Vending Machine Market - Actionable Research on COVID-19 | The Aim to Improve Customer Shopping Experience to Boost the Market Growth | Technavio
The global vending machine market size is poised to grow by USD 9.82 billion during 2020-2024, progressing at a CAGR of over 11% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The increasing adoption of vending machines to improve customer shopping experience is one of the key factors driving vending machine market growth. Vending machines do not require the intervention of salespeople, support staff, and other executives. Therefore, vending machines prove to be a one-time investment that enables cost savings with 24/7 operations throughout the year. This has induced several vendors to use vending machines for enhancing customer satisfaction, driving vending machine market growth.
The major vending machine market growth comes from low-end vending machines segment. The strong increase in the number of retail outlets is contributing to the growth of the low-end vending machines segment of the market in focus. However, market growth in this segment will be slower than the growth of the market in the intelligent vending machines segment.
North America was the largest vending machine market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The popularity of vending machines, the concentration of manufacturers and retailers, the presence of buyers that are aware of technologies, and the utility of vending machines are the factors that will significantly drive vending machine market growth in this region over the forecast period.
The global vending machine market is fragmented. Azkoyen SA, Compass Group Plc, Crane Co., FAS International Srl, Fuji Electric Co. Ltd., Glory Ltd., Orasesta Spa, Royal Vendors Inc., Sanden Retail System Co. Ltd., and Westomatic Vending Services Ltd. are some of the major market participants. To help clients improve their market position, this vending machine market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global vending machine market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Growing Demand for Retrofitting of Vending Machines will be a Key Market Trend
The growing demand for retrofitting of vending machines, one of the key vending machine market trends, will also drive market growth during the forecast period. By installing the latest software packages, retrofit solutions facilitate users to upgrade their existing conventional vending machines to smart vending machines. As deploying new vending machines can incur huge costs, several vendors prefer to retrofit their existing machines. Technological upgrades like cashless payments, LCD display, outlook design, and big data integration are some of the features provided in retrofit machines. Such factors will drive vending machine market growth.
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Vending Machine Market 2020-2024: Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist vending machine market growth during the next five years
Estimation of the vending machine market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the vending machine market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of vending machine market vendors
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Low-end vending machines - Market size and forecast 2019-2024
Intelligent vending machines - Market size and forecast 2019-2024
Market opportunity by Product
Customer landscape
Geographic Landscape
Geographic segmentation
Geographic comparison
North America - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
APAC - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Volume drivers ? Demand led growth
Market challenges
Market trends
Vendor Landscape
Overview
Vendor landscape
Landscape disruption
Vendor Analysis
Vendors covered
Market positioning of vendors
Azkoyen SA
Compass Group Plc
Crane Co.
FAS International Srl
Fuji Electric Co. Ltd.
Glory Ltd.
Orasesta Spa
Royal Vendors Inc.
Sanden Retail System Co. Ltd.
Westomatic Vending Services Ltd.
Appendix
Scope of the report
Currency conversion rates for US$
Research methodology
List of abbreviations
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