New York, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Dry-Cleaning And Laundry Services Global Market Report 2022" - https://www.reportlinker.com/p06229734/?utm_source=GNW
, Atlantic City Linen Supply LLC, Linen King LLC and Radiant Services Corporation.
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%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $141.50 billion in 2026 at a CAGR of 6.0%.
The dry-cleaning and laundry services market consists of sales of dry-cleaning and laundry services and related goods by entities (organizations, sole traders and partnerships) that operate coin-operated or similar self-service laundries and drycleaners; provide dry-cleaning and laundry services (except coin-operated); and/or supply, on a rental or contract basis, laundered items such as uniforms, gowns, and shop towels. Establishments in the dry-cleaning and laundry services industry are mainly involved in washing and/or cleaning clothes and linen and include coin-operated laundries and drycleaners, dry-cleaning and laundry services, linen suppliers and industrial launderers.
The main types of dry-cleaning and laundry services are coin-operated laundries and drycleaners, dry-cleaning and laundry services (except coin-operated) and linen and uniform supply.A coin-operated laundry or dry-cleaning business is a public location where customers can use customer-operated machines to launder or dry clean garments and other materials for a fee.
The different end users include commercial dry-cleaning and laundry services, residential dry-cleaning and laundry services, coin-operated laundries and drycleaners and available through various distribution channels such as offline, online.
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.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the dry-cleaning and laundry services market in 2020 as the need for services offered by these establishments declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the dry-cleaning and laundry services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Use of cashless self-service laundries or coin-operated laundries and drycleaner 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.
North America was the largest region in the dry-cleaning and laundry services market in 2021.Asia Pacific was the second largest region in the dry-cleaning and laundry services market.
The regions covered this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the dry-cleaning and laundry services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06229734/?utm_source=GNW
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