The global Shoe Shine Machine Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global shoe shine machine market size was accounted for USD 48.56 million, in the year 2018. It is estimated to grow at a CAGR of 5.95% over the forecast period, 2019 to 2025. These machines are capable of cleaning and polishing shoes in lesser time than manual methods. Factors such as the growing working-class population and their preferences for shoe polishing services in quick time are anticipated to fuel the market growth.
Key Players:
- HEUTE Maschinenfabrik GmbH & Co KG
- Beck Shoe Products Co.
- Moneysworth & Best
- Sunpentown Inc.
- Kalorik
- Euronics Industries Pvt. Ltd.
- Dolphy India Pvt. Ltd.
- Esfo AB
- Jet Industries
Request free sample to get a complete analysis of top-performing companies @ https://www.millioninsights.com/industry-reports/global-shoe-shine-machine-market/request-sample
Growth Drivers:
The global shoe shine machine market size is projected to touch USD 72.8 million by the end of 2025, according to a new report released by Million Insights. It is estimated to grow at a CAGR of 5.95% over the forecast period, 2019 to 2025.The market is anticipated to be driven by the increasing population of working class along with growing demand for quick shoe cleaning and polishing services. Further, introduction of compact, automatic and portable products equipped with sensors and dual cleaning brushes is expected to bode well for the market growth in the near future.
Product Outlook:
- Automatic
- Manual
The automatic product division led the market with over 63% of the market share, in 2018. The automatic machines, which offer hands-free application, are regarded as the most advanced form of shoe machines. Furthermore, these machines are embedded with infrared sensors that control the wax used while brushing or discharge of polish.
The manual product division is expected to grow at the fastest CAGR of 6.37% over the forecast period. The manual devices are easy to carry, cost-effective and compact in nature along with longer working life compared to other devices. Such properties are anticipated to drive the segment growth over the forecast period.
Application Outlook:
- Residential
- Commercial
The commercial application segment held the largest market share with a revenue of USD 38.96 million in the year 2018. It is further anticipated to dominate the market in the coming years. Automatic machines are being widely installed across various commercial places such as party clubs, malls and luxury hotels among others for quick cleaning service. This factor, in turn, is estimated to supplement the market growth over the forecast period.
The residential segment is projected to register the fastest CAGR of 7.35% over the forecast period. The products sold in this segment are compact, small and cost-effective than those in the commercial sector. Further, the product demand in the residential segment is proliferated by the rise in the purchasing power of consumers along with the growing working class in the Asia Pacific.
Regional Outlook:
North America hled the shoe shine machine market in the recent past and it is expected to continue its dominance over the forecast period. The growing number of commercial places such as malls, clubs, restaurants, hotels, and offices in nations like Canada and the U.S. has accelerated the regional market growth. In addition,high disposable income of customers results in rising sales for household and commercial products.
Asia Pacific is anticipated to be the fastest-growing regional market over the forecast period owing to the continuously booming real-estate business in the region. Moreover, the growing corporate sector along with increasing industrialization and urbanization in countries such as China and India are further accelerating the regional market growth.
Browse Related Category Research Reports @ https://industryanalysisandnews.wordpress.com/
No comments:
Post a Comment