, the market growth for mmf coin sorter products and surge in demand for technologically advanced coin separator machines are expected to enhance the market potential in developing economies. Thus, these developing countries with increase in banked population are expected to provide a significant market for the suppliers of all equipment, which forms the entire ecosystem of coin machines.
Small size Coin Sorter machine segment accounted for the highest market share in 2020.
Increased Market for Commercial Banks in Retail Industry
The small size coin sorter segment has high demand from cash-intensive environments, which includes the retail industry. Developing economies of Asia-Pacific and LAMEA possess high potential for expansion of retail industry, which is expected to drive the market growth during the forecast period. According to India Brand Equity Foundation, the retail industry in India is expected to achieve US$ 1.6 trillion market by 2026. Further, the banking sector is also growing at high rate.
Penetration of Digital Transaction Solutions
High focus of consumers towards digital transaction solutions such as mobile wallets, prepaid cards, contactless payment, and others is expected to hamper the growth of the coin sorter industry during the forecast period. In addition, increase in penetration of virtual currency is expected to affect the market demand. Moreover, various governments are determined to support the implementation of cashless society. Proliferation of smartphone applications for digital transactions also hinders the growth of the coin sorter market.
Asia-Pacific would exhibit the highest CAGR of 11.7% during 2021-2030
Key Benefits for Stakeholders
- The study provides in-depth analysis of the coin sorter market share along with current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the coin sorter market size are provided in the report.
- The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the coin sorter market.
- An extensive analysis of the key segments of the industry helps to understand the coin sorter market trends.
- The quantitative analysis of the coin sorter market forecast from 2021 to 2030 is provided to determine the market potential.
Coin Sorter Market Report Highlights
By Key Market Players
Coin sorter forms an integral part of automated cash-handling solutions. This device enables error-free coin management, which allows it to become one of the most popular industry solutions globally. Furthermore, the unprecedented growth in the banking & retail market predominantly drives the growth of the coin sorter market. Moreover, increase in need to implement advanced sorting solution in the cash-intensive ecosystem fuels the market growth. The global coin sorter market is estimated to witness significant growth in Asia-Pacific and LAMEA during the forecast period, owing to rise in demand for technologically advanced products in countries such as India, China, and Japan.
Increase in adoption of coin sorters in the retail industry due to presence of cash-intensive environment fuels the demand for small size coin sorters. The market is influenced by rise in demand for technologically advanced products, increase in demand for automated cash-handling products, surge in demand for technologically advanced self-service machines, and increase of application areas. However, increase in penetration of digital transaction solutions limits the market growth.
India is the most attractive market in Asia-Pacific, and is estimated to increase at a significant rate, owing to surge in development across end-use sectors and increase in adoption of advanced technology to develop innovative products. For instance, according to the India Brand Equity Foundation, the retail industry in India is expected to achieve $1.6 trillion by 2026.
Key players in the coin sorter market are focused towards enhancing their existing product portfolio. This is anticipated to increase the product penetration and enable key providers to establish themselves in the emerging markets. In addition, initiatives by commercial banks are expected to propel the market growth. For instance, in May 2019, Siam Commercial Bank announced to implement machines that facilitate the deposition of coins into their bank accounts.