Spain - Cash Registers - Market Analysis, Forecast, Size, Trends and Insights
China and Malaysia Remain Major Supplies on the Spanish Cash Register Market
IndexBox has just published a new report "Spain: Cash Registers - Market Report. Analysis And Forecast To 2025". Here is a summary of the report’s key findings.
The Cash Register Market Experienced a Recovery and Continued to Grow
The Spanish cash register market totaled €45M in 2016, experiencing mixed trend patterns from 2007 to 2016. From 2008 – 2009, the market contracted significantly and then fluctuated over the next four year period. It then started to see a recovery, and surpassing pre-crisis figures, continued to expand. The gradual economic recovery in Spain, reflected by improved employment figures and increased disposable household income buoyed this process; these factors, in turn, led to an increase in retail trade turnover. According to IndexBox estimates, the market value recorded proved to be 4% more in 2016 than the previous year and 8% more than the outset level.
The Cash Register Market Will Continue to Develop against Increased Private Consumption
Cash registers are machines that allow transactions to be managed in retail outlets, goods inventories to be controlled, the flow of funds to be monitored and transactions to be registered in accounting data systems. Therefore, the expansion of retail outlets and the consequent rising retail turnover constitute key factors behind cash register market growth. Overall, the Spanish market has fostered the necessary conditions to promote increased consumer spending; this process is supported by factors such as job market growth, moderate increases in salary, against relatively low inflation, and high consumer confidence against moderate but steady EU economic growth. However, forecasts by the Commission's Directorate-General for Economic and Financial Affairs indicate that the rate of growth in terms of consumer spending is set to slow, against a weaker job market and a modest rate of income and remuneration growth.
Driven by retail trade growth and rising incomes, the cash register market is projected to continue a measured upward consumption trend over the next nine years. Market performance is forecast to increase with an anticipated CAGR of +0.5% for the period from 2016 to 2025, which is expected to bring the market value to €47M by 2025.
Cash Register Production Improved over the Last Year, but It Remains below the Outset Level
Spain’s cash registers output declined to 1,897 units in 2016, an increase of 629 units (or 50%) more than the previous year and 1,023 units (or 35%) down on the highest level of production observed in 2008. Production has been consistently declining since 2008 through to 2013, against a rise in imports; the following three year period saw sharp fluctuations in output, which, as a result, was significantly lower than in previous years.
The Spanish Market Is Completely Reliant on Imports
Spanish domestic cash register production remains insignificant in comparison with the volume of imports, which are shipped mainly from Asian countries (China, Malaysia, Taiwan) and the EU (the Netherlands, Italy, Hungary, Germany). Despite a decline in imports in recent years and a rise in import prices, Spain depends completely on imported cash register products.
China and Malaysia Remain Major Supplies of Cash Registers
In 2016, Spain imported approx. 234K cash register units, equating to €47.2M, with wild fluctuations being observed over the last nine year period. Following a tangible decline in imports in 2009, imports then increased steadily until 2012, when they surged by 27%, reaching 331K units. The following year, however, imports plunged by 12%, once again sharply increasing until 2014, when the growth in import figures amounted to 24% (or 361K units). 2014 recorded the only peak in imports observed over the period under review. In 2015, imports fell by 32%, remaining at a similar low figure in 2016.
China (106K units) and Malaysia (49K units), constituted the main suppliers of cash registers into Spain, with a combined share of 66% of the total imports in 2016. Malaysia emerged as the fastest-growing supplier, with a CAGR of +12.7 from 2007 to 2016. Imports from China also indicated a positive dynamic: imports increased by +5.5% per year over the period under review. In addition, China (+29 percentage points) and Malaysia (+17 percentage points) significantly strengthened their position in terms of the Spanish import structure from 2007 to 2016.
Germany, Israel, Chile and Canada Emerged as the Top Foreign Markets for Cash Registers Exported from Spain
In 2016, Spain’s cash register exports totaled 9.6K units, which was equal to approx. €2.8M. This figure decreased sharply from its peak level of 22.7K units recorded in 2012. Given the smaller volume of domestic production which stands at approx. 2K units, Spanish exports should be largely referred to as re-exports.
In 2016, Portugal (34% of total exports), Germany (14% of total exports), Israel (8%), Chile (5%), Canada (5%), China (4%) and Morocco (3%) constituted the main destinations for cash register exports from Spain. Previously, Portugal constituted the major market for Spanish cash register exports, but against the overall contraction of exports, the share of Portugal (-39 percentage points) in terms of total exports declined sharply. This was largely due to the Portuguese fall in imports and increased supplies from China and Germany to Portugal. Meanwhile, the share exported to Germany (+14 percentage points), Israel (+8 percentage points), Chile (+5 percentage points), Canada (+5 percentage points) and China (+2 percentage points) increased. The shares of the other countries remained relatively stable throughout the analyzed period.
Do you want to know more about the cash register market in Spain? Get the latest trends and insight from our report. It includes a wide range of statistics on
- cash register market share
- cash register prices
- cash register industry
- cash register sales
- cash register import
- cash register export
- cash register market forecast
- cash register price forecast
Source: IndexBox AI Platform
This report provides an in-depth analysis of the cash register market in Spain. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and Its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
Choosing the Best Countries to Boost Your Exports
The Latest Trends and Insights into The Industry
The Largest Import Supplying Countries
The Largest Destinations for Exports
The Largest Producers on The Market and Their Profiles
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