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Vending Machine Market: will grow 17 percent until 2023

London / UK. (tnv) The increasing adoption of vending machines to improve customer shopping experience is one of the crucial factors driving the vending machine market growth. Moreover, vending machines do not require the intervention of any executives. Therefore, vending machines are a one-time investment that enables increased customer satisfaction and cost savings as they are available throughout the year. This industry research report presents a competitive analysis of the market by product (low-end vending machines and intelligent vending machines) and geography (Americas, APAC, and EMEA).

Competitive vendor landscape

The global vending machine market is highly competitive with major vendors such as Azkoyen Group, Crane, Fuji Electric, Glory, and Sanden Holdings Corporation based on their price, quality, and product/service offerings. «The growing demand for retrofitting of vending machines is one of the significant trends gaining traction over the last couple of years. By installing the latest software packages, retrofit solutions facilitate users to upgrade their existing conventional vending machines to smart vending machines. Technological upgrades like cashless payments, LCD, outlook design, and big data integration are some of the features provided in retrofit machines. Thus, such advantages are expected to boost market growth for the next coming years, largely,» says a senior analyst at Technavio market research.

Top five vending machine market vendors

Azkoyen Group: Azkoyen Group operates in three segments – vending machines, payment methods, and technology and system security. The company offers vending machines that can be used for hot and cold beverages, cigarettes, and others.

Crane: Crane runs its operations through four segments – fluid handling, payment and merchandising technologies, aerospace and electronics, and engineered materials. The company offers drinks, snack and food, coffee, and other types of vending machines under its sub-brand Crane Merchandising Systems.

Fuji Electric: Fuji Electric runs its operations through four segments – power electronics systems, power and new energy, electronic devices, and food and beverage distribution. The company offers multipurpose vending machines, hot and cold can vending machines, Fuji Electric coin mechanism, Fuji Electric bill validator, and others.

Glory: The company Glory runs its operations through five segments – overseas market, financial market, retail and transportation market, amusement market, and others. It offers cigarette vending machines, ticket vending machines, and others.

Sanden Holdings Corporation: Sanden Holdings Corporation runs its operations through three segments – automotive systems business group, commercial store systems business group, and other business group. The company offers different types of vending machines for cold beverages, milk beverages, coffee, tea, flex vendors, ice-cream, cup-noodles, and others.