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The floor polisher market share is expected to increase by USD 4.31 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.31%.
This floor polisher market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (non-residential and residential) and geography (APAC, North America, Europe, South America, and MEA). The floor polisher market report also offers information on several market vendors, including Boss Cleaning Equipment Co., Hawk Enterprises, Koblenz Electrica SA de CV, Mastercraft Industries Inc., Mercury Floor Machines Inc., Minuteman International, Nilfisk AS, NSS Enterprises Inc., Tacony Corp., and Tennant Co. among others.
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The global growth in the commercial sector is notably driving the floor polisher market growth, although factors such as low availability of workforce and rising labor costs during the COVID-19 outbreak may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the floor polisher industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Floor Polisher Market Driver
One of the key factors driving growth in the floor polisher market is the global growth in the commercial sector. It has been observed that developing countries, such as China, South Korea, and India, and countries in the Middle East, are investing heavily in constructing commercial spaces, institutional buildings, manufacturing plants, and public infrastructure. Countries such as the US, the UK, Germany, Australia, Brazil, Spain, Italy, Canada, and Japan, are also investing heavily in non-residential spaces. Among the Asian countries, India is expected to be the frontrunner in infrastructure development. The recent demonetization in India led to short-term instability in residential building construction. However, it is expected that both commercial and residential spaces will benefit from the move in the long run. Foreign investments have been significantly growing in India as major companies based in the US, Europe, and Japan believe that India has great growth potential. The increasing construction of commercial spaces in Asian countries and developed countries in other regions will boost the growth of the floor polisher market.
Key Floor Polisher Market Challenge
The low availability of the workforce and rising labor costs during the COVID-19 outbreak will be a major challenge for the floor polisher market vendors during the forecast period. In 2020, the COVID-19 pandemic severely impacted the construction industry globally, resulting in a considerable reduction in revenue. Labor issues further aggravated the situation in the market. One of the factors is the shortage of skilled workers. According to the US Bureau of Labor Statistics, the construction industry is expected to need an additional 747,000 workers by 2026. According to the Associated General Contractors of America, in 2021, the average hourly earnings of workers in the construction sector increased by 3.2% to $30.73 compared to that in the previous year. Their wages were also 10.1% higher than the average annual wages in the private sector, which was $27.90 in 2020. Such factors have hampered the profit margins of construction product manufacturers and posed a challenge for the construction of new buildings. The hindrance in the construction projects of residential and non-residential buildings will negatively impact the demand for floor polishers.
This floor polisher market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the floor polisher market encompasses successful business strategies deployed by the key vendors. The floor polisher market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The floor polisher market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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47% of the market's growth will originate from APAC during the forecast period. China and South Korea (Republic of Korea) are the key markets for floor polishers in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increase in construction activities in the residential and commercial sectors will facilitate the floor polisher market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The floor polisher market share growth by the non-residential segment will be significant during the forecast period. The demand for floor polishers has increased in developing countries such as China and India for cleaning and maintaining the floor of commercial buildings. Therefore, the growth in the construction of commercial buildings will drive the growth of the floor polisher market. The rapid growth in Indian services sectors, including information technology (IT), telecommunication, and outsourcing of multinational businesses, is boosting the demand for office space in metropolitan cities of developing countries such as India. This is expected to draw the considerable demand for floor polishers.
This report provides an accurate prediction of the contribution of all the segments to the growth of the floor polisher market size and actionable market insights on post COVID-19 impact on each segment.
Floor Polisher Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.31% |
Market growth 2022-2026 |
$ 4.31 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.75 |
Regional analysis |
APAC, North America, Europe, South America, and MEA |
Performing market contribution |
APAC at 47% |
Key consumer countries |
China, US, Germany, Canada, and South Korea (Republic of Korea) |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Boss Cleaning Equipment Co., Hawk Enterprises, Koblenz Electrica SA de CV, Mastercraft Industries Inc., Mercury Floor Machines Inc., Minuteman International, Nilfisk AS, NSS Enterprises Inc., Tacony Corp., and Tennant Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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