New York, NY -- (ReleaseWire) -- 07/07/2020 --According to a new market report published by Industry Probe (www.industryprobe.com) titled 'Beverage Vending Machine Market (Product Type: Hot Beverage Vending Machines [Less than 100 Cups Per Day, 100 - 200 Cups Per Day, 201 - 300 Cups Per Day, More than 300 Cups Per Day] and Cold Beverage Vending Machines [Less than 150 Bottles, 151 – 200 Bottles, 201 – 300 Bottles, and More than 300 Bottles]; Function: Semi-automatic and Fully Automatic; Application: Corporate Offices, Shopping Malls, Hotels & Restaurants, Hospitals, Airports , and Others; and Distribution Channel: Online and Offline) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2027', the global beverage vending machine market was valued at US$ 12.96 Bn in 2018 and is expected to expand at a CAGR of 5.9% from 2020 to 2027.
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As per the report, technological innovations, such as face and voice recognition, interactive display system, and big data integration, making the product easier and more convenient to use will also have a positive impact on the demand. With such advancements, beverage vending machines can now deliver custom-made drink items from hot and cold beverages, says the report. Asia Pacific held a prominent share of the global beverage vending machine market in 2017, followed by Europe and North America. Asia Pacific is expected to be a key upcoming market for beverage vending machines during the forecast period. Significant expansion of industries and commercial segments, which results in increasing retail industry in developing regions is anticipated to be a key factor driving the beverage vending machine market in this region, as per Industry Probe analysts.
Increasing number of infrastructure activities and growing awareness in healthcare, tourism, and hospitality sector are further expected to fuel the demand for beverage vending machines among different end users, such as corporate offices, shopping malls, hotels & restaurants, hospitals, airports, etc. Additionally, growing consumer preference for ready-to-drink and packaged drink in offices, shopping malls, airports, educational institutions, etc., is augmenting the demand for beverage vending machines in commercial spaces. Increase in commercial spaces such as corporate offices and shopping malls dominated the overall beverage vending machine market worldwide. Modern beverage vending machines contain upgraded technology and sensors, which offers several features that make beverage vending machines more convenient. Expansion of the beverage vending machine market in emerging economies due to rising number of hotel and quick service restaurants and changing consumer preference toward e-Commerce are driving the business of beverage vending machine manufacturers, which in turn is boosting the beverage vending machine market growth.
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In terms of product type, hot beverage vending machine are mostly preferred by organized retailing in malls and multiplexes, BPOs, IT and ITES sectors users due to their convenience and cost-effectiveness. As compared to cold beverage vending machine segment, the hot beverage vending machine segment is expected to hold a major market share and grow at the fastest rate during the forecast period. In terms of function, semi-automatic beverage vending machines is are preferred over fully automatic vending machines. As compared to fully automatic vending machines, semi–automatic beverage vending machines are available at lower price. In terms of distribution channel, the online is expected to be the most attractive segment during the forecast period. In terms of region, Asia Pacific holds a major share of the global beverage vending machine market, followed by Europe. Increasing consumer preference for ready-to-drink rather than carrying home cooked food and beverages in offices, shopping malls, airports, educational institutions, etc. is augmenting the demand for beverage vending machines in commercial spaces.
The beverage vending machine market is dominated by several players who are focused on the development of new products to cater to the rising and shifting consumer preferences
The report includes the below mentioned pointers of the major players operating in the beverage vending machine market:
? Competition Matrix
? Company Overview
? Product Profiling
? Market Share Analysis (2018)
? Product Innovation
? Product Comparison Analysis
? Business Strategies / Recent Developments
? Technological advancements
? Key mergers and acquisitions
? Expansion strategies
? Company Financials
Some of the major players operating in the beverage vending machine market includes Fuji Electric Co., Ltd, SandenVendo GmbH, Crane Co., IVS Group SA, BIANCHI INDUSTRY SPA, Royal Vendors Inc., Lotte Engineering & Machinery MFG. CO, Evoca Group, Azkoyen Group, Melitta Group, and SandenVendo GmbH.
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