The global value of floor care machine reached ~US$ 3.8 Bn in 2018, discloses the recent report on the floor care machine market by PMR. As per the research, the floor care machine market is estimated to grow at ~3% CAGR during the forecast period. Growing demand for floor care machines from the industrial sector is expected to drive the growth of the floor care machine market during the forecast period.
According to the analysis and detailed study, integration of innovative technologies in floor care machines to get them accustomed with futuristic automated products has positively impacted the growth of the floor care machine market. Furthermore, high demand for floor care machines for industrial and commercial applications is directly contributing to the expansion of the floor care machine market over the forecast period.
Substantial demand for scrubbers and vacuum cleaners is fueling the growth of the floor care machine market during the forecast period. The market value for global floor care machine market is anticipated to be ~US$ 4 Bn by the end of 2019, as indicated by PMR’s market analysis.
M&A Remain a Priority for Key Market Players
Merger and acquisition strategies are executed by manufacturers in order to stay afloat in the intense market competition. Furthermore, manufacturers are aiming to expand their manufacturing facilities for floor care machines, which is expected to drive market growth during the forecast period. For instance, in January 2019, Tennant Company acquired Gaomei Cleaning Equipment Company, based in Hefei, China. It is a renowned company involved in the development and manufacturing of cleaning equipment and solutions for industrial and commercial applications.
Stable Demand from the Industrial Sector Sustaining Market Revenues
According to PMR’s detailed analysis, prominent market players in the floor care machine market are providing floor care machines with distinctive properties, on the basis of machine type, such as burnishers, scrubbers, sweepers, filters & vacuum cleaners, and specialty cleaning equipment. Concentrated demand for floor care machines is from the industrial sector, followed by commercial, and indicates significant growth in the floor care machine market growth throughout the forecast period.
Leveraging IoT (Internet of Things) for Hygienic Indoor Environment
A spectacular drift is observed in the sector, with the manufacturing of floor care machines, where clean environment remains a prominent focus. Widespread efforts to improve hygienic conditions and health of occupants have led to the introduction of IoT to monitor atmosphere inside the work shed area. Hence, innovative floor care machines are expected to develop at a rapid pace.
Floor Care Machine Market: Vendor Insights
PMR’s research report also highlights innovative insights about the viable setup of the floor care machine market and characteristic approaches of key market participants. Some prominent market players are Tennant Company, Nilfisk Group, EUREKA S.p.A. Unipersonale, Alfred Kärcher GmbH & Co. KG, Hako Group, Fimap S.p.A., International Cleaning Equipment, Clemas & Co. Limited, Comac S.p.A., and Tornado Industries.
Significant players of the floor care machine market are implementing several strategies associated with demand from customers and manufacturers. Substantial expansions, innovations, and R&D investments to improve product portfolio are seen in the market. For example, in March 2017, Alfred Kärcher GmbH & Co. KG introduced a new walk-behind scrubber drier BD 30/4 C with disc technology.
Owing to factors such as urbanization, speedy industrial growth, integration of advanced technologies, and stable political background in the region, North America is estimated to hold a significant value share in the global floor care machine market over the forecast period. Presence of key market players in the region and merger, acquisition, and collaboration activities are major factors boosting the growth of the floor care machine market in North America.
This study highlights key opportunities in the floor care machine market and finds that the market would exhibit growth at a CAGR of ~3% during the forecast period. For an in-depth information about the floor care machine market, write to the analyst at email@example.com