Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Laundry Facilities and Dry Cleaning Services Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES , Aug. 25, 2021 (GLOBE NEWSWIRE) -- The Global Laundry Facilities and Dry Cleaning Services Market is expected to grow at a CAGR of around 4.5% from 2021 to 2028 and to reach around US$ 177.2 Bn by 2028.
Impact of COVID-19 on the global laundry facilities and dry cleaning services market
According to the WBUR report, one key recommendation in the Centers for Disease Control and Prevention (CDC) guidelines to prevent the spread of corona virus is to thoroughly wash laundry. The majority of states, including Massachusetts, have classified laundry services as essential, alongside healthcare and waste management. Furthermore, millions of Laundromat customers are now faced with the difficult choice of going to the Laundromat or potentially interacting with someone carrying the Corona virus, which is forcing Laundromat owners to close their stores in order to protect their employees. Keeping one's dignity, hygiene, and employment during a pandemic presents new challenges for public health. For example, countries such as Germany provide loans to low-income families in order for them to purchase washing machines. However, if the government does not provide direct assistance to individuals, the Laundromats close their doors without financial assistance, allowing them to maintain cleanliness standards and remain open throughout the pandemic. Such factors can help overcome the business of laundry facilities and dry cleaning, resulting in an exponentially growing market during the analysis period.
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Asia Pacific dominates, Europe to record fastest growing CAGR for laundry facilities and dry cleaning services market in the coming years
Asia Pacific is predicted to hold a dominant share of the laundry facilities and dry cleaning services market in the past and will continue to do so during the forecast period. The key factor responsible for the growth is the expansion of commercial businesses and the high demand for superior quality services. Furthermore, the hospitality and tourism industries are expanding rapidly in Asia Pacific provinces, fueling strong demand for laundry facilities and dry cleaning services. Another factor influencing regional growth is the rapid expansion of coin-operated laundry facilities in APAC provinces, which is contributing to the overall market's expansion.
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On the other hand, Europe is expected to have the fastest growing CAGR in the laundry facilities and dry cleaning services market in the coming years. This is due to the increasing adoption of advanced technologies such as smart laundry facilities as a result of the high penetration of smart phones among the consumer base, which serves as a significant factor for regional growth. Furthermore, rising consumer awareness about the wide availability of facilities for a large consumer base to gain benefits has resulted in a paradigm shift of consumers adopting and experiencing smart technology, laundry facilities, and dry cleaning services. Apart from that, the implementation of stringent emission regulations has an impact on regional growth, contributing to the overall market growth for laundry facilities and dry cleaning services.
Segmental Overview
The global laundry facilities and dry cleaning services market is segmented based on service and application. Based on services, the market segmented as laundry, dry cleaning, and duvet clean. Further, application is classified based on residential and commercial.
Some of the leading competitors are DE COON SERVICES LIMITED, Cintas Corporation, BUBBLE BOX, Aramark Corporation, Elite DhobiLite, TLH (The Laundry House), The Laundry Bag., UniFirst Corporation, and among others
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Some of the key observations regarding laundry facilities and dry cleaning services market include:
- In June 2021, Cintas Corporation has announced the launch of a new service called "Cintas Total Clean ProgramTM." The newly launched service consists of three key elements: essential cleaning supplies hygienically clean laundering, and on-site ultraclean services.
- In June 2019, Laundrapp announced a merger with Zipjet to form the largest on-demand laundry services in the UK, resulting in the combined business becoming the largest on-demand laundry business in the UK. The merger of the two businesses will allow Laundrapp to gain first move advantage, technology advantage, and critical mass to better serve customers and partners, cementing its position as a top player.
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