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.
The product is widely used in commercial spaces like luxury hotel and business complexes, which, in turn, is positively driving the market growth. Among different regions, Asia Pacific is predicted to grow at the fastest CAGR over the forecast period. Increasing commercial spaces such as restaurants, offices and hotels in this region are attributing to this growth. Moreover, rising per capita income of customers in developing nations such as China and India is proliferating the demand for automated shoe cleaning and polishing products, supplementing the development of the market.
Leading players in the industry are adopting various strategic tactics such as product innovation, use of online distribution channels and mergers and acquisitions to gain a competitive edge over other competitors. For example, Moneys worth & Best in the year 2018, announced the launch of its portal for promoting and selling their products such as shoe shine creams, soles, machines, cleaners, andothers. Keyplayers in this industry are Moneys worth & Best; Euronics Industries Pvt. Ltd.; Dolphy India Pvt. Ltd. Beck Shoe Products Co.; HEUTE Maschinen fabrik GmbH & Co KG; and Sunpentown, Inc.
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Further key findings from the report suggest:
• The automatic product division is anticipated to hold the largest share in the market over the forecast period.
• In 2018, the commercial segment dominated the global shoe shine machine market accounting for more than 80% of the market share.
• North America led the market in 2018 and is anticipated to continue its dominance in the coming years.
• APAC is predicted to ascend with the fastest CAGR over the forecast period owing to the increasing purchasing power of customers in nations such as South Korea, India, Japan and China.
Million Insights has segmented the global shoe shine machine market based on product, application, and region:
Shoe Shine Machine Product Outlook (Revenue, USD Million, 2015 - 2025)
Shoe Shine Machine Application Outlook (Revenue, USD Million, 2015 - 2025)
Shoe Shine Machine Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)
• South Africa