The global vending machines market is anticipated to reach a US$ 12 Bn valuation in 2020, with promising growth prospects to the end of the forecast period in 2030. The coronavirus pandemic is expected to have an adverse impact on vending machine sales. Concerns of viral transmission through contact surfaces and the temporary shutdown of retail businesses in lockdowns has reduced short term demand.
“Innovations, including IoT, AI, voice and face recognition, and interactive displays make vending machines easier to use, and will contribute to demand. Such technological advancements, enable vending machines to deliver increasingly customized services, which will aid growth prospects in years to come,” says the FACT.MR report.
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Vending Machines Market- Key Takeaways
- Cashless payments are rapidly gaining traction, owing to growing collaborations between vending machine manufacturers and banking service providers.
- Public space vending machine applications are gaining ground, with the rising corporate-public partnerships, particularly at transport hubs.
- Asia Pacific is a major market for vending machines, driven largely by strong demand in Japan for food and beverage promotional purposes.
Vending Machines Market- Driving Factors
- Changing consumer bias towards on-the-go snacking habits are a major contributor to the popularity of vending machines.
- Endeavors by businesses in multiple verticals to reduce labor costs for sales will boost demand.
Vending Machines Market- Major Restraints
- Strict regulations associated to cigarettes, alcohol, and junk food distribution restrict vending machine applications.
- High pricing and maintenance requirements hinder adoption of vending machines.
COVID-19 Impact on Vending Machines Market
Vending machines are witnessing a sharp slump in demand during the coronavirus pandemic. Concerns over the transmission of the virus through contact surfaces of these machines are cutting demand. In addition, temporary closure of commercial buildings and office spaces during the pandemic has also hurt short term prospects. Sanitation measures and contactless technologies will gain importance during this period, and will continue to gain traction even after the end of the pandemic.
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Sielaff GmbH, Azkoyen Group, Bianchi Vending Group, Royal Vendors Inc., Fastcorp Vending LLC, and Westomatic Vending Services Ltd. are some of the leading vending machines manufacturers in the global market.
Players in the vending machines market are largely invested in product development through the incorporation of new technologies to widen the scope of applications in varying business verticals.
For example, Carvana has unveiled a new automotive imaging technology to enable easier used car pick up from their vending machines. PharmaShop24 have integrated Zytronic capacitive touch technology for interactive user interface for self-service vending machines. Chai Point has unveiled contactless, android-based vending machine systems, integrated with payment wallet technologies for office settings.
About the Report
This study offers readers a comprehensive market forecast of the vending machines market. Global, regional and country-level analysis of the top industry trends impacting the vending machines market is covered in this FACT.MR study. The report offers insights on the vending machines market on the basis of type (beverage, food products, confectionery products, and others), and use case (corporate office, retail stores, shopping malls, education institutes, hotels & restaurants, and others), across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).