Adoption of Innovative Solutions to Push Commercial Laundry Market to Reach USD 1.83 Billion by 2028
SkyQuest Technology Consulting Pvt. Ltd.The commercial laundry market was valued at USD 1.40 billion in 2021, and it is expected to reach a value of USD 1.83 billion by 2028, at a CAGR of 3.40% over…
The commercial laundry market was valued at USD 1.40 billion in 2021, and it is expected to reach a value of USD 1.83 billion by 2028, at a CAGR of 3.40% over the forecast period (2022 - 2028).
Westford, USA, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Growing consumer preference for card-based laundry payment systems over coin laundries, as well as the widespread implementation of automation in the laundry sector, are driving the growth of the commercial laundry market. Furthermore, growing urbanization, changing consumer purchasing patterns, and increasing digitalization, all favor the market. According to SkyQuest's survey, commercial laundry services help the healthcare and hospitality industries save 30% to 40% of their cost spent on water and power utilities, allowing them to spend this money on their core services.
Rapid Growth of the Global Hospitality Industry to Boost the Commercial Laundry Businesses
A gradual rise in customer spending toward tourism is anticipated to positively benefit the hospitality industry, driving growth for the commercial laundry market. SkyQuest's market report shows that the global hospitality industry grew from $3,952.87 billion in 2021 to $4,502.83 billion in 2022. The European hospitality business is increasing rapidly due to increased investment in hotel operations in Germany, the United Kingdom, and Spain.
To better cater to visitors, hotels increase the number of times linen is changed in a hotel room daily, increasing the amount of linen that needs to be washed after each change. This business model is predicted to stimulate demand for laundry services in the hospitality industry. Hotels prefer to use a professional launderette to save time and maintain quality services.
The market report offers an in-depth analysis of the commercial laundry market status with the best facts and figures, meaning, Definition, SWOT analysis, PESTLE analysis, expert opinions, and the newest developments worldwide. Furthermore, as it covers various issues that market participants must be aware of to remain competitive, it assists new organizations in reviewing their business plans favorably.
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Rising Trend of Cashless Self-service Laundries to Revolutionize the Commercial Laundry Market
Cashless self-service laundries and dry cleaning machines are increasing in all parts of the world. This rise is primarily due to the advent of cards and other alternative electronic payment methods, such as RFID contactless credit cards or NFC-equipped mobile wallets, which give a cost-effective and user-friendly alternative to handling cash. According to SkyQuest's industry analysis, the self-service technology market is expected to reach $76.78 billion by 2030, boosting the adoption of cashless self-service laundries. Aside from that, cashless laundry machines provide relief from tedious cash administration in laundries and more secure options than cash-operated machines, which require continuous monitoring to secure from thefts.
The research report examines several aspects that contribute to the market's expansion. It consists of trends, restraints, and drivers that either positively or negatively transform the market. The research also discusses the various segments and applications that may impact the market in the future. The market research used a data triangulation method, which helps to provide reliable estimates and properly test overall market dynamics.
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Unorganized Sector to Generate Highest Revenue Owing to Rising Health Concerns for Personal Cleanliness
With rising health concerns about personal hygiene and cleanliness, a shift in client preference toward professional cleaning has made commercial laundry services for daily wear clothes possible. Compared to the unorganized sector, the organized industry had a market penetration of only 5.23% in 2021; however, the former industry is expected to grow in the following years due to the emergence of laundry-based start-ups. Laundry service providers offer a variety of choices, including wash and fold and wash and iron. However, wash & iron had the most significant share of 71.93% in 2021, and the trend is anticipated to continue through 2028 as the segment is the clients' preferred choice.
In order to achieve good returns, organizations operating in this expanding sector employ techniques such as partnering with local washer men and launching an app or website based on on-demand laundry. The emergence of new start-ups in the laundry sector allows starting to make a profit in the early phases. As a result, an increasing number of start-ups are entering this industry.
The market report contains authentic information gathered from industry experts and business representatives, which has been externally evaluated by examining historical data on different product types and applications to obtain an appropriate overall market size. Secondary sources included company websites, press announcements, news articles, annual reports, investor presentations, and financial reports.
Key Developments in Commercial Laundry Market
Alliance Laundry Systems developed its direct network infrastructure right after acquiring Gulf States Machinery Co.'s laundry divisional assets. The acquisition follows the company's direct distribution partners' outstanding performance, proving the effectiveness of the company's approach to identifying exceptional companies in emerging markets.
Mulberrys announced the opening of a franchise in Florida, broadening its geographic reach. As a result of this growth, Mulberrys is efficiently providing eco-friendly dry cleaning and laundry services throughout the region.
Alsco unveiled the New and Improved Ecosafe Washer. The solution is perfect for cleaning water-based equipment. In the Ecosafe washer, grease and oil are converted into carbon dioxide and water by a process known as bioremediation.
Laundryheap announced the complete acquisition of Laundrapp. With this acquisition, Laundryheap has expanded its regional operations across the United Kingdom. The purchase demonstrates their model's versatility and the market's ongoing desire for high-quality, dependable on-demand washing services.
The market report provides an overview of effective marketing tactics, market contributions of leading participants, and the most recent advancements. The report also provides a dashboard overview of leading companies' past and present performance. The research report employs several advanced approaches and technologies to deliver in-depth and precise information about the commercial laundry industry. Furthermore, the market report provides accurate data and unique corporate analysis, assisting companies of all sizes in making sound business decisions.
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Prominent Players in the Commercial Laundry Market
Alliance Laundry Systems LLC (US)
ZIPS Dry Cleaners (US)
The Huntington Company (US)
Rinse, Inc. (US)
Alsco Pty Limited (Australia)
LG Electronics (South Korea)
GE Appliances (US)
Electrolux AB (Sweden)
Samsung Group (South Korea)
Girbau North America Inc. (US)
SEKO S.p.A. (Italy)
Stefab India Ltd. (India)
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