Allied Market Research published a research report on the vending machine market. The findings of the report states that the global market for vending machine system garnered $18.28 billion in 2019, and is projected to reach $25.25 billion by 2027, witnessing a CAGR of 6.7% from 2021 to 2027. The report provides valuable data on changing market dynamics, key segments, top investment pockets, and competitive scenario for market players, new entrants, investors, and shareholders.
“The vending machine market has witnessed higher rate of penetration in North America and Europe. However, low availability has been observed for this product in some major parts of Asia-Pacific and LAMEA, which is attributable to low-performing macro-economic factors such as low internet penetration and insufficient marketing strategies by manufacturers. Thus, lower penetration of such products limits the vending machine market growth. quote.” said Shankar Bhandalkar, the team lead-research of consumer goods at Allied Market Research.
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The report provides insights on the key determinants of the market to help market players in devising growth strategies and capitalizing on opportunities. The emergence of internet of things (IoT)-based vending machines and technological innovations such as interactive display systems, voice recognition, and big data integration that provide user-friendly experience proliferate the growth of the global vending machine market. However, stringent regulations based on sales of unhealthy, tobacco products, and junk food in public places, institutions, and commercial spaces restrain the market growth. Moreover, technological advancements that focus on modern and on-the-go solutions due to shifts in consumer behavior present an array of opportunities in the near future.
The report provides a detailed scenario of impact of the Covid-19 pandemic on the vending machine system market globally. It helps the market players, new entrants, and investors to determine strategies according to the current scenario and improvise the business structure for the approaching time. The outbreak of the pandemic led to increase the demand for vending machines to decrease person-to-person contact and minimize the possibility of cross contamination. However, the government bodies across the world have implemented regulations in order to curb the spread of coronavirus, due to which the manufacturing activities of vending machines have been suspended. The situations also disrupted the supply chain management, thereby creating a shortage of raw materials.
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The report offers detailed segmentation of the global vending machine system market based ontype, applications, sales channel, technology, and geography. These insights are useful for the new entrants and existing market players to capitalize on the fastest growing and highest revenue generating segment to accomplish growth in the coming years.
Based on type, the beverage segment generated the highest market revenue in 2019, accounting for more than half of the total revenue share. However, the tobacco segment is anticipated to manifest the fastest CAGR during 7.0% during the forecast period.
Based on application, the hotels and restaurants segment garnered the highest revenue share in 2019, holding for more than one-third of the market. The segment, furthermore, is expected to dominate by the end of 2027. On the other hand, corporate office segment is estimated to portray the fasest CAGR of 7.5% by 2027.
By region, North America held the major market share in terms of revenue, contributing for nearly two-fifths of the market.At the same time, the market across Asia-Pacific would exhibit the fastest CAGR of 7.5% by 2027. The market is also studied across other regions including Europe and LAMEA.
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Leading market players of the global vending machine system market analyzed in the report includeRoyal Vendors, Inc., Seaga Manufacturing Inc., Jofemar Corporation, Selecta TMP AG, SANDENVENDO AMERICA, INC., Crane Merchandising Systems, AZKOYEN GROUP, FUJI ELECTRIC CO., LTD., Fastcorp Vending LLC,and Bianchi Industry.
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