BANGALORE, India | 12th October 2020: According to the Latest Market Research Report “Vending Machine Market Breakdown Data By Type ( Food, Cigarette, Ticket, Food, Beverage Drink, Other Goods), Breakdown Data By Application ( Factory, Office Building, Public Places, School, Others) and Region ( United States, Europe, Asia Pacific and Middle East ) – Global Forecast to 2026“, published on Valuates Reports
In 2019, the global Vending Machine market size was USD 6234.2 Million, and it is expected to reach USD 7632.4 Million by the end of 2026, with a CAGR of 2.9% during 2021-2026.
Major factors driving the growth of Vending Machine Market size are the rising demand for on-the-go snacks, beverages, the hectic lifestyle of people, and the machine’s ability to produce goods quickly, making it an incredibly convenient choice for customers.
COVID-19 IMPACT ON THE VENDING MACHINE MARKET
As demand was observed to drop in February and March compared to demand in 2019 during those months, the market for vending machines faced the Covid-19 crisis’s impact. The COVID-19 impact on the vending machine market can be analyzed under two scenarios: the optimistic and probabilistic.
Under the optimistic scenario, the global market for vending machines is expected to decline in the first, second, and third quarters of 2020, and demand will pick up from the fourth quarter. In the probabilistic scenario, it is predicted that the demand will stay below doldrums until the end of the second quarter, thereby impacting the sales of vending machines.
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TRENDS INFLUENCING THE VENDING MACHINE MARKET SIZE
Increased demand for food vending machines in offices/institutions is expected to fuel the Vending Machine Market size during the forecast period. In addition, the rise in the consumption of convenience food items and the adoption of smart customer service technologies in several food categories are expected to drive the growth of the vending machine market size.
The growing demand for vending machine retrofitting is expected to fuel the growth of the Vending Machine Market size during the forecast period. Retrofit solutions make it easy for consumers to upgrade their current traditional vending machines to smart vending machines by downloading the new software packages.
Another factor driving the growth of the vending machine market size is the growing adoption of vending machines to enhance the consumer shopping experience. Vending machines are a one-time investment that, by running 24/7 and throughout the year, acts as the cost savings alternative to traditional stores with employees. This advantage has induced many manufacturers to use vending machines to boost customer satisfaction, driving growth in vending machines’ demand.
VENDING MACHINE MARKET SHARE ANALYSIS
In 2019, North America held the largest Vending Machine Market share. This trend is expected to continue over the forecast period as well. This dominance of North America is attributed to the popularity of vending machines, producers and distributors’ concentration, the involvement of technology-conscious buyers, and the utility of vending machines.
From 2019 to 2025, Asia Pacific is expected to witness the highest growth during the forecast period. In the regional market, Japan is the most lucrative nation. Major factors contributing to the APAC’s rising demand are the demand from the region’s business and corporate sectors.
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VENDING MACHINE MARKET SEGMENTATION & COVERAGE:
THE FOLLOWING MANUFACTURERS ARE COVERED IN THIS REPORT:
- Fuji Electric
- N&W Global Vending
- Azkoyen Group
- Bianchi Vending
- Royal Vendors
- Fushi Bingshan
- FAS International
- Deutsche Wurlitzer
Vending Machine Market Breakdown Data by Type
Vending Machine Market Breakdown Data by Application
- Office Building
- Public Places
Vending Machine Market Production by Region
- United States
- Other Regions.
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SIMILAR REPORTS :
● Intelligent Vending Machine Market
In 2019, the global Intelligent Vending Machines market size was USD 913.5 million and it is expected to reach USD 1998.6 million by the end of 2026, with a CAGR of 11.7% during 2021-2026.
● Reverse Vending Machine Market
The Reverse Vending Machine market size was valued at 310 Million USD in 2018 and is projected to reach 690 Million USD by 2025, at a CAGR of 10.4% during the forecast period.
● Smart Vending Machines Market
In 2019, the global Smart Vending Machines market size was USD 1613.9 million, and it is expected to reach USD 3008.6 million by the end of 2026, with a CAGR of 9.2% during 2021-2026.
The airport, railway station, school, and business Center are the main application areas for the Smart Vending Machines market. Schools accounted for 21.54% of the total market share, followed by the airport (20%) and railway station (19.14%).
● Connected Vending Machine Market
The global Connected Vending Machine market size is projected to reach USD 1304.4 million by 2026, from USD 843.3 million in 2020, at a CAGR of 7.5% during 2021-2026.
The global installed base of connected vending machines grew by 16.22 percent to over 140 thousand units in 2014.
● Ticket Vending Machines (TVM) Market
In 2019, the global Ticket Vending Machines (TVM) market size was US$ 481.6 million, and it is expected to reach US$ 635.7 million by the end of 2026, with a CAGR of 4.0% during 2021-2026.
● Coin-Operated Vending Machines Market
In 2019, the global Coin-Operated Vending Machines market size was USD 4351.4 million, and it is expected to reach USD 5862 million by the end of 2026, with a CAGR of 4.3% during 2021-2026.
Europe region is the largest supplier of coin-operated vending machines, with a production market share of nearly 30.33% in 2017. North America is the second-largest supplier of coin-operated vending machines, enjoying the production market share of nearly 27.05% in 2017.
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