Dublin, May 31, 2022 (GLOBE NEWSWIRE) -- The "Dry-Cleaning and Laundry Services - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Dry-Cleaning and Laundry Services Market to Reach $72.5 Billion by 2024
The global market for Dry-Cleaning and Laundry Services is projected to reach US$72.5 Billion by 2024, registering a compounded annual growth rate (CAGR) of 4.2% over the analysis period.
United States represents 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 projected to reach US$20.9 Billion by 2025. China is expected to spearhead growth and emerge as 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 recorded strong growth from residential, commercial and industrial sectors. The increase in single person households and 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 high economic growth, has been significant in driving demand for dry cleaning and laundry services. In the coming years, the market is poised to benefit from the steady growth in hospitality sector, increasing opportunities for franchising, and technological advancements. The growing participation of women in workforce and cost effectiveness of laundry services are driving market growth.
The rising Internet penetration levels, increasing use of smartphones and the advent of mobile apps are expected spur demand for online on-demand laundry services. Further, the laundry services market will be favored by advent of smart laundry technologies, which have the ability to increase efficiency of laundry operations and reduce costs of laundry services for customers.
Developed regions constitute the major markets for dry cleaning and laundry services. With the continuous growth in travel & tourism industry and encouraged by modern lifestyles, the demand for textile and garment laundering is driving growth in developed regions, thereby resulting in rising demand for laundry services.
The growing urban population, changing consumer lifestyles and improving standards of living are driving demand for laundry services in emerging economies such as India. The strong growth being witnessed in several commercial sectors including hotels and hospitals is also driving demand for dry-cleaning and laundry services in the region.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Dry-Cleaning and Laundry Services Market: Prelude
- Commercial Laundry Services to Present Significant Growth Opportunity
- Asia-Pacific: A High Growth Regional Market
- Competition
- Recent Market Activity
- Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
- Aramark Corporation (USA)
- Cintas Corp. (USA)
- 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 & DRIVERS
- Advent of Smart Laundry Technologies to Spur Market Growth
- Driven by High-Speed Internet Connectivity and Smartphone Penetration, Online On-Demand Laundry Services Market Grows at a Healthy Pace
- Global Online Laundry Services Market by Application (in %) for 2019
- Online Laundry Services Market by Service Type (in %) for 2019
- Coin-Operated Laundry Services Market Grows at a Slow Pace
- Hospitality Sector: An Important Market for Laundry Services
- On-Premise Laundry for Hotel Industry: Percentage Breakdown of Operating Cost by Cost Component
- Rise in Lodging Services & Travel Accommodation to Drive Increased Use of Commercial Laundry Services
- Demand on Rise for Sustainable Laundry Services
- Sustained Growth in the Market for Cashless Self-Service Laundries
- Franchising Business Model Gains Traction in Dry Cleaning and Laundry Services Industry
- Healthcare Services: A Traditional Revenue Generator for Laundry Services
- High Demand for Laundry Services from Uniform Supply Market
- Residential Laundry Services Market Benefits from Changing Lifestyles and Rise in Single-Person Households
- Outsourcing of Laundry Services Gains Momentum
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/ru2g7
