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)
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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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