Growing demand for on-the-go food and technological innovations are expected to drive the growth of global vending machine market during the forecast period
According to TechSci Research report, “Global Vending Machine Market Product, By Application, By Region, Competition, Forecast & Opportunities, 2024”, global vending machine market is expected to witness a significant CAGR during the forecast period on the account of rising adoption of vending machines to improve customer shopping experience. Moreover, rapid technological innovations like face and voice recognition, interactive display system, and big data integration, are making the product usage easier and more convenient, which is anticipated to positively influence the growth of vending machine market across the globe over the coming years. Additionally, due the increasing impulse purchases, these vending machines encounter lucrative growth at places like airports and train and bus stations which is projected to give a heathy push to the market growth through 2024. However, fixed prices of the products might act as a major challenge for the industry which is expected to restrain the growth of this market during the forecast period.
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The global vending machine market is segmented based on product, application, region and company. Based on region, North America is estimated to dominate the global vending machine market over the forecast period which can be attributed to the factors, such as changing consumer lifestyle coupled with high demand for Ready-to-Eat (RTE) meals. Moreover, retail outlets in the growing economies such as the U.S. and Canada have been witnessing high adoption of these machines across several application areas including supermarkets, retail stores, shopping malls, etc. which is aiding the growth of vending machine market in the region. Also, the Asia-Pacific region is projected to be the fastest growing region in the coming years. Japan is the most lucrative country in the regional market. This growth in APAC region is attributable to the rapid growth in commercial and corporate sectors.
American Vending Machines, Automated Merchandising Systems, Azkoyen Vending Systems, Bianchi Industry SpA, Bulk Vending Systems, Continental Vending, Evoka Group, Crane Merchandising Systems Inc, Fuji Electric Co., Ltd, Sanden Holdings Corporation and others are some of the leading players operating in global vending machine market.
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“In terms of application, the global vending machine market is fragmented into retail sites, public transport hubs, offices/institutions, others. Among them, the office/institutions application is estimated to register the highest growth during the next 5 years owing to rapidly growing corporate sector across the globe. Also, increasing requirement to save space and costs and to maintain cleanliness, the vending machines are widely used in offices, which is projected to bolster the growth of this segment through 2024. Additionally, use of vending machines at commercial places is also expected to witness significant growth in the years to come on the account of rising number of commercial projects worldwide.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Vending Machine Market Product, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global vending machine market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global vending machine market.