The global shoe shine machine market size is expected to reach USD 72.8 million by 2025 registering a CAGR of 5.95%, according to a new report by Grand View Research, Inc. Rising number of working individuals along with increasing demand for quick shoe cleaning services is projected to drive the demand for shoe polishing machines. In addition, the advent of innovative compact, portable, and automated products with dual cleaning brushes and sensors will dive the demand further. Hands-free operation of these machines is also boosting their demand.
Growing product usage in 5-star hotels, business complexes due to rapidly expanding corporate sector will also have a positive impact on the market growth. The shoe shining machine market in Asia Pacific is anticipated to ascend at the maximum CAGR from 2019 to 2025. This growth is attributed to the rapidly expanding commercial construction sector and number of commercial areas, such as hotels, restaurants, and offices, in the region. In addition, increased consumer purchasing power in emerging countries, such as India and China, is driving the sales for automated shoe polishing products, thereby augmenting market development.
Major companies in the shoe polish machine market follow several strategic initiatives, such as product launches, acquisitions & mergers, and online sales, to expand their geographical reach. For instance, in April 2019, Moneysworth & Best launched its own website for selling their products, which include shoe shine machine, creams, cleaners, soles etc. Some of the prominent industry participants include HEUTE Maschinenfabrik GmbH & Co KG; Beck Shoe Products Co.; Moneysworth & Best; Sunpentown, Inc.; Euronics Industries Pvt. Ltd.; and Dolphy India Pvt. Ltd.
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Further key findings from the study suggest:
The automatic product segment is projected to account for the largest revenue share over the next few years
The commercial application segment led the global shoe shine machine market in 2018 and accounted for a share of more than 80%
North America was the dominant regional market in 2018 and is projected to retain its position throughout the forecast years
However, APAC is estimated to register the fastest CAGR from 2019 to 2025 due to rising disposable income levels in emerging countries like India, South Korea, China, and Japan
Grand View Research has segmented the global shoe shine machine market on the basis of 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)
Central & South America
Middle East & Africa
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