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Dry Cleaning and Laundry Services Industry: Market Forecast 2024
Dry Cleaning And Laundry Services Market
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According to The Business Research Company's, The dry cleaning & laundry services market size has grown steadily in recent years. It will grow from $118.21 billion in 2023 to $123.3 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rapid urbanization, a rise in the number of single person households, and growth in the healthcare services sector.
The dry cleaning & laundry services market size is expected to see steady growth in the next few years. It will grow to $144.48 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to growth in hospitality sector, increasing internet penetration, rising franchising opportunity, faster economic growth, busy lifestyles of people and technological advances in the laundry industry. Major trends in the forecast period include investing in digital technologies such as mobile apps to offer on-demand laundry services, offering cashless self-service options such as contactless payments and digital wallets to ease cash management and attract customers, and installing smart laundromats to cut down labor costs, save time and improve operational efficiencies.
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Market Drivers and Trends:
The gradual shift in customer spending towards tourism is expected to positively impact the hospitality sector in the forecast period driving the market for dry-cleaning and laundry services. To cater to increasing tourist demands, hotels are coming up with new business models where the rooms are available for multiple bookings on a single day. This in turn is expected to increase the number of times linen is changed in a hotel room daily, increasing the amount of linen to be washed after every change. This business model is expected to drive the demand for dry-cleaning and laundry services in the hospitality industry, where hotels prefer using a professional launderette to optimize operations time and keep quality services. Therefore, the growth of the hospitality industry is expected to drive the dry-cleaning and laundry services market.
The use of cashless self-service laundries or coin-operated laundries and dry cleaner machines is growing across the world. This growth is primarily due to the emergence of cards and other alternative electronic payment methods such as RFID contactless credit cards, or NFC-enabled mobile wallets that provide a cost-effective alternative to handle cash and are also easy to use. Apart from this, cashless laundry machines also provide relief from painstaking cash management in laundries, and secure solutions over cash-operated machines, which have to be carefully monitored for thefts. For instance, companies such as 'Texas Coin and Commercial Laundry' and 'Lone Star Laundromat Services' based in Texas, USA are laundry service providers that adopted cashless laundry services.
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Major Key Players of the Market:
Cintas Corp., Elis SA, Aramark, UniFirst Corp., Franz Haniel & Cie. GmbH, Downer EDI Limited, Johnson Service Group, CSC ServiceWorks Holdings Inc., Rentokil Initial plc, Spotless Group Holdings Limited, White Tiger, Fabricspa, the Swiss Laundry, the Laundry House, UClean, Easy Life Laundry, Fornet, Elephat King Laundry, Alsco Pty Limited, Karl Chehade Dry-Cleaning, the Mat on Carrington, Edaixi, WonderWash, Pacific Dry Cleaners, Laundry Day, DryClyn Express, Easy Wash Laundromat, LaundryMart Fetch, Hi-tech Dry-cleaning, Jeeves, New China Laundry, Sunshine Laundry, Wah Mei Dry-Cleaning & Laundry Company, Vogue Laundry Service Ltd., Impressed Laundry, Boni, Washie and Tai Pan Laundry, Easy Life Laundry, Big Mama, Tokyu Linen Supply Co., Ltd., Comet Cleaners, White Knight Laundry Services, Laundrapp, Pressto Laundry & Dry Cleaners, CLEAN, Solo Laundry Services Ltd, ihateironing, Laundry Master, Laundryheap, West Country Laundry Ltd., Imperial Laundry, The Diana company, Bel & Blanc, Laundry Drnovec, Arbela, Nordic Care, 5àsec, Pralnia Samoobsługowa Blanc Lys, WashPro Poland, Washescu, Immaculate, MWD Group, Hollywood S.A, Dryclean USA, Martinizing Dry-Cleaning, OXXO Care Cleaners, Lapels, Tide Dry Cleaners, ZIPS Dry Cleaners, The Eco Laundry Company, Cadet Cleaners, North Park Cleaners, Golden Hanger Cleaners, Brite Star Cleaners, One Hour Cleaners, 5àsec, Mr Jeff, Quick-Press, Al Rafidain Laundry, Force Laundry, Lavanderia, Champion Cleaners, Washmen, Connoisseur Dry Cleaners, Pressed In Time, Bendor Laundrette, Harringtons Dry Cleaners And Launderers, Crisp & Clean, Eco Dry Cleaners, JustLaundry, Kisafi
Dry Cleaning And Laundry Services Market 2024 Key Insights:
• The dry cleaning & laundry services market size is expected to see steady growth in the next few years. It will grow to $144.48 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%.
• Optimizing Hotel Operations And The Role Of Professional Laundry Services
• Cashless Revolution Transforming Laundries And Dry Cleaning Worldwide
• North America was the largest region in the dry-cleaning and laundry services market in 2023
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