- US: +1-408-610-2300
- Toll Free: +1-866-831-4085
- Become a Client
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.
These machines are portable, automated, and compact, embedded with sensors and two cleaning brushes. Another property of these cleaning machines is a hands-free application that offers greater ease to its users. Such properties are projected to boost the sales of the product in the coming years. Moreover, the growing usage of this product in hotels and commercial complexes is expected to positively drive market growth.
These machines are gaining traction in various hotels and restaurants across the Asia Pacific. The regional demand is fueled by the booming hospitality segment. Furthermore, the rise in the disposable income of customers in nations like China and India has accelerated the demand for shoe cleaning machines in the region.
Leading players of the market are adopting various strategic initiatives like product innovation, increasing online sales, and mergers & acquisitions to gain a competitive edge. For example, Best & Money worth announced the launch of its portal for selling and promoting its products such as shoeshine creams, soles, machines, cleaners, and others.
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 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 along with longer working life compared to other devices. Such properties are anticipated to drive the segment growth over the forecast period.
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 services. 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.
North America held 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, the high disposable income of customers results in rising sales for household and commercial products.
The 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.
Leading players in this industry Moneys worth & Best; Euronics Industries Pvt. Ltd.; Dolphy India Pvt. Ltd.Beck Shoe Products Co.; HEUTE Maschinenfabrik GmbH & Co KG; and Sunpentown, Inc. To gain a competitive advantage over others, the companies are focusing on various strategic initiatives such as new product development, business expansion, and mergers & acquisitions. For example, a leading player Money worth & Best in November 2018, expanded its services to a newly built distribution center located in Ontario, the U.S.
|
Attribute |
Details |
|
The base year for estimation |
2018 |
|
Actual estimates/Historical data |
2015 - 2017 |
|
Forecast period |
2019 - 2025 |
|
Market representation |
Revenue in USD Million and CAGR from 2019 to 2025 |
|
Regional scope |
North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa |
|
Country scope |
U.S., Germany, U.K., China, India, Brazil, and South Africa |
|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
|
15% free customization scope (equivalent to 5 analysts working days) |
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of the customization |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For this study, Million Insights has segmented the global shoe shine machine market report based on product, application, and region:
• Product Outlook (Revenue, USD Million, 2015 - 2025)
• Automatic
• Manual
• Application Outlook (Revenue, USD Million, 2015 - 2025)
• Residential
• Commercial
• Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• U.S.
• Europe
• Germany
• U.K.
• the Asia Pacific
• China
• India
• Central & South America
• Brazil
• Middle East & Africa
• South Africa
Research Support Specialist, USA