North America Industrial Vending Machine Market Size, Share & Trends Analysis Report By Type (Carousel, Coil), By Product (MRO Tools, PPE), By End-Use (Manufacturing, Construction), By Country, And Segment Forecasts, 2023 - 2030

North America Industrial Vending Machine Market Size, Share & Trends Analysis Report By Type (Carousel, Coil), By Product (MRO Tools, PPE), By End-Use (Manufacturing, Construction), By Country, And Segment Forecasts, 2023 - 2030

North America Industrial Vending Machine Market Growth & Trends

The North America industrial vending machine market size is expected to reach USD 2.00 billion by 2030, expanding at 9.6% CAGR from 2023 to 2030, according to a new study by Grand View Research Inc. Industrial vending machines have grown in popularity in North America, where they can be found in diverse locations such as manufacturing factories, warehouses, and distribution centers. These machines let staff easily access equipment and supplies while allowing management to check usage and limit expenditures. Also, the need for improved inventory management, cost control, and increased safety measures is driving the market.

One of the main driving factors in the market is the requirement for firms to improve their inventory management operations. Many firms require assistance in maintaining inventory levels, which can lead to stockouts and production delays. This challenge is addressed by industrial vending machines, which provide real-time inventory tracking and automated restocking. Furthermore, the desire to reduce waste and control costs is also driving the adoption of industrial vending machines. Businesses can avoid waste and save money on unneeded purchases by tracking inventory levels and distributing only the amount of goods required.

However, several restraints limit the growth of the market such as lack of awareness about their benefits among end-users. A lot of companies fail to realize the possible cost savings and improved productivity that can be offered by these machines. Moreover, COVID-19 has increased the demand for PPE and other safety equipment, which can be efficiently distributed through industrial vending machines. These machines provide a contactless and convenient method of obtaining vital supplies while reducing the risk of transmission.

Industrial vending machines can provide a beneficial answer to the rise of just-in-time manufacturing and the requirement for quick, effective inventory management. Workers can rapidly get the components and supplies they need to keep production operations smooth through industrial vending machines placed on the shop floor. This saves time and contributes to lower waste and inventory expenses.

North America Industrial Vending Machine Market Report Highlights

• The coil vending machine segment accounted for nearly 37.0% of the revenue share in 2022, owing to its higher penetration across various end-use industries such as construction, manufacturing, and oil & gas
• The PPE segment accounted for the largest share of nearly 41.0% in 2022 due to the increased use of protective items across various industries, including hard hats, safety goggles, and safety gloves
• Moreover, the MRO segment is estimated to register a robust CAGR over the forecast period. MRO supplies such as tools, spare parts, sealants, coatings, tool kits, and testing equipment are required the most, during downtime
• The manufacturing industry is expected to grow at a CAGR of approximately 9.5% over the forecast period. This is credited to the strong growth in the manufacturing sector worldwide, especially in emerging economies
• Key players are opting for various strategies, including product development, expansion to new geographic locations, and joint ventures, to increase sales and improve market share. For instance, in February 2022, Neon, an NFT & digital platform, announced the launch of the globe’s first NFT vending machine in New York. The vending machine, the first of its kind globally, makes it possible for almost anybody to enter the realm of NFTs without a prior understanding of blockchain or cryptocurrencies

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