Oct 1, 2020   SOURCE: BusinessWire

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.

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Technavio has announced its latest market research report titled Global Vending Machine Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Vending Machine Market 2020-2024 (Graphic: Business Wire)

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.

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Report Highlights:

  • 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.

Read the full report here: https://www.technavio.com/report/report/vending-machine-market-industry-analysis

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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Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019-2024

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product
  • 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

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.