Industria
Vending Machine Market to reach USD 72.46 Bn at a CAGR of 8.1 percent by 2030- Says Stellar Market Research
Covering a range of fundamental elements including top players, market size, share, key drivers, challenges, opportunities, competitive landscape, market attractiveness analysis, new product launches, technological innovations, and growth contributors, the report provides analysts with strong tools to research into the complexities of the Vending Machine market. Using a combination of qualitative and quantitative data the report undergoes rigorous analysis utilizing analytical backgrounds such as SWOT and PESTLE analysis to reveal deeper insights into market dynamics and prospects.
Stellar Market Research, a leading Machinery & Equipment business research firm, states that the total market size for the vending machine market was USD 42.00 billion in 2023 and is expected to grow at a CAGR of 8.1 percent during the forecast period, reaching USD 72.46 billion by 2030. A bottom-up approach has been used to analyse the market size.
The Global Vending Machine Market industry is competitive among companies owing to the presence of numerous players across the industry. The major players in the market include Azkoyen Group, Cantaloupe Systems, Westomatic Vending Services Limited, Royal Vendors, Inc., Glory Ltd., and Sanden Holding Corp. among others. The future of the Vending Machine Market promises to be vibrant and dynamic, driven by technological innovation and appealing consumer experiences.
With the rise in urbanization and about 55% population living in urban areas, the need for on-the-go snacks and convenient foods has been increasing. Efficiency and accessibility are prioritized in the consuming habits of people living in cities, who frequently balance hectic job schedules and personal responsibilities. This increase is significant in dual-income households and the rising number of single-person homes, which together make up over 40% of urban living arrangements in developed countries which increases the demand for the vending machine market. Additionally, a growing number of people are choosing ready-to-eat and grab-and-go food and drink alternatives that meet the hectic lifestyle of urban areas. To address this need, vending machines are positioned conveniently in busy places like transportation hubs, office buildings, and educational institutions. Also, vending machine offers have diversified to include healthy snacks and beverages to cater to health-conscious consumers resulting the consumers adopting healthier eating habits. The convenience factor along with technological advances is driving the vending machine market globally.
In 2023, North America dominated the global vending machine market considering the well-equipped vending machines, which include touch displays, cashless payment choices, and Internet of Things connection to improve user experience and increase productivity. For instance, Coca-Cola's Freestyle machines provide over 100 drink variations through an interactive touch screen, which showcases the region's desire for innovation. The key players in the region like PepsiCo, Crane Merchandising Systems, and Canteen Vending Services are continuously investing in research and development to introduce new products and technologies. For instance, Crane Merchandising Systems created the Media2 machine, which includes advanced telemetry systems that offer real-time data on machine performance and inventory levels. Vending machine usage is widespread throughout North America's traveling stations, business offices, and educational institutions, which generates a consistent and dependable demand. According to SMR, about 30% of total vending machine sales come from schools while 90% of vending machines in the U.S. are located in factories and offices. Together, these factors position North America at the forefront of the global vending machine industry, showing its creativity, focus on customers, and strong infrastructure.
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Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.
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