Vending Machine Market Size To Hit USD 28 Billion By 2032
According to Custom Market Insights (CMI), the Global Vending Machine Market size was estimated at USD 17 Billion in 2021 and is expected to hit around USD 28 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 7% from 2022 to 2030.
Our research report offers a 360-degree view of the Vending Machine market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Vending Machine market.
Vending Machine Market: Overview
A standalone automated machine, a vending machine, distributes small-sized goods in exchange for tokens or currency. It dispenses packaged snacks, cupcakes, chocolate bars, pizzas, hot & cold beverages, and candy, among other food items. In addition, they deliver toys, newspapers, cigarettes, and tickets. All day long, the products are placed into the machine and made accessible for purchase. The item that corresponds to the item number or button that the customer chooses is dispensed by the machine. In order to automate the vending process and give the user a flawless experience, it also includes computer control boards, refrigeration units, lighting systems, and bill and coin validators. Vending machines are, therefore, frequently found in public areas, business buildings, restaurants, and hotels.
Browse the full “Vending Machine Market Size, Trends, and Insights By Type (Tobacco Vending Machine, Food Vending Machine, Beverages Vending Machine, Others), By Application (Hotels & Restaurants, Public Places, Corporate Offices, Others), By Technology (Smart Machine, Automatic Machine, Semi-Automatic Machine), By Distribution Channel (Online, Offline), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030 “ report at https://www.custommarketinsights.com/report/vending-machine-market/
Growth Factors
One of the main elements fostering an optimistic view of the global vending machine market is the significant global growth of the retail sector. Additionally, the demand for automated product distribution systems is rising in a variety of settings, including airports, hospitals, school canteens, railway and gas stations, and industrial operations. Other growth-promoting elements include various technological developments, such as the creation of reverse vending machines (RVM). These devices allow users to insert aluminium cans and used or empty plastic bottles in exchange for a reward. New product versions featuring touch-screen panels, gesture-, video-, audio-, and scent-based interactions, as well as cashless payment capabilities, are also being introduced by manufacturers.
In keeping with this, the market is expanding due to the increased use of self-service technology across many industries. It is projected that further factors, such as increased consumer spending power and increasing demand for the Internet of Things and cloud computing-enabled industrial vending machines, will propel the vending machine market toward expansion.
Segmental Overview
The market for Vending machines is segmented into type, application, technology, and distribution channel. Based on technology, during the forecast period, automatic machines are expected to account for a greater proportion. The need for automatic vending machines will rise dramatically as investments in automatic machine locations such as airports, hospitals, hotels, and restaurants increase. The pricing, the range of brands offered, and the simplicity of sales & purchases are the major factors driving the market. Additionally, because of the surge in impulsive purchases, vending machines are thought to be the most lucrative sales channel in airports, train stations, and bus terminals.
Based on application, the hotels & restaurants segment is projected to hold the dominant market share in 2021. Hotels and restaurant establishments help vending machine manufacturers enter new markets and serve a wide range of customers. The increased popularity of luxury dining and tourism is expected to stimulate the rise of the vending machine business. Additionally, customers with more disposable income spend more on upmarket facilities, which drives increased demand for dining establishments and lodging.
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Regional Overview
During the projection period, North America is anticipated to show tremendous growth. North America has a highly competitive market with significant product penetration from vending machines. Due to crucial industry players and slightly quicker acceptance, the need for vending machine goods has grown considerably over time. The United States, a particularly prosperous nation in the region, is to blame for the domination of the vending machine industry in North America. According to the National Automatic Merchandising Association, vending machines supported the U.S. convenience services sector to the tune of almost USD 25 billion. The regional vending machine market is also growing as a result of evolving lifestyles and rising demand for prepared meals.
Competitive Landscape
The top firms make up one-fourth of the market’s revenue share, indicating market fragmentation. Market consolidation is anticipated to be facilitated by the major businesses’ rapid growth into foreign markets.
Prominent Players
- Sandenvendo America Inc.
- Azkoyen Group
- Selecta TMP AG
- Crane Merchandising Systems
- Fuji Electric Co. Ltd
- Royal Vendors Inc.
- Fastcorp Vending LLC
- Seaga Manufacturing Inc
- Jofemar Corporation.
- Bianchi Industry
- Others
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Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains. Custom Market Insights provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.
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