PORTLAND, Ore., September 20, 2021 / PRNewswire / – Allied Market Research published a report titled, “Electric Shoe Shine Machine Market By Product Type (Fully Automatic & Portable Automatic), End User (Residential & Commercial) & Distribution Channel (Specialty Store, B2B, Online Store & Others): Global Opportunity Analysis & Industry Forecast, 2021-2030 “. According to the report, the global electric shoe shine machine industry has generated $ 45.4 million in 2020, and should generate $ 98.5 million by 2030, with a CAGR of 5.3% from 2021 to 2030.
Main determinants of growth
The increase in the number of working people, the manifold advantages of the Electric Shoe Shine Machine, and the increase in the number of hotels and restaurants, schools and other businesses are driving the growth of the Global Electric Shoe Shine Machine Market . However, low penetration in developing regions and availability of counterfeit products is hampering the growth of the market. On the other hand, product innovation and the rapid growth of online retail platforms present new opportunities in the years to come.
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- The outbreak of the Covid-19 pandemic has resulted in the shutdown of a significant proportion of the hospitality industry, schools and corporate offices, which has significantly hampered demand for an electric shoe shine machine across the world.
- Nevertheless, the global situation is improving at a slow and steady pace, and the market is expected to pick up soon.
The business segment will maintain its leading status throughout the forecast period
On an end-user basis, the commercial segment held the highest market share in 2020, accounting for nearly two-thirds of the global electric shoe shine machine market, and is expected to maintain its leading status throughout the period. forecast. This is due to the increase in the number of automatic machine installations in commercial areas, such as hotels, restaurants, schools and others, for quick shoe cleaning services. However, the residential segment is expected to post the highest CAGR of 5.8% from 2021 to 2030, due to the increase in the number of working people and the levels of disposable income of consumers.
The B2B segment will maintain its leading position during the forecast period
On the basis of distribution channel, B2B segment accounted for the largest share in 2020, contributing nearly two-fifths of the global electric shoe shine machine market, and is expected to maintain its leading position during the forecast period. Indeed, digital marketing is a continuing trend in B2B sales channels through which manufacturers of electric shoe shine machines can directly sell their products to businesses, including hotels, corporate offices, shopping malls, stores, shops, restaurants and businesses. schools and other shopping complexes. However, the online store segment is expected to account for the largest CAGR of 7.0% from 2021 to 2030, owing to the growing popularity of e-commerce or online stores for purchasing electronics, shoes and the like. among customers.
North America, to maintain its dominance by 2030
Depending on the region, North America, held the highest market share in terms of 2020 revenue, accounting for nearly two-fifths of the global electric shoe shine machine market. This is due to the increase in the number of commercial spaces, such as malls, offices, clubs, restaurants and hotels, in countries like the United States and Canada. However, the Asia Pacific The region is expected to experience the fastest CAGR of 8.1% during the forecast period, due to the rapid expansion of the hotel industry in the region.
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Main market players: –
- Beck Co Footwear Products
- Braukmann GmbH
- Comfort House
- Dolphy India Pvt. Ltd.
- ESFO AB
- Euronics Indistries Pvt Ltd
- Expodo GmbH
- HEUTE Maschinenfabrik GmbH
- Orchids International and Sunpentown Inc.
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