Vending machine market size to grow by USD 12,426.7 million from 2022 to 2027; Growth driven by increasing demand for cashless vending machines - Technavio
NEW YORK, March 21, 2023 /PRNewswire/ -- The global vending machine market size is estimated to grow by USD 12,426.7 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 16.81% during the forecast period. The growth of the market is driven by factors such as the increase in demand for cashless vending machines, the growing demand for intelligent vending machines from retail industry, and the increasing popularity of vending machines. However, high initial investments and maintenance costs for vending machines will challenge the growth of the market. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
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Global Vending Machine Market - Segmentation Assessment Segment Overview Technavio has segmented the market based on product (low-end vending machines and intelligent vending machines), distribution channel (offline and online), and geography (APAC, North America, Europe, Middle East, and Africa, and South America).
The market will observe significant growth in the low-end vending machines segment during the forecast period. Many small and medium-scale retailers prefer low-end vending machines as they cannot afford to purchase intelligent vending machines. These machines also minimize the recurring costs associated with labor to improve productivity and promote cashless payments. Such benefits are driving the growth of the segment.
Geography Overview By geography, the global vending machine market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global vending machine market.
North America will account for 37% of the market growth during the forecast period. The region is witnessing an increased demand for vending machines from retailers and part-time and home-based businesses. Besides, many end-users are exhibiting high demand for interactive kiosks and intelligent vending machines that provide enhanced user experience. In addition, the rising demand for self-help automated and technologically advanced machines in retail outlets is fueling the growth of the vending machines market in North America.
Insights on the market contribution of various segments including country and region wise, historic period (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report
Global Vending Machine Market ? Market Dynamics
Key factor driving market growth
The growth of the market is driven by increasing demand for cashless vending machines.
The rising adoption of smartphones and the rapid penetration of the internet has led to the growth of cashless payments worldwide.
To attract customers, companies and retailers are adopting vending machines that can accept payments made through credit cards, debit cards, and mobile payments.
Some retailers are retrofitting vending machines to allow cashless transactions.
With the growing adoption of cashless payments, the demand for cashless vending machines will increase during the forecast period.
Leading trends influencing the market
The real-time data collection capabilities of intelligent vending machines is identified as the key trend in the market.
Intelligent vending machines are backed with advanced features such as operations management, inventory management, customer analytics, transaction management, software and platform management, and digital advertising and content management system.
This allows vending machine operators to collect and manage a large volume of customer data.
Machine learning and real-time data allow retailers to analyze customer profiles based on their behavior and the number of purchases.
This helps retailers to focus on their core competencies and improve productivity. All these benefits will have a positive impact on the growth of the market during the forecast period.
Major challenges hindering the market growth
High initial investments and maintenance costs of vending machines are hindering the growth of the market.
The cost of manufacturing vending machines is high, and the cost of renting is increasing every year.
End-users require significant investments in purchasing software to manage intelligent vending machines.
Besides, vendors are compelled to launch innovative products by making heavy investments in R&D.
Such challenges are reducing the growth potential in the market.
Insights on market drivers, trends, & challenges, historic period (2017 to 2021) and forecast period (2023 to 2027) - Request a sample report!
What are the key data covered in this vending machine market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the vending machine market between 2023 and 2027
Precise estimation of the size of the vending machine market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the vending machine market industry across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of vending machine market vendors
The casino gaming equipment market is estimated to grow at a CAGR of 5.55% between 2022 and 2027. The size of the market is forecast to increase by USD 14,265.1 million. The market is segmented by end-user (casinos, malls, and others), type (casino tables, slot machines, gaming chips, video poker machines, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
The slot machine market size is expected to increase by USD 9.77 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.3%. The market is segmented by product (digital and mechanical) and geography (Europe, North America, APAC, South America, and the Middle East and Africa).
Vending Machine Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 16.81%
Market growth 2023-2027
USD 12,426.7 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
14.69
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 37%
Key countries
US, Japan, China, Germany, and UK, Canada, Mexico, Italy, Spain, India, Japan, Australia, and South Korea
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Azkoyen SA, Bianchi Industry Spa, BULK VENDING SYSTEMS Ltd., Compass Group Plc, Continental Vending Inc., Crane Payment Innovations Inc., Ellab AS, Federal Machine, Furukawa Electric Co. Ltd., Future Techniks India Pvt. Ltd., Glory Ltd., Intel Corp., Orasesta Spa, Royal Vendors Inc., Sanden Corp., Seaga Manufacturing Inc., Sielaff GmbH and Co. KG, The Coca Cola Co., Westomatic Vending Services Ltd., and Worldline SA
Market dynamics
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Exhibit 162: Validation techniques employed for market sizing
Exhibit 163: Information sources
13.5 List of abbreviations
Exhibit 164: List of abbreviations
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