Bizizz Market Research has recently published a research report, “Shoe Shine Machine Market by Product Type (Manual and Automatic), by Application (Commercial and Residential), and Region-Global Industry Trends, Estimation & Forecast, 2019 – 2027”.
As per the report, Global Shoe Shine Machine Market was valued at US$ XX Mn in 2018 and it is anticipated to reach at market value of US$ 64.3 Mn by 2027, witnessing a CAGR of 6.2 % during the forecast period. Key drivers of the market are changing lifestyle, rising number of working populations, and advantages associated with these products.
The shoe shine machines are gaining popularity owing to several benefits offered by these products. Some of the advantages include hands-free operation, portability, and compact size. Rising number of working population and rapidly expanding corporate sector is expected to boost the sales graph for these products.
The Shoe Shine Machine Market Is Anticipated To Register A CAGR Of Over 6.2% During The Forecast Period.
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By Product Type, Manual Segment Held A Prominent Share In Global Shoe Shine Machine Market In 2018
Manual machines come with extended durability as they are integrated with quality components. and convenient to use. These products are less expensive and convenient to use than their automatic counterparts. Also, the machines do need any kind of maintenance except clean up the brushes refilling the polish. These factors are anticipated to contribute in the growth of manual segment during the period of research study.
Asia PacificIs Anticipated To Grow Rapidly During the Forecast Period
Asia Pacific is projected to witness fastest growth over the forecast period. The region is estimated to grow at a CAGR of 5.9 % during the forecast period. The growth of Asia Pacific can be credited to growth in commercial sector coupled with presence of high potential market such as China and India. Moreover, rising number of hotels and restaurants in Asian continents is expected to fuel the regional growth. According to UN World Tourism Organization, in 2019 Asia Pacific has registers a rapid increase in international tourists. However, the recent outbreak of coronavirus is expected to decrease the number of tourists by 30 % which might hamper the regional growth.
Global Shoe Shine Machine market is highly fragmented with several local and few global players. The manufacturers are focused on expanding their sales and distribution channels intended to expand their customer base.
Prominent players operating in the Global Shoe Shine Machine Market are: Dolphy India Pvt. Ltd., HEUTE Maschinenfabrik GmbH & Co KG, Euronics Industries Pvt. Ltd., Beck Shoe Products Co., Sunpentown, Inc., and Moneysworth & Best, among others.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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