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Commercial Laundry Market Size, Global Industry Analysis and Opportunity by 2029 , Fortune Business Insights
Rising urbanization demands for automated services for people with hectic lifestyles. Additionally, it has resulted in a developed sense of self hygiene among people. The demand for technologically advanced systems are fulfilled by manufacturers who constantly study the market and develop machines with innovative solutions. Several developing countries such as India, are adopting the modern change and shifting their lifestyle towards the western culture.
For example, in February 2021, the Laundry Project India Pvt. Ltd. introduced a new patented technology of waterless laundry system under its brand name Wassup Laundry called Qlnz, where it has joined hands with Aeronero, a company known for its atmospheric water generation. Joint ventures like these are estimated to boost the global commercial laundry market growth during the forecast period.
Market Segment
On the basis of product type, the global commercial laundry market is divided into washers and dryers, dry cleaners, and commercial laundry storages among others.
By application, the market is categorized into hospitals, hotels and restaurants, and laundry stores.
Based on distribution channels, the market is further segregated into hypermarkets or supermarkets, retail stores, and online stores.
In terms of region, the market is separated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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COVID-19 Impact
The unfortunate event of the global pandemic hit the world and every industry faced some collateral damage. Due to the strict government norms imposed on the national movement of vehicles, be it commercial or passenger, the demand-supply chain cycle was disrupted. Some factories shut down their plants whereas some laid off employees which disturbed the monetary system all around the globe. The commercial laundry industry too did not escape the clutches of this ill-fated virus.
For example, the American hotel industry stated a USD 25 million loss in room revenue as 7 out of 10 hotel rooms were reported empty as of May 2020.
Highlights of the Report
The report provides a thorough study of the market segments and detailed analysis of the market overview. A profound evaluation of the current market trends, as well as the future opportunities is presented in the report. It further shares an in-depth analysis of the regional insights and how they shape the market growth. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. It also sheds light on the key players and their prominent strategies to stay in the leading position.
Market Drivers
Increasing Infrastructural Activities to Boost Demand for Laundromats
The increasing commercial infrastructural activities have resulted in a rise in the number of hospitals, education centers, and restaurants and hotels, among others. This concludes the high demand for hygiene maintaining facilities such as laundry services. For instance, according to a survey by the American Hospital Association (AHA), a total of 6,146 hospitals exist in the United States. These hospitals require commercial laundry services to regularly clean bed sheets, scrubs, gowns, and other such fabrics used for patients. Therefore, these factors are expected to boost the market growth in the foreseeable future.
On the other hand, advanced technology-based commercial laundry requires regular maintenance which can be expensive. Moreover, if the commercial laundry machine is not operated according to the instruction manual, it is likely to malfunction and may need repairing. This process can be expensive too. These factors are anticipated to hamper the market growth.
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Regional Insights
North America to Ace the Market Backed by Rising Number of Hospitals
North America holds the majority of the shares in the global commercial laundry market and is expected to dominate. The rising number of hospitals and other medical facility centers is the factor responsible for the high installation of commercial laundry services. Moreover, the rising export of washing machines from this region is contributing to the growth of the global market. This factor is anticipated to propel market growth in this region.
Asia Pacific is expected to witness substantial growth owing to the increasing number of hotels and restaurants in this region. The rising trend of visiting restaurants often has resulted in the increased installation of commercial laundry services in this region. Additionally, the surging interests in receiving spa services and increasing salon developments have resulted in the extensive utilization of commercial laundry in this region. This is predicted to further promote market growth.
Competitive Landscape
Acquisition Announcement by Laundrylux to Stimulate Market Growth
Prominent players in the market are often coming up with efficient strategies that include partnerships, acquisitions and mergers, product launches, and more. These strategies would bolster their positions as leading players and also benefit the other involved companies.
For instance, Laundrylux, Inc. which is a leading player in the commercial laundry market announced the acquisition of a Texas-based laundry called Texas Coin and Commercial Laundry in June 2019. This initiative by Laundrylux is expected to bolster its position in the global market and broaden its brand recognition.
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Industry Development
October 2020: Apollo Laundry, which is a laundry solutions provider, announced the launch of a unique barrier technology system for hospitals based in India called Infection Control Laundry System. This is projected to set a new milestone in the commercial laundry market.
List of Key Players Covered in the Commercial Laundry Market Report
Jon Don LLC
LG Electronics
Appliance Laundry Systems LLC
Electrolux Group
ECOLAB
Maytag
Girbau North America, Inc.
Miller Laundry Systems, Inc.
DEXTER LAUNDRY
WASHCO
BDS Laundry Systems
Samsung Group
Stefab India Ltd.
SEKO S.p.A
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