The global portable leather polishing machine market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2031. Leather polishing machine is used to even out the surface of leather, and add shine to it. The growth of the market can be attributed to the growing demand for portable machines, backed by the compact size, ease of use, and easy transportation of the machine. Moreover, the growing demand for high-end luxurious products amongst the urban high class population is further estimated to boost the market growth. Leather is used in various lines of products, including belts, bags, footwear, and jackets. In fact, it was observed that global market value of leather goods was worth approximately USD 250 billion in 2019. Further, rapid urbanization and growing disposable income are also major factors estimated to encourage the market growth. Additionally, the growing adoption of leather-based interior decoration, especially renovation of old furniture, is projected to surge the demand for portable leather polishing machine.
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The market is segmented by type into machines with laps, wet-blasting machines, and centrifugal machines, out of which, the centrifugal machines segment is anticipated to hold a substantial share in the global portable leather polishing machine market over the forecast period on account of increasing usage of centrifugal machines in the textile and accessory industry. This machine provides maximum surface coverage and is cost-effective, which is expected to boost the segment growth.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global portable leather polishing machine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is estimated to witness noteworthy growth over the forecast period on the back of high demand for high-end fashion products, along with the prevalent luxurious lifestyle. Various countries, such as, France, Belgium, Spain, and UK, are major hubs for luxury fashion products, which is estimated to boost the demand for portable leather polishing machines.
The market in the Asia Pacific region is anticipated to gain the largest market share throughout the forecast period owing to the presence of major leather treatment companies, and growing export activities in the region. According to the data by the India Brand Equity Foundation (IBEF), the total leather and leather products export from India amounted to USD 5.07 billion in 2019-20. The APAC region is also witnessing economic growth, which in turn, is estimated to increase the demand for high-end products in the region. This is anticipated to boost the market growth.
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The global portable leather polishing machine market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global portable leather polishing machine market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Ease of transportation, use, and storage is estimated to boost the growth of the portable leather polishing machine market.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2031.
The major players in the market are WAND, Inc, Garg Machines, Blue Level GmbH, HARMAN International, Anduril Industries Inc., Bharat Engineering Works PVT. LTD., Leather Repair Company, and TFL Ledertechnik GmbH.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, operation, end-user, and by region.
The centrifugal machines segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
The unstable prices of raw material are estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the growing demand for luxurious products.
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