According to Technavio Research Report "Global Dry-Cleaning and Laundry Services Market by end-user (commercial, residential, and coin-operated) and geographic regions (APAC, Europe, MEA, North America, and South America) is expected to grow by USD 13.75 billion, at a CAGR of more than 4% from 2019-2023.
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Technavio has published a new market research report on the global dry-cleaning and laundry services market from 2019-2023. (Graphic: Business Wire)
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Global dry-cleaning and laundry services market: Transition toward online laundry services
The proliferation of smartphones, and the growing penetration of the Internet has unveiled options where customers can book laundry services online. The online platforms allow customers to book customized laundry services, share their preferences with the vendor, and schedule online delivery of clothes. Moreover, the number of vendors offering comprehensive online laundry services at an affordable price is increasing significantly, which is expected to drive the demand for online on-demand laundry services during the forecast period.
"Apart from the transition toward online laundry services, other factors such as the emergence of cashless payment for coin-based laundry, and the adoption of sustainable practices will have a significant impact the growth of the dry-cleaning and laundry services market size during the forecast period," says a senior analyst at Technavio.
Global dry-cleaning and laundry services market: Segmentation analysis
This market research report segments the global dry-cleaning and laundry services market by end-user (commercial, residential, and coin-operated) and geographic regions (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. The dry-cleaning and laundry services market growth can be attributed to the rise of the middle-class population and increase in the income of people, leading to increased spending on dry-cleaning and laundry services. Furthermore, rising urbanization and change in lifestyle due to dual-income households are other factors that are expected to fuel market growth during the forecast period.
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Global dry-cleaning and laundry services market: Introduction of smart-laundry technology
A key factor driving the growth of the global dry-cleaning and laundry services market size is the introduction of smart-laundry technology. The development of technologies such as the Internet of Things (IoT) has simplified the laundry experience of the customer. The technology has transformed the laundry business, making it easier, affordable, and more efficient for the user. For instance, a smart washing machine analyzes the load size and type, decides the amount of detergent to be used prior to the washing process, and alerts the consumer upon completion of the wash cycle. Such benefits of using the smart-laundry technology will boost its adoption during the forecast period.
Few Major Players for the dry-cleaning and laundry services market are:
- CSC ServiceWorks
- EVI Industries Inc.
- Huntington Cleaners Shirt Laundry
- Mulberrys LLC
- Procter Gamble Co.
- Zipjet Ltd.
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