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 Beverage Vending Machine Market is expected to reach US$ 21,360.3 Million by 2027 and expand at a CAGR of 5.9 % from 2020 to 2027.
The reports includes the below mentioned pointers of the major players operating in the Beverage Vending Machine Market:
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 More
Browse the full report at https://www.industryprobe.com/report-desc-overview.php?id=MjIy&name=Beverage-Vending-Machine-Market
Overview
The Beverage Vending Machine Market was valued at US$ 8,828.9 Million in 2020 and is expected to expand at a CAGR of 6.2% from 2020 to 2027. Installation of vending machines at public places is boosting the Beverage Vending Machine Market in Asia Pacific.
Modern beverage vending machines possess various features, which make vending machines user-friendly. The expansion of the Beverage Vending Machine Market in emerging economies can be attributed to busy schedule, lack of time, and changing consumer preference.
As compared to cold beverage vending machine, hot beverage vending machine is expected to hold a major market share and grow at the fastest rate during the forecast period
Driving Factors
Technological advancements in electronics is responsible for the demand for smart beverage vending machines across the world. In the last decade, the Beverage Vending Machine Market has witnessed task and energy-efficient products whether in terms of features, designs, or functionalities. This has enhanced the demand for hot beverage vending machines.
Some of the hot beverage vending machines offer different features such as adjustable thermostat, Led display, and Wi-Fi. Moreover, manufacturers are offering multifunction hot beverage vending machine to increase the demand across the world. This is expected to increase market attractiveness of hot beverage vending machine across the world during the forecast period.
Increasing popularity of beverage vending machines across different application across the world is expected to increase the demand of beverage vending machines during the forecast period
Key Challenges
However, beverage vending machines require high installation cost and regular maintenance. This factor is expected to hamper the hot beverage vending machine during the forecast period.
Market Preference
As compared to hot beverage vending machines, cold beverage vending machine are priced higher. Cold beverage vending machines require high maintenances and high initial cost. They are best option for restaurants, shopping malls, airports, etc. All these factors are expected to increase the demand for hot beverage vending machines during the forecast period.
Increase in the number of quick service restaurant franchise across the world is expected to fuel the demand of hot beverage vending machine worldwide during the forecast period
Increasing consumer preference for hot beverages and awareness about health has also increased the demand for beverage vending machines
The growth of the packaged beverage industry is expected to play a crucial role in the expansion of the North America Beverage Vending Machine Market
The market in Asia Pacific is expected to grow at the fastest rate during the forecast period. Continuous investments in public infrastructure and growth in organized retail are likely to drive the demand for beverage vending machines across the Asia Pacific region during the forecast period.
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