Global Dry Cleaning and Laundry Services Market Report
Dublin, May 31, 2022 (GLOBE NEWSWIRE) — The “Dry Cleaning and Laundry Services – Global Market Trajectory and Analysis” report has been added to from ResearchAndMarkets.com offer.
Global Dry Cleaning and Laundry Services Market to Reach $72.5 Billion by 2024
The global dry cleaning and laundry services market is expected to reach US$72.5 billion by 2024, registering a compound annual growth rate (CAGR) of 4.2% over the analysis period.
The United States is the largest regional market for dry cleaning and laundry services, accounting for an estimated 29.0% share of the global total. The market, estimated at US$17 billion in 2019, is expected to reach US$20.9 billion by 2025. China is expected to spearhead the growth and become the fastest growing regional market with a CAGR of 5.8% over the analysis period.
Over the years, the demand for cleaning and laundry services has seen strong growth in the residential, commercial and industrial sectors. The increase in the number of single person households and the rapid pace of urbanization, strong growth in sectors such as healthcare and hospitality have also contributed to the rise in demand for laundry services.
The contribution of emerging economies, with their strong economic growth, has been significant in driving the demand for dry cleaning and laundry services. In the coming years, the market is poised to benefit from the steady growth of the hospitality industry, increasing franchising opportunities, and advancements in technology. The increasing participation of women in the workforce and the profitability of laundry services are driving the growth of the market.
Rising levels of internet penetration, growing use of smartphones and the advent of mobile apps are expected to drive the demand for on-demand online laundry services. Additionally, the laundry services market will be aided by the advent of smart laundry technologies, which have the ability to increase the efficiency of laundry operations and reduce the cost of laundry services for customers.
Developed regions are major markets for dry cleaning and laundry services. With the continuous growth of the travel and tourism industry and encouraged by modern lifestyles, the demand for textile and apparel laundry is driving the growth in the developed regions, thus driving the growing demand for laundry services.
Growing urban population, changing consumer lifestyles and improving living standards are driving the demand for laundry services in emerging economies such as India. Strong growth seen in several business sectors including hotels and hospitals is also driving the demand for dry cleaning and laundry services in the region.
Main topics covered:
1. MARKET OVERVIEW
- Overview of the influencer market
- Global Market Trajectories
- Dry cleaning and laundry services market: prelude
- Commercial laundry services will present a significant growth opportunity
- Asia-Pacific: a high-growth regional market
- Recent market activity
- Impact of Covid-19 and a looming global recession
2. FOCUS ON CERTAIN PLAYERS
- Aramark Corporation (USA)
- Cintas Corp. (United States)
- CSC ServiceWorks, Inc. (USA)
- CWS-boco International GmbH (Germany)
- Elis SA (UK)
- EVI Industries, Inc. (USA)
- Huntington Cleaners & Shirt Laundry (USA)
- Mulberrys LLC (USA)
- The Procter & Gamble Company (USA)
- UniFirst Corporation (USA)
- Yates Dry Cleaning (USA)
- Zipjet Ltd. (UK)
3. MARKET TRENDS AND DRIVERS
- Advent of smart laundry technologies to boost market growth
- Driven by high-speed internet connectivity and smartphone penetration, the online on-demand laundry services market is growing at a healthy pace
- Global Online Laundry Services Market by Application (in %) for 2019
- Online laundry services market by type of service (in %) for 2019
- Coin-operated laundry services market is growing at a slow pace
- Hospitality sector: an important market for laundry services
- On-site laundry for the hospitality industry: percentage breakdown of operating costs by cost element
- Increase in accommodation services and travel accommodation to stimulate increased use of commercial laundry services
- Rising demand for sustainable laundry services
- Sustained growth of the cashless self-service laundromat market
- The franchise business model is gaining traction in the dry cleaning and laundry services industry
- Health services: a traditional revenue generator for laundry services
- Strong demand for laundry services in uniform supply market
- The residential laundry services market is benefiting from changing lifestyles and the increase in the number of single-person households
- Outsourcing of laundry services is gaining momentum
4. GLOBAL MARKET OUTLOOK
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/ru2g7