Electric Shoe Polisher Market Expected to Reach $98.5 million by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “global electric shoe polisher market by product type, end user, distribution channel, and region: global opportunity analysis and industry forecast, 2021–2030,” the global electric shoe polisher market size was valued at $45.4 million in 2020, and is projected to reach $98.5 million by 2030, registering a CAGR of 5.3% from 2021 to 2030.

An electric shoe polisher is used to clean and polish shoes to give a shiny look. Unlike traditional shoe polishers, these electric shoe polishers save time and polishes shoes faster. The machine helps in giving a shiny look to shoes for a longer period. An automatic shoe polisher operates with infrared sensors. With cream or wax placed in the middle of the machine. Sensor detects shoe placed in machines and brush cleans shoes. In addition, electric shoe polishers have become a part of many offices, hotels, and airports. Moreover, surge in youth population, improved lifestyle, and rise in disposable income of individuals in developing countries are anticipated to offer immense opportunities for the electric shoe polisher market growth during the forecast period.

The outbreak of coronavirus has negatively impacted the electric shoe polisher industry along with all stages of supply chain and value chain. Presently, the supply chain is far more complex as compared to what it was a decade ago. The COVID-19 pandemic has not only hampered production facilities but also disrupted supply chains such as material suppliers and distributors of the electric shoe polisher market globally, impacting the electric shoe polisher market demand, in terms of value sales.

Furthermore, by distribution channel, the online store segment is anticipated to be the fastest growing segment, in terms of value sales during the forecast period. This is attributed to the fact that e-commerce is becoming a popular medium for purchase of electronic goods including electric shoe polishers among customers. This is attributed to easy availability of electric shoe polishers and benefits provided by these stores such as information about product functional attribute, time-saving features, and facility of home delivery to customers.

The global electric shoe polisher equipment market segments are categorized into product type, end user, distribution channel, and region. By product type, it is classified into fully automatic and handheld automatic. By end user, it is divided into residential and commercial. On the basis of distribution channel, it is segregated into specialty store, B2B, online store, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, India, Australia & New Zealand, Japan, South Korea, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Turkey, and Rest of LAMEA).

Key findings of the study

• By product type, the fully automatic segment accounted for the highest electric shoe polisher market share in 2020, growing at a CAGR of 5.1% from 2020 to 2030.
• By end user, the commercial segment accounted for the highest electric shoe polisher market share in 2019, growing at a CAGR of 5.0% from 2020 to 2030.
• By distribution channel, the B2B segment accounted for the highest market share in 2020, growing at a CAGR of 4.3% from 2020 to 2030.
• By Region, North America occupied the maximum share in the market in 2020 and is expected to be the dominating segment during the electric shoe polisher market forecast period.

Companies can operate their business in highly competitive market by launching new products or updated versions of existing products. In the recent past, many leading players opted for product launch as a business strategy to strengthen their foothold in the market. To understand the key trends of the market, strategies of leading players are analyzed in the report. Some of the key players in the electric shoe polisher market analysis includes Beck Shoe Products Co., Braukmann GmbH, Comfort House, Dolphy India Pvt. Ltd., ESFO AB, Euronics Indistries Pvt Ltd, Expondo GmbH, HEUTE Maschinenfabrik GmbH & Co. KG, Orchids International, and Sunpentown Inc.