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Commercial Laundry Market Trends and Global Forecast 2024
Commercial Laundry Market Trends
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According to The Business Research Company's, The commercial laundry market size has grown steadily in recent years. It will grow from $1.37 billion in 2023 to $1.43 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to increasing demand for automated washing machines, the rise of industrialization and the growth of urban areas, increasing the demand for commercial laundry services, increasing awareness and regulation of hygiene, and rising consumerism.
The commercial laundry market size is expected to see strong growth in the next few years. It will grow to $1.75 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to the increasing volume of medical linens and uniforms, the rise of new hotel chains, rising global population, rising tourism in the nations, increasing commercial infrastructure, and growing demand from various industries. Major trends in the forecast period include innovating smart technologies, integration of internet of things (IoT), technological advancements, adopting artificial intelligence (AI)-powered stain removal, and self-service kiosks, and developments in automated garment sorting.
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Market Drivers and Trends:
The increasing construction activities are expected to propel the growth of the commercial laundry market going forward. Construction activities involve the physical development of buildings, infrastructure, and other structures. The increasing construction activities are due to rapid urbanization, infrastructure development, and a focus on efficiency and accuracy in building projects. Commercial laundry services support the construction industry in maintaining cleanliness, safety, and efficiency, ultimately contributing to smoother and more effective construction operations. For instance, in December 2021, according to the United States Census Bureau, a US-based government agency, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. Therefore, the increasing construction drives the commercial laundry market.
Major companies operating in the commercial laundry market are focused on developing advanced products, such as the AI-powered washer, to enhance efficiency and reduce water and energy consumption. An AI-powered washer is a washing machine equipped with artificial intelligence technology to improve its performance, efficiency, and user convenience. These washers use machine learning algorithms and data analytics to optimize washing cycles based on various factors, such as fabric type, load size, and soil level. For instance, in January 2021, LG Electronics, a South Korea-based electronics company, launched the LG ThinQTM front-load washing machine, an AI-powered washer. It features an Artificial Intelligence Direct DriveTM (AI DD) motor that enhances washing precision by detecting the volume and weight of laundry loads and identifying fabric types using advanced sensors. It can automatically adjust water levels, detergent usage, and cycle duration to achieve the best cleaning results while conserving resources.
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Major Key Players of the Market:
LG Corporation, Whirlpool Corporation, Miele & Cie. KG, Maytag Corporation, GE Appliances, Alliance Laundry Systems LLC, Electrolux Professional, Jensen-Group , Continental Girbau Inc., Dexter Laundry Inc., Pellerin Milnor Corporation, Fagor Industrial, American Dryer Corporation (ADC), G.A. Braun Inc., Lapauw International NV, Laundrylux Inc., B&C Technologies, Renzacci S.p.A., Firbimatic S.p.a., Yamamoto Manufacturing Co. Ltd., Danube International
Commercial Laundry Market 2024 Key Insights:
• The commercial laundry market size is expected to see strong growth in the next few years. It will grow to $1.75 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• The Commercial Laundry Market Is Poised For Growth Driven By the Booming Construction Industry
• AI-Driven Commercial Laundry Solutions With LG's Latest AI-Powered Washer Enhances Efficiency
• North America was the largest region in the commercial laundry market in 2023
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