The latest report by IMARC Group, titled “Vending Machine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global vending machine market size reached a value of US$ 19.5 Billion in 2022. A vending machine is an automated device that dispenses items stored inside it in exchange for tokens or cash. It consists of a variety of small-sized products such as packaged food, chocolate bars, cupcakes, pizzas, hot and cold beverages, and tobacco products. It can also dispense toys, newspapers, cigarettes, as well as tickets. A vending machine is installed in public spaces, commercial complexes, restaurants, and hotels. In recent years, a vending machine has gained traction among individuals due to the increasing demand for on-the-go snacks and drinks.
Global Vending Machine Market Trends:
The market is primarily driven by the significant growth of the retail industry. Besides this, rapid urbanization is increasing the demand for automated product distribution systems across hospitals, schools, airports, and canteens, fueling market growth. In addition, manufacturers are extensively investing in research and development (R&D) activities of innovative features such as voice recognition, integrated touch-screen panels, interactive display system, and big data integration. Furthermore, technological advancements have resulted in the launch of vending machines integrated with the Internet of Things (IoT), which enables real-time data collection and provides an end-to-end IoT service to better monitor the machines. This is also offering a convenient way of gathering consumer experience and expectation while allowing enhanced consumer shopping experiences, creating a positive outlook for the market. Looking forward, the market is expected to reach a value of US$ 26.4 Billion by 2028, exhibiting a CAGR of 5% during the forecast period (2023-2028).
- Based on the type, the market has been segmented into food, beverages, tobacco, and other vending machines.
- On the basis of technology, the market has been classified into automatic, semi-automatic, and smart machines.
- The market has been categorized based on the payment mode into cash and cashless vending machines.
- On the basis of the application, the market has been segregated into hotels and restaurants, corporate offices, public spaces and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Azkoyen Group, Bianchi Industry S.p.A., Cantaloupe Inc., Crane Co., Fuji Electric Corporation Limited, Glory Limited, Jofemar Corporation, Orasesta Spa, Royal Vendors Inc., Sanden Holdings Corporation, Seaga Manufacturing Inc., Selecta AG, and Westomatic Vending Services Limited.
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