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Shoe Shine Machine Market Size, Share , Latest Trends, Key Players And Forecast To 2033
Shoe Shine Machine Market Size
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Orchids International, Euronics Industries Pvt Ltd., Shoe-String, Thomson & Thomson, Super Safety Services, Avro, Moneysworth & Best, Dolphy India Pvt. Ltd., HEUTE MASCHINENFABRIK GMBH, Zaf Enterprises, Automax Systems, Flyban International, E-WARE, Enejean, Technocrats, Elribird, Sun And Shine Solution, Merino International, Mazorima, Ashika Hygiene Care
Shoe Shine Machine Market 2024 Key Insights:
• 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%.
• Impact Of The Rising Hospitality Sector On The Shoe Shine Machine Market
• Technological Innovations in Shoe Shine Machines Market
• North America was the largest region in the shoe shine machine market in 2023
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