As stated in our extensive report; providing insights on Product, Wax, Distribution and Region; the Global Smart Mobile POS Market accounted for USD 3.5 Billion in 2021.
In recent years, the increasing consumption of candles and candle products as aesthetic-appealing product for household applications is anticipated to drive the growth. Beauty retailers, independent brands, and fashion houses have been coming up with innovative products to constantly capture a new customer base and retain the older ones. Over the past few years, the commercial utility of candles has been witnessing a rise, with the majority of spa and massage centers using scented candles for a soothing effect. Similarly, restaurants and fine dines are increasingly using the product to create a beautiful and aromatic ambiance for the customers.
Market growth is driven by the rising popularity of candles providing dim light and fragrance to enhance the ambiance, as part of the “home sweet home” trend. The increasing use of scented candles in line with the “wellness” trend can further stimulate the market.
According to National Candle Association (NCA), sales of candle products are approximately 3.14 million. National Candle Association member companies account for approximately 80 percent of all candles made in the United States.Approximately 35% of candle sales occur during the Christmas/Holiday season. Non-seasonal business accounts for approximately 65% of candle sales.
The outbreak of coronavirus (COVID-19) in early 2020 led to the steepest decline in candle production as a number of festivals were canceled owing to the quick and quick spread of coronavirus. The implementation of the lockdown in China in January, followed by subsequent months in countries across the world, as well as stringent regulations passed by government bodies on the movement of people and goods that were necessary to limit the spread of COVID-19, led to a downfall in sales of Smart Mobile POS Market.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in the coming years owing to the high demand for candles in this region. The market growth can be attributed to the increasing demand for candles in this region. Meanwhile, the Asia Pacific is predicted to be the fastest-growing region, with emerging economies such as India and China driving the market growth. The growing cultural influence in the region, improving the standard of living, and the growing disposable income are estimated to aid the market growth in the forecast period.
Developing economies like India, China, and the Middle East are expected to gain a huge market for candles owing to the increasing population. The Asia Pacific held the largest share of the Smart Mobile POS Market in 2021, followed by Europe and North America.
Major players of the Global Smart Mobile POS market such as Fujian Centerm, Ingenico (Landi), Newland Payment, PAX Technology, SZZT, Electronics, Xinguodu, Verifone, NEWPOS, Smartpeak, Elo Touch, Clover Network Justtide, Hisense, Wintec.