Newark, Jan. 12, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 51.4 billion in 2022 Laundry Facilities and Dry-Cleaning Services market will reach USD 73.65 billion by 2030. Laundry service providers can offer more efficient services by saving time and money using technologically advanced internet of things enabled appliances or smart washing machines, contributing to the market's growth. The convenience and ease provided by such services also contribute to their high adoption.
Key Insight of the Laundry Facilities and Dry-Cleaning Services Market
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Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest Laundry facilities and dry-cleaning services market share. Key factors favoring the growth of the Laundry facilities and dry-cleaning services market in the Asia Pacific are the presence of labor at lower prices and the increasing working population. Furthermore, factors such as increased disposable income, and lifestyle changes, among others, also increase the demand for laundry facilities and dry cleaning services. In addition, the market is anticipated to be driven by factors including burgeoning economies (like India and China).
The coin-operated laundries segment is expected to augment the Laundry facilities and dry-cleaning services market during the forecast period.
The coin-operated laundries segment is anticipated to dominate the market over the forecast period. Coin-operated laundries are easy to use and can be operated manually by the consumer, which makes them ideal for those who have prior knowledge of using laundry products. This helps save the cost of labor, propelling the segment's growth.
The residential segment market size is 17.3 billion in 2022
The residential segment held the largest market share in 2022 and is expected to continue during the forecast period. The increasing employment and spending expenditure of people in developed and economically developing regions propel the segment's growth.
Advancement in market
In June 2021, the largest national grouping of community centers, the Alliance for Strong Families, joined CSC. Additionally, neighborhood CSC teams worked with these community centers throughout the year on various volunteer projects, such as supplying food and clothing, painting or maintaining playgrounds or public spaces, and more.
In April 2022, the opening of Lapels Cleaners in Queen Creek, Arizona, was announced. By providing for the demands of the customer's garments regardless of the washing method, the new site highlighted "The Future Garment Care."
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Market Dynamics
Driver: High disposable income
The high disposable income and increasing employment are expected to drive the market's growth. Furthermore, the rising expenditure on personal hygiene contributes to the market's growth. In addition, people are becoming more aware of maintaining hygiene and healthy by maintaining a healthy environment.
Restraint: Increasing cost of hiring
The increasing cost of hiring a workforce for the Laundry facilities and dry-cleaning services hinders the market's growth. As the cost of living is increasing, people working in different sectors are demanding more wages and salaries, which is impossible for startups and small businesses to afford. This hinders the market's growth during the forecast period.
Opportunity: Increasing technological advancements
Consumers are increasingly choosing laundry facilities and dry-cleaning services due to technical improvements, increased internet, and social media use, and shifting customer demographics. While new investors are searching for an opportunity to create cutting-edge laundry facilities and dry-cleaning services, these changes might be intimidating for long-time operators of these businesses trying to keep up with the times. The technological advancements are expected to provide growth opportunities for the market over the forecast period.
Challenge: Lack of workforce
As the literacy rate is rising, people are more interested in doing salary-based jobs and are not interested in daily wage jobs. Furthermore, people who are not educated enough do not know how to use the heavy machines and equipment at the Laundry facilities and dry cleaning services, challenging the market's growth.
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Some of the major players operating in the Laundry facilities and dry-cleaning services market are:
● La Teinturerie
● PRESSTO
● Zoots
● Lapels Cleaners
● Elis SA
● UniFirst Corporation
● PWS Laundry
● ByNext
● Tide Cleaners
● ZIPS Dry Cleaners
● Yates Dry Cleaning & Laundry Services
● CSC ServiceWorks, Inc.
● FlyCleaners
● Angelica Corporation
● The Huntington Company
● Aarmark Corporation
● Mulberrys LLC
● Cintas Corp.
● EVI Industries, Inc.
● Zipjet Ltd.
Key Segments cover in the market:
By Type:
● Linen & Uniform Supply
● Dry-Cleaning Plants
● Coin-Operated Laundries
● Dry-Cleaners
● Others
By Application:
● Commercial Laundry Services
● Hotels
● Residential
● Others
By Region
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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