Key Factors Behind Surge in Laundry Services Market
The global dry-cleaning and laundry services market is expected to grow from $104.23 billion in 2021 to $111.93 billion in 2022 at a compound annual growth rate (CAGR) of 7.4 percent, according to a report from Research and Markets. The market is expected to reach $141.50 billion in 2026 at a CAGR of 6.0 percent.
A gradual shift in customer spending towards tourism is expected to positively impact the hospitality sector in the forecast period driving the market for dry-cleaning and laundry services. In order to cater to increasing tourists' demands, hotels are coming up with new business models where the rooms are available for multiple bookings on a single day.
This in turn is expected to increase the number of times a linen is changed in a hotel room on a daily basis, increasing the amount of linen to be washed after every change. This business model is expected to drive the demand for dry-cleaning and laundry services in the hospitality industry, where hotels prefer using a professional launderette to optimize operations time and keep quality services. Therefore, the growth of the hospitality industry is expected to drive the dry-cleaning and laundry services market.
Use of cashless self-service laundries or coin-operated laundries and dry cleaner machines is growing across the world. This growth is primarily due to emergence of cards and other alternative electronic payment methods such as RFID contactless credit cards, or NFC enabled mobile wallets that provide a cost-effective alternative to handle cash and are also easy to use.
Apart from this, cashless laundry machines also provide relief from painstaking cash management in laundries, and secure solutions over cash operated machines, which have to be carefully monitored for thefts. For instance, companies such as 'Texas Coin And Commercial Laundry' and 'Lone Star Laundromat Services' based in Texas, USA are laundry service providers that adopted cashless laundry services.
Markets Covered the report include:
1. By Type: Coin-Operated Laundries And Dry Cleaners; Dry-Cleaning And Laundry Services (except Coin Operated); Linen And Uniform Supply
2. By End-Use: Commercial Dry-Cleaning And Laundry Services; Residential Dry-Cleaning And Laundry Services; Coin-Operated Laundries And Dry Cleaners
3. By Distribution Channel: Offline; Online
Access to the full report is available here.