Vending Machines Market Share, Industry Analysis & Forecast Report 2024-2029.

According to the latest research report published by Market Data Forecast, the Global Vending Machines Market was worth US$ 20.46 billion in 2023 and is anticipated to reach a valuation of US$ 27.58 billion by 2029 from US$ 21.50 billion in 2024, and it is predicted to register a CAGR of 5.1% during the forecast period 2024-2029.

Global Vending Machines Market Report Scope:

• Market Size (2029): USD 27.58 Billion
• Market Size (2023): USD 20.46 Billion
• CAGR (2024 to 2029): 5.1%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: Application, Payment Mode, End User, and Geography
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: 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, Sanden Holdings Corporation, Cantaloupe Systems, Westomatic Vending Services Ltd., Royal Vendors, Inc., Glory Ltd., Seaga Manufacturing, Inc., Orasesta S.p.A., Sellmat S.r.l., and Others.

Market Drivers

The extensive penetration and application of online payments and smartphone wallets are influencing the growth of the vending machine market. Moreover, incremental technological advancements in vending machines to improve customer experience and operational effectiveness are also driving the market growth. Apart from this, expansion into untapped markets is another factor contributing to the escalating demand for these machines. Now, companies have begun to set up vending systems at hospitals, fitness centers, business parks, educational institutes, residential buildings, etc., further accelerating the market growth rate. According to the Vending Locator, the United States has more than 7 million vending or dispensers. It is the biggest operator of installed systems.

Market Restraints

Restricted product portfolio and regular incidents of theft and vandalism are restricting the growth of the vending machines market. The main problem lies in the limited space under these machines, which intrinsically restricts the diversity and quantity of items they can provide. This restraint hinders the capability to serve to transform customer preferences and adjust to evolving patterns, possibly resulting in overlooked sales prospects. Another major issue is downtime and delays in timely service. This is one of the reasons why customers turn down their buying decisions.

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/vending-machines-market

SEGMENTATION INCLUDED IN THIS REPORT:

By Application

• Commercial Places
• Offices
• Public Places
• Others

The office segment is the biggest category in the vending machine market. Promptness and positive impacts are the most significant trends in office spaces. The office vending machines add immensely to the efforts to attain these objectives as they provide workers and professionals with various kinds of beverages, snacks, and many more healthy items like fruits under the building premises. Moreover, the segment's market share has escaped with the emergence of intelligent vending machines. Companies are now introducing AI-powered and Internet of Things-based systems to stay updated and competitive.

By Payment Mode

• Cash
• Cashless

The cashless segment is rapidly growing and is expected to command the vending machines market. This is due to the comprehensive adoption of digital payment methods and the penetration of internet connectivity. In addition, the rollout of the 5G network in several countries is projected to influence the demand for cashless machines further. Additionally, increased government support for digital transformation and favourable legal and regulatory frameworks have also strengthened the mobile payment ecosystems, which in turn is benefiting the cashless vending machines. About 67 per cent of overall transactions in vending machines were cashless. Also, the trend of cashless payment surged by 11 per cent from 2021. Over 2.5 billion dollars was spent by customers in 2022 at food and beverage vending machines.

By End-User

• QSR, Shopping Malls, & Retail Stores
• Offices
• Public Transport
• Others

The QSR, shopping malls & Retail stores are the biggest category under the vending machines market. This can be attributed to increasing spending power, rapid urbanization, and evolving living standards. Apart from this, the segment's market share increased with the comeback of the entertainment industry and movie theatres after COVID-19.

Regional Analysis

North America is dominating the vending machine market and is expected to maintain its position during the forecast period. The United States drives the regional market due to its technological prowess. Moreover, the region grows forward because of a strong infrastructure, high customer usage for comfort, and the early acceptance of unique vending technologies. According to the study, more than 17273 companies in the United States operate these machines. Florida has 1964 operators, 1625 in Texas and 1437 in California. Furthermore, the popularity of on-the-go snacking and a significant workforce are also boosting the region's market size.
Asia Pacific is likely to propel at a higher growth rate throughout the estimated period for the vending machine market. Nations such as Japan, South Korea, India, and China are taking forward the regional market development. In the last few years, the number of these systems has risen tremendously in China, and it is projected to emerge as the key region in this market. Besides these, Japan has made the record for installing the most number of vending machines per capita around the world. There are presently about 4 million units in Japan.

Recent Market Developments

• In August 2024, Daalchini Technologies Pvt. Ltd., which runs a network of intelligent vending machines, intends to increase the number of unmanned kiosks by two times to 4000 this fiscal and have substantial revenue growth.
• In July 2024, American Rounds, a United States-located ammunition distribution company, made AI-based vending machines that provide bullets. It is currently functional in Texas, Oklahoma, and Alabama.

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This release was published on openPR.