The Shoe Shine Machine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Shoe Shine Machine Global Market Report 2024, The shoe shine machine market size has grown strongly in recent years. It will grow from $7.81 billion in 2023 to $8.39 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to increasing disposable income, expansion of the hospitality industry, the rise of corporate culture and professionalism, increasing demand from the commercial sector, and growing focus on hygiene and cleanliness.
The shoe shine machine market size is expected to see strong growth in the next few years. It will grow to $11.25 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing urbanization and professional workforce, development of the tourism industry, rising disposable income and consumer spending, a rising number of working individuals, and growing demand for portable and compact devices. Major trends in the forecast period include the incorporation of IoT and smart features, the development of smaller, more portable shoe shine machines, the growing use of sustainable and eco-friendly materials, the adoption of automated cleaning systems, and an emphasis on energy-efficient models.
The rising hospitality sector is expected to drive the shoe shine machine market. The hospitality sector refers to businesses involved in providing lodging, food, beverages, and other services to guests or travelers. It encompasses hotels, restaurants, bars, resorts, event venues, and related establishments that prioritize customer comfort and service excellence. The hospitality sector is expanding due to growing travel, rising incomes, global business demands, and changing consumer expectations for personalized service and convenience. Shoe shine machines improve the guest experience with convenient shoe care, ensuring a polished look and enhancing cleanliness standards. For instance, in May 2023, according to a report published by the USDA Foreign Agricultural Service (FAS), a US-based government department, in 2021, the hotel, restaurant, and institutional (HRI) market of the United Arab Emirates (UAE) was valued at $12.3 billion, reflecting an increase of nearly 17% compared to 2020. Therefore, the rising hospitality sector will drive the shoe shine machine market.
<h4 class=reporthtag>Working Individuals Driving Shoe Shine Machine Market Growth</h4>
The rising number of working individuals is expected to drive the shoe shine machine market going forward. Working individuals are those actively employed to earn income and contribute to the workforce. The number of working individuals is rising due to population growth, increasing participation of women in the workforce, economic expansion, and more job opportunities. Shoe shine machines help working individuals by providing quick and convenient shoe care, ensuring a polished appearance that enhances professionalism and hygiene standards in their work environment. For instance, in December 2023, according to a report published by the Bureau of Labor Statistics, a US-based governmental agency, in 2022, 63.8 percent of the population was employed, an increase from 63.3 percent in 2021. Therefore, a rising number of working individuals will drive the shoe shine machine market.
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The shoe shine machine market covered in this report is segmented –
1) By Product: Automatic, Manual
2) By Distribution Channel: Offline, Online
3) By Application: Residential, Commercial
Major companies operating in the shoe shine machine market are utilizing robot-enhanced systems to enhance sustainability practices, improve product efficiency, and reduce environmental impact. Robot-enhanced systems use advanced robotics to automate and improve shoe cleaning and repair, increasing efficiency and accuracy. For instance, in September 2022, Nike, a US-based athletic footwear and apparel corporation, launched a Bot-Initiated Longevity Lab (BILL). This robot can polish and repair old trainers in 45 minutes, providing the service for free. It is available for Air Force 1s, Air Jordan 1s, Space Hippie 01s, and Nike Dunks. It creates a 3D digital model to identify areas needing cleaning and employs rotating brushes, similar to those in car washes, for a deep clean.
The shoe shine machine market report table of contents includes:
1. Executive Summary
2. Shoe Shine Machine Market Characteristics
3. Shoe Shine Machine Market Trends And Strategies
4. Shoe Shine Machine Market – Macro Economic Scenario
5. Global Shoe Shine Machine Market Size and Growth
…
32. Global Shoe Shine Machine Market Competitive Benchmarking
33. Global Shoe Shine Machine Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Shoe Shine Machine Market
35. Shoe Shine Machine Market Future Outlook and Potential Analysis
36. Appendix
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