Market Research Future (MRFR)
has published a cooked research report on the “Vending Machine Market” that contains information from 2023 to 2032. The Market
is estimated to register a CAGR of 7.70% during the forecast period of 2023 to 2032 and projected to grow
at USD 34.9 Billion by 2032
MRFR recognizes the following
companies as the key players in the Market — Azkoyen Group, Cantaloupe Systems,
Westomatic Vending Services Limited, Royal Vendors, Glory Ltd., Sanden Holding
Corp, Seaga Manufacturing Inc.
Global Vending Machine Market
Overview
The vending
machine market is projected to grow from USD 19.2 Billion in 2023 to USD 34.9
Billion by 2032. The market exhibited a compound annual growth rate (CAGR) of
7.70% during the forecast period. In 2022, the market size was valued at USD
17.9 Billion.
vending machine
market
refers to the industry that involves the manufacturing, distribution, and
operation of vending machines. Vending machines are automated devices that
dispense a wide variety of products to consumers after they insert money or
make a digital payment. These machines have become a ubiquitous part of modern
convenience, offering products ranging from snacks and beverages to
electronics, personal care items, and more.
Get the sample
copy of report here
Segment
Analysis
Vending Machine Type Outlook
· Food
· Beverage
· Games/Amusement
· Tobacco
· Candy
& Confectionery
· Beauty
& Personal Care
· Ticket
· Others
Vending Machine Payment Mode Outlook
· Cash
· Cashless
Vending Machine Application Outlook
· Commercial
Places
· Offices
· Public
Places
· Others
Vending Machine Regional Outlook
· North
America
· Europe
· Asia-Pacific
· Rest of
the World
Market
Drivers
Innovations
such as touchscreen interfaces, digital displays, mobile payment options, and
IoT connectivity enhance the user experience. Advanced vending machine
technologies attract tech-savvy consumers and differentiate operators in the
market.
The
COVID-19 pandemic accelerated the adoption of contactless payment methods,
aligning with vending machines' transaction processes. Contactless payments
enhance safety and hygiene, further promoting vending machine usage.
Market
Restraints
Keeping
up with rapidly evolving technological advancements requires ongoing
investments and updates. Adapting to new technologies while ensuring
user-friendly interfaces can be complex.
Keeping up with rapidly evolving technological
advancements requires ongoing investments and updates.
Adapting
to new technologies while ensuring user-friendly interfaces can be complex.
Ensuring the proper maintenance of vending machines can be challenging, as
technical issues may arise that disrupt operations. Technical glitches,
malfunctions, and breakdowns can lead to customer dissatisfaction and revenue
loss.
Key Players
Key Companies in
the Vending Machine market include
· Azkoyen Group
· Cantaloupe
Systems
· Westomatic
Vending Services Limited
· Royal Vendors,
Inc.
· Glory Ltd.
· Sanden Holding
Corp.
· Seaga
Manufacturing Inc.
· Orasesta S.p.A.
· Sellmat s.r.l.
· Fuji Electric
Co., Ltd.
Challenges:
Maintenance and Refilling: Regular maintenance and restocking
are essential to ensure that vending machines function properly and have a
variety of products available.
Product Freshness: Maintaining the quality and freshness of
products, especially in fresh food vending machines, can be a challenge.
Payment Security: Ensuring the security of payment
transactions and customer data is crucial to maintain trust.
Regional Analysis
The North American vending machine market is mature, with a
well-established presence in various locations. The region often adopts
advanced vending machine technologies, including cashless payment systems and
touchscreen interfaces. Vending machines in North America offer a wide range of
products, including snacks, beverages, and fresh foods.
Europe's vending machine market varies by country due to
cultural preferences and regulations. Technologically advanced vending machines
with digital displays and contactless payment systems are prominent.
The Asia-Pacific region experiences significant growth due to
urbanization, rising disposable incomes, and changing lifestyles. Vending
machines are found in a variety of locations, including streets, malls,
offices, and public spaces. Asia-Pacific adopts cutting-edge vending machine
technologies, such as touchscreen interfaces and mobile payment options.
Vending Machine Industry Developments
In March 2023, Crane Holdings, Co. and Crane Company underwent
a division, enabling them to operate independently as distinct, publicly traded
entities. This separation allows each entity to function autonomously,
concentrating specifically on its core competencies. Furthermore, it
facilitates a more precise alignment of investment and capital allocation plans
with the unique strategic growth platforms of each entity.
Related Reports:
Recycling
Equipment Market Research Report
Global
Agriculture Equipment Market Research
Vacuum
Pumps Market Research Report
Comments