The Asia-Pacific Smart Vending Machine Market is projected to grow at a CAGR of around 17.3% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. Owing to the rapid adoption of digital payment methods in the Asia-Pacific, customers are becoming more interested in vending machines that accept cashless payments for goods. During 2021, according to Mastercard's New Payments Index 2022, nearly 88% of customers in the area used digital payment methods like digital wallets, QR codes, etc. Similarly, the total value of e-payment transactions in nations like Vietnam hit about USD15 million in 2021. Due to this, a sizable customer base has emerged that heavily relies on digital payments for everyday transactions. As a result, the market has expanded historically by installing these machines in high-traffic areas like transportation hubs, shopping centers, and corporate offices to cater to the preference of digitally savvy consumers.
Moreover, the demand for smart vending machines has historically been fueled by the growth of organized retailing in malls & multiplexes, BPOs, and the IT sectors in APAC. The desire for these machines has increased as a result of their convenience, as customers can easily buy goods like snacks, beverages, and other necessities without leaving the grounds in malls, multiplexes, and other commercial areas. Also, staff members in the BPO & IT sectors have busy schedules & may not have time to visit a conventional store to buy snacks or other necessities. In line with this, smart vending machines can save time by quickly & easily accessing these goods in these workplaces.
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Additionally, the number of shopping malls is growing in countries like Singapore, India, China, etc., as more investors are trying to take advantage of the region's rising customer demand. Thus, the expansion of malls in these countries presents an opportunity for the installation of these machines to meet the needs & preferences of modern consumers, which would supplement the setting up of these machines & support the market growth during the forecast period, further states the research report, “Asia-Pacific Smart Vending Machine Market Analysis, 2023.”
Surging Demand for Non-Alcoholic Beverage to Augment the Market Growth
Based on the product type segment, the market is further bifurcated into Beverages, Snacks, Chocolate, Candies, Tobacco, and Others (Sanitary Pads, Tickets, Cigarettes, etc.). Owing to the high demand for non-alcoholic beverages, the machines that dispense Beverages witnessed significant demand in Asia-Pacific. The region's largely young & urbanized population has led to high non-alcoholic beverage consumption, leading to the higher requirement for beverage dispensing machines, as they offer consumers a convenient way to buy their preferred drinks, especially in urban areas with a fast-paced lifestyle. Additionally, customers' increased attention to their health is also boosting the demand for drinks with no or low ABV (Alcohol by Volume) in the area, hence contributing to the growth of beverage dispensing smart vending machines during the forecast period.
High Penetration of Smart Devices Has Enabled the Adoption of Smart Vending Machines in Japan
Geographically, in recent years, Japan held a significant portion of the Asia-Pacific Smart Vending Machine market. These machines are considered an integral component of everyday life & Japan is a technologically advanced country with high penetration of smart devices & internet connectivity, making it easier to adopt & use these machines. Further, a sizeable number of market players are utilizing these machines to sell goods that improve consumer convenience & ensure the product is consumed regularly. Moreover, rising consumer spending power & rapid urbanization generated a requirement for high-quality goods that would enable Japan to maintain a sizable market share in the coming years.
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Fuji Electric Co., Ltd., Asahi Group Holdings, Ltd., Provending Machine CO., LTD, Azkoyen SA, Compass Group Plc, Crane Co., EVOCA Spa, Silkron Technology Sdn Bhd, Glory VM, Honeywell International, Inc., Aramark Corporation, Daalchini, etc., are looking forward to strengthening their market position.
Key Questions Answered in the Research Report