PORTLAND, OR, Feb. 08, 2021 (GLOBE NEWSWIRE) -- As per the report, the global vending machine market accounted for $18.28 billion in 2019, and is expected to register $25.25 billion by 2027, growing at a CAGR of 6.7% from 2021 to 2027.
Advent of internet of things (IoT)-based vending machines and technological innovations such as interactive display systems, voice recognition, and big data integration that provide user-friendly experience have boosted the growth of the global vending machine market. However, strict regulations regarding sales of unhealthy, tobacco products, and junk food in public places, institutions, and commercial spaces hamper the market growth. On the other hand, technological advancements that focus on modern and on-the-go solutions due to shifts in consumer behavior offer lucrative opportunities for the market players in the future.
In-depth analysis of the COVID-19 impact on the Vending Machine Market@ https://www.alliedmarketresearch.com/request-for-customization/9851?reqfor=covid
Covid-19 Scenario
- During the Covid-19 pandemic, the demand for vending machines surged to minimize person-to-person contact and eliminate possibility of cross-contamination.
- Governments imposed strict regulations to curb the spread of the infection, which affected the manufacturing activities of vending machines. Due to increased demand and shortage of raw materials, the cost of vending machine products increased to overcome economic instability.
- However, the pressure on prices of vending machines is expected to reduce post-pandemic as the supply chain would restore and installation of new products would increase.
The global vending machine market is segmented on the basis of type, applications, sales channel, technology, and geography. Based on type, the tobacco vending machine segment is projected to portray the highest CAGR of 7.0% during the forecast period. However, the beverages vending machine segment held the lion’s share in 2019, accounting for more than half of the market.
Download Sample Copy Of This Report@ https://www.alliedmarketresearch.com/request-sample/9851
Based on application, the corporate office segment is estimated to manifest the highest CAGR of 7.5% during the forecast period. However, the hotels and restaurants segment dominated in 2019, contributing to more than one-third of the market.
The global vending machine market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is estimated to register the highest CAGR of 7.5% during the forecast period. However, the market across North America held the largest share in 2019, contributing to nearly two-fifths of the market.
Send Me Purchase Enquire HEre@ https://www.alliedmarketresearch.com/purchase-enquiry/9851
The global vending machine market report includes an in-depth analysis of the major market players such as SANDENVENDO AMERICA, INC., Crane Merchandising Systems, AZKOYEN GROUP, FUJI ELECTRIC CO., LTD., Fastcorp Vending LLC, Royal Vendors, Inc., Seaga Manufacturing Inc., Jofemar Corporation, Selecta TMP AG, and Bianchi Industry.
Avenue Basic Plan | Library Access | 1 Year Subscription |
Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter
Get more information: https://www.alliedmarketresearch.com/library-access
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.