Car Vending Machine Market Gears Up for Rapid Growth in the Age of Automated Retail

The vending machine is an automated machine that provides various items to consumers after a coin, cash, credit card, or specially designed card is inserted into the machine. Similarly, the car vending machine is a multi-storied building filled with different cars.

It is a fully automated, coin-operated vending machine that dispenses the car once it has been purchased. It enhances the car buying process which attracts the customers and provides them unparalleled user experience created through the combination of technology, robotics, and a custom-made glass environment. To purchase a vehicle, the customer first has to purchases the car through online or offline mode, make the payment, and shave to sign all the documents. Then to pick up a purchased vehicle, the customer enters their name and drops a special coin/token into the car vending machine's control panel, which then lights up and initiates the vending process.

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The vending machine then retrieves the car from the building Tower and places it on a track, which then moves the car through the machine until it reaches and enters the designated delivery bay. The bay then opens, and the customer is invited in, to take possession of their new vehicle.

Top Impacting Factors

👉Rise in disposable income of people increases car sales, enhanced car buying experience, and surge in safety & security of the cars are projected to drive the growth of the market.
👉However, mechanical malfunctions in the vending machine, high initial setup cost, and machine maintenance costs hamper the growth of the market.
👉Moreover, the requirement of no workforce, storage capacity for a higher number of vehicles in a small space, and rise in aftermarket car sales can act as opportunities for the growth of the market.

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Market Trends

Enhanced car buying experience

➡️Before buying a car, the customer has to physically visit various stores and has to go through many processes. So, a car vending machine solves all the problems and gives a one-stop solution for everything.
➡️For instance, the first concept car vending machine in the world was founded by Carvana in 2013 in Temple, Arizona U.S. The company provided the customers with an enhanced hassle-free buying experience. Customers can look into their online website choose the car, make the payment, and opt for delivery or store pickup. The company also provides the customer with a 7-day exchange or return policy for the cars.
➡️Similarly, in Singapore Autobahn Motors has built a car vending machine to sell luxury cars.
➡️Moreover, in 2018 in China Alibaba Group and Ford Motors have partnered together and build a car vending machine named Super Test-Drive Center to let the take customers test drive Ford vehicles. All these developments in the car industry to provide customers with an enhanced car buying experience is expected to drive the growth of the car vending machine market.

By Technology

Automatic Machine
Semi-automatic Machine
Smart Machine

By Region

North America (U.S, Canada, Mexico)
Europe (Germany, France, UK, Italy, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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Questions Answered in the Report

1️⃣ Which are the leading market players active in the car vending machine market?
2️⃣ What would be the detailed impact of COVID-19 on the market?
3️⃣ What current trends would influence the market in the next few years?
4️⃣ What are the driving factors, restraints, and opportunities in the car vending machine market?
5️⃣ What are the projections for the future that would help in taking further strategic steps?

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