Portland, OR, March 09, 2021 (GLOBE NEWSWIRE) -- As per the report, the global vending machine market accounted for $18.28 billion in 2019, and is expected to register $25.25 billion by 2027, growing at a CAGR of 6.7% from 2021 to 2027.
Advent of internet of things (IoT)-based vending machines and technological innovations such as interactive display systems, voice recognition, and big data integration that provide user-friendly experience have boosted the growth of the global vending machine market. However, strict regulations regarding sales of unhealthy, tobacco products, and junk food in public places, institutions, and commercial spaces hamper the market growth. On the other hand, technological advancements that focus on modern and on-the-go solutions due to shifts in consumer behavior offer lucrative opportunities for the market players in the future.
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Covid-19 Scenario
- During the Covid-19 pandemic, the demand for vending machines surged to minimize person-to-person contact and eliminate possibility of cross-contamination.
- Governments imposed strict regulations to curb the spread of the infection, which affected the manufacturing activities of vending machines. Due to increased demand and shortage of raw materials, the cost of vending machine products increased to overcome economic instability.
- However, the pressure on prices of vending machines is expected to reduce post-pandemic as the supply chain would restore and installation of new products would increase.
The global vending machine market is segmented on the basis of type, applications, sales channel, technology, and geography. Based on type, the tobacco vending machine segment is projected to portray the highest CAGR of 7.0% during the forecast period. However, the beverages vending machine segment held the lion’s share in 2019, accounting for more than half of the market.
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Based on application, the corporate office segment is estimated to manifest the highest CAGR of 7.5% during the forecast period. However, the hotels and restaurants segment dominated in 2019, contributing to more than one-third of the market.
The global vending machine market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is estimated to register the highest CAGR of 7.5% during the forecast period. However, the market across North America held the largest share in 2019, contributing to nearly two-fifths of the market.
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The global vending machine market report includes an in-depth analysis of the major market players such as SANDENVENDO AMERICA, INC., Crane Merchandising Systems, AZKOYEN GROUP, FUJI ELECTRIC CO., LTD., Fastcorp Vending LLC, Royal Vendors, Inc., Seaga Manufacturing Inc., Jofemar Corporation, Selecta TMP AG, and Bianchi Industry.
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