Surge in number of working populations, multiple advantages of electric shoe polisher, and rise in number of hotels & restaurants, schools, and other businesses drive the growth of the global electric shoe polisher market.
PORTLAND, Ore., Sept. 20, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Shoe Polisher Market by Product Type (Fully Automatic and Handheld Automatic), End User (Residential and Commercial), and Distribution Channel (Specialty Store, B2B, Online Store, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global electric shoe polisher industry generated $45.4 million in 2020, and is anticipated to generate $98.5 million by 2030, witnessing a CAGR of 5.3% from 2021 to 2030.
Prime determinants of growth
Surge in number of working populations, multiple advantages of electric shoe polisher, and rise in number of hotels & restaurants, schools, and other businesses drive the growth of the global electric shoe polisher market. However, low penetration in developing regions and availability of counterfeit products hinder the market growth. On the other hand, product innovation and rapid growth of online retail platforms present new opportunities in the coming years.
The outbreak of the Covid-19 pandemic led to the shutdown of notable proportion of the hospitality industry, schools, and corporate offices, thereby, dramatically hampered the demand for electric shoe polisher across the globe.
Nevertheless, the global situation is getting ameliorated at a slow & steady pace, and the market is expected to revive soon.
The commercial segment to maintain its leadership status throughout the forecast period
Based on end user, the commercial segment held the highest market share in 2020, accounting for nearly two-thirds of the global electric shoe polisher market, and is estimated to maintain its leadership status throughout the forecast period. This is due to rise in number of installations of automatic machines in commercial areas, such as hotels, restaurants, schools, and others, for quick shoe cleaning services. However, the residential segment is projected to manifest the highest CAGR of 5.8% from 2021 to 2030, owing to rise in number of working individuals and consumer disposable income levels.
The B2B segment to maintain its lead position during the forecast period
Based on distribution channel, the B2B segment accounted for the largest share in 2020, contributing to nearly two-fifths of the global electric shoe polisher market, and is projected to maintain its lead position during the forecast period. This is because digital marketing is an ongoing trend in B2B sales channels through which the electric shoe polisher manufacturers can directly sell their products to businesses including hotels, corporate offices, malls, schools, and other business complexes. However, the online store segment is expected to portray the largest CAGR of 7.0% from 2021 to 2030, owing to rise in popularity of e-commerce or online storesfor the purchase of electronic products, footwear, and others among the customers.
North America, to maintain its dominance by 2030
Based on region, North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global electric shoe polisher market. This is due to surge in number of commercial spaces, such as malls, offices, clubs, restaurants, and hotels, in countries including the U.S. and Canada. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.1% during the forecast period, owing to rapid expansion of the hospitality sector in the region.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.