Vending Machine Market is valued at 6234.2 million US dollars in the year 2021, which is expected to reach a growth of 7632.4 million US dollars by the end of 2026 with a compound annual growth rate of 2.9% during the forecast period of 2021 to 2026.
The market value of the vending machine is expected to increase more during the forecast period.
In general, a vending machine is used to dispense the items that are stored inside it, such as beverages, packaged foods, and tobacco products.
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Driving Factors:
One of the major driving factors of vending machines is that the machine’s ability to deliver goods quickly, making it an extremely convenient option for consumers
Growing demand for on-the-go snacks, drinks due to a hectic lifestyle is one of the major driving factors of Vending Machine market growth rate.
Another major driving factor of the Vending Machine market was a rise in product innovation from various companies such as face recognition, voice recognition, interactive display system, and big data integration propels the growth of revenue of Vending Machines market.
Growing adoption of the vending machine to enhance the consumer shopping experience, increasing demand for vending machines in offices and institutions, rising consumption of convenience food items, and adoption of smart customer service technologies in several food categories are some of the growth-supporting factors of the market of Vending Machine revenue rate.
Another major growth driving factor of the Vending Machine market is as it was a cost-saving alternative to traditional stores with employees.
Increasing investments by the companies from emerging economies such as India, Brazil, and China for new product innovation boost the growth of the market of Vending Machine.
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Challenges
Strict regulations regarding the sales of unhealthy, junk food and tobacco products in public places are one of the major restraints which hinder the growth of the Vending Machine Market.
Another major restraint that is affecting the growth of the market of Vending Machine was the fixed product prices.
Vending Machine Market Segmentation
The Vending Machine market is segmented on the basis of type, application, and payment mode.
On the basis of type, the Vending Machine market is segmented into food, cigarette, ticket, beverage drink, and other goods. Among these segments, the beverage drinks segment holds the major share of the marker as it was majorly used in most of the offices and institutions.
On the basis of application, the market of Vending Machine is bifurcated into the factory, office buildings, public places, schools, and other types of applications. Among these segments, the public places segment holds the major share of the market owing to the increase of customers who are attracting towards the vending machines.
On the basis of payment mode, the Vending Machine market is segmented into two types, namely cash and cashless. The cash payment mode segment is holding the largest shares of the market. Availability of cash payment mode vending machine everywhere is ascribed to bolster the growth rate of the market.
Regional Analysis
The Vending Machine market is elaborated in various regions all around the world such as North America (US, Mexico, Canada and rest of North America), Europe region (France, Germany, Italy, UK, Spain and Rest of Europe), Asia Pacific region (India, Japan, China, Australia and rest of Asia Pacific).
North America region holds the major share of the market due to the changing lifestyle in the region is also a major driving factor helps the growth of the market of Vending Machines in North America region. Furthermore, the increase of demand for ready-to-eat meals across the region, especially in some of the countries such as the United States and Canada, is also one of the major driving factors that propel the growth of the market of Vending Machines in the Asia Pacific region.
Asia Pacific region holds the second-largest share of the market of Vending Machines attributed to growing commercial and corporate sectors in the region are some of the factors which are helping the market of Vending Machines to grow further in the Asia Pacific region.
The Europe region is expected to increase the market value of Vending Machines owing to the increasing demand for vending machines in offices and institutions, and the rising consumption of convenience food items propels the growth of the market in the North American region.
Key market players
Some of the key market players of Vending Machine market are Royal Vendors, Inc.; Glory Ltd.; Sanden Holding Corp.; Seaga Manufacturing, Inc.; Azkoyen Group; Cantaloupe Systems; Westomatic Vending Services Ltd.; Orasesta S.p.A.; Selamat S.r.l.; and Fuji Electric.
Covid-19 impact on Vending Machine market
Coronavirus has impacted the global industries in three ways, by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets due to the strict lockdown regulations imposed by the government authorities all around the world.
Due to the lockdown, companies are forced to halt their manufacturing units for a period of time to eradicate the spread of the coronavirus as it was spreading at a rapid speed from one person to another. This situation is expected to continue until there is a cure for the disease. The companies are in a panic situation as they have experienced huge losses due to the covid pandemic and are looking for some alternatives to set out their business on the right path, but it’s gonna take some while until everything is back to normal.
All companies have resumed their activities as governments lifted all the lockdown guidelines to stable economic growth.
As per the analysis, the market of Vending Machine is expected to increase the revenue rate in the next few months with all the industries started their manufacturing of the products, which in turn going to increase the revenue rate of the Vending Machine.
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