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Vending Machine Market Report 2024-2033 - Size, Share, Trends & Key Player Analysis
Vending Machine Market Report
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According to The Business Research Company's, The vending machine market size has grown strongly in recent years. It will grow from $16.86 billion in 2023 to $18.13 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to employers investing in wellness programs, expanding range of products available, growth of subscription-based vending services, increasing emphasis on enhancing consumer experience, and favorable government regulations.
The vending machine market size is expected to see strong growth in the next few years. It will grow to $24.54 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to increase focus on hygiene, security enhancements, implementation of smart inventory management systems, consumer demand for healthier snack and beverage options. Major trends in the forecast period include remote monitoring, automated retail stores, use of eco-friendly materials and energy-efficient vending machines, leveraging data analytics, and robotic vending machines.
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Market Drivers and Trends:
The expansion of the retail industry is expected to propel the growth of the vending machine market going forward. The retail industry encompasses businesses and organizations selling goods and services directly to consumers. This sector includes various operations, from physical stores such as supermarkets, clothing shops, and electronics retailers to online platforms such as e-commerce websites. Retail industry expansion is attributed to consumer demand and changing shopping behaviors. Vending machines are crucial in the retail industry, offering convenient product access and helping retailers expand their reach to consumers in high-traffic or unconventional locations. For instance, in July 2024, according to the UK Parliament's House of Commons Library, a UK-based government administration, in 2023, retail sales in Great Britain reached $557.46 billion, marking a 3% growth compared to 2022. Therefore, the expansion of the retail industry is driving the growth of the vending machine market.
Major companies operating in the vending machine market focus on developing advanced products, such as smart vending machines, to enhance inventory management and customer experience. A smart vending machine is an advanced type of vending machine that integrates technology to improve the user experience and operational efficiency. For instance, in January 2023, Thundercomm, a US-based IoT product provider, launched a Smart Vending Machine Solution. This solution leverages cutting-edge dynamic vision technology to capture, identify, and analyze the purchasing process through video recordings. This allows the system to recognize the items purchased and their quantities accurately. Consumers benefit from a seamless shopping experience, needing only to open and close the door to complete their transactions. Additionally, the solution supports dynamic updates of the stock-keeping unit, which alleviates the need for vending machine operators to retrain commodity data and dramatically simplifies the process of adding new products.
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Major Key Players of the Market:
Fuji Electric Co. Ltd., Godrej Group, Glory Ltd., Evoca Group, Seaga Manufacturing Inc., Azkoyen Group, Crane Payment Innovations, SandenVendo America Inc., Würth Group, Wittern Group, Royal Vendors Inc., U-Select-It Inc., Rhea Vendors Group, Westomatic Vending Services Ltd, Sielaff GmbH & Co. KG, Jofemar Corporation, Bianchi Industry S.p.A., IVM Inc., AAEON Technology Inc., Cantaloupe Systems Inc., Senso Foods Pvt, Healthy Vending LLC, Automated Merchandising Systems Inc., Vendolite, N&W Global Vending S.p.A.
Vending Machine Market 2024 Key Insights:
• The vending machine market size is expected to see strong growth in the next few years. It will grow to $24.54 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Expanding Retail Sector Boosts Vending Machine Market Growth
• Advancements in Vending Machine Technology
• North America was the largest region in the vending machines market in 2023
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