Vending Machine Market to cross $30bn by 2024: Global Market Insights, Inc.

The Europe vending machines market will rapidly grow during the forecast period owing to rising adoption of smart technologies for serving customers in several application areas.

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Selbyville, Delaware, Jan. 21, 2019 (GLOBE NEWSWIRE) --

The vending machine market is predicted to surpass a revenue of over USD 30 billion by 2024 when the worldwide industry shipments are anticipated to register more than 14% gains, according to a 2019 Global Market Insights, Inc. report.

The vending machine market is experiencing high growth due to a rise in the development of the energy-efficient solutions by manufacturers that will help companies to reduce their carbon footprint. Players operating in vending machines market are developing eco-friendly and recycling vending machines to provide sustainable technologies for reducing the environmental impacts. Some of the major players, including Coca-Cola, are developing smart vending machines that are integrated with these recycling technologies. Moreover, countries including India, China, the UK, and the U.S. have adopted initiatives and policies for reducing the plastic usage. Such regulations are encouraging the development of sustainable vending machines.

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Beverage dispensing machines are witnessing a high demand in the vending machine market and are anticipated to grow at a CAGR of around 16% over the forecast timespan due to the increasing consumption of several types of beverages including cold drinks, alcohol, juices, and energy drinks. Some of the major countries that have a high consumption rate of the soft drinks include the U.S., Argentina, Chile, Mexico, and Uruguay. However, the U.S. is among the top countries considering alcohol consumption rates. Retail outlets in these countries are involved in automating their outlets by incorporating vending solutions. They are utilizing these automated technologies to serve different types of beverages to their customers, thereby enhancing the shopping experience. Such factors are expected to drive the intelligent vending machine market growth.

In the vending machine market, the retail sector accounted for over 15% of the industry in 2017 and is experiencing high adoption due to the increasing transformation of these outlets to the mechanized stores. Retail store owners are incorporating such advanced technologies to provide sophisticated solutions to their customers, which will save the time that they spend in queues. Intelligent vending machines help customers in gaining information about the features, pricing, and offers & discounts associated with these products. This helps in accelerating the shopping process with a detailed product overview and various payment options. The incorporation of such smart solutions in stores is driving the sales and profitability of the retail businesses, thereby accelerating the market demand.

Browse key industry insights spread across 150 pages with 251 market data tables & 22 figures & charts from the report, “Intelligent Vending Machine Market Size By Product (Beverage, Food, Tobacco), By Application (Retail Sites, Public Transport Hubs, Offices/Institutions), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Benelux, China, India, Japan, South Korea, Singapore, Australia, Brazil, Mexico, Argentina, UAE, Saudi Arabia, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:

Increasing applications of smart dispensing solutions at public transport hubs such as airports, railways stations, and bus stands are predicted to accelerate the vending machines market. The adoption of food & beverage-dispensing equipment in these places is growing rapidly. These transportation hubs are engaged in transforming their manual operational techniques to automated technologies.

The Europe vending machine market is rapidly growing owing to the rising adoption of smart technologies for serving customers in several application areas. These machines are allowing customers to change their mode of payment to cashless transactions. Countries including Sweden, Germany, France, the UK, and Italy are developing various initiatives and programs to digitize the payment process. Sweden is a leading country to adopt stringent guidelines for transforming itself into a cashless economy.

Major companies participating in the vending machine market include 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., and Sanden Holdings Corporation, among others. These players are competing in the intelligent vending machines market by integrating advanced technologies in their product offerings, which include mobile & internet connectivity, NFC-based payments, and others. Royal Vendors, Inc., a designer & manufacturer of beverage vending machines is offering remanufacturing services to its clients to allow the efficient use of technologies, improve the operating period, and reduce electronic wastes. The growing adoption of these sustainable technologies in several industrial segments will propel the market.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.