Dry-Cleaning and Laundry Services Market to Surpass 154.76 Billion by 2030 Drives Due to Growing Demand of Customers | Skyquest Technology
SkyQuest Technology Consulting Pvt. Ltd.
4 min read
SkyQuest Technology Consulting Pvt. Ltd.
SyQuest projects that the dry-cleaning and laundry services market will attain a value of USD 154.76 billion by 2030, with a CAGR of 3.8% over the forecast period (2023-2030). The dry-cleaning and laundry market is currently undergoing a period of substantial growth, primarily attributed to the escalating demand from customers searching for practical and budget-friendly solutions for maintaining their garments. This trend toward convenience and cost-effectiveness is a driving force behind the expansion of the market.
Westford, USA, Aug. 24, 2023 (GLOBE NEWSWIRE) -- According to SyQuest, the dry-cleaning and laundry services market is witnessing a notable surge in demand as consumers progressively turn to these services for convenience and cost-effectiveness. The allure of convenience at a reasonable price point is propelling the growth of this market. Additionally, there is a marked increase in consumer spending on such services, which is anticipated to accelerate market expansion over the forecast period further.
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Several enterprises, such as cleanly and rinse, have adeptly recognized the vast potential within the realm of laundry services and are directing substantial investments to enhance their foothold in the dry-cleaning and laundry services market. The surge in online laundry services is notably fueled by a heightened demand stemming from a proliferation of hotels, hospitals, restaurants, and various other business establishments seeking streamlined solutions.
Laundry Services Segment is Expected to Dominate the Market Due to the Growing Popularity
Laundry services segment asserted its dominance over the dry-cleaning and laundry services market, commanding a substantial share exceeding 57.5%. This sector's prominence is attributed to its growing popularity, driven by factors such as reliability, notable technical advancements in the laundry industry, and the ongoing trend of urbanization. These factors are collectively anticipated to serve as pivotal growth drivers propelling the market forward over the forecast period.
The market in Europe is poised for significant growth, attributed to two key factors that contribute to its expansion. The region's prevalent high-fashion culture significantly influences the dry-cleaning and laundry services market's trajectory. The demand for professional and specialized garment care services is rising with a strong emphasis on clothing quality and maintenance.
Residential Application Segment is Expected to Grow the Market Due to the Growing Population
Residential application segment established its supremacy within the dry-cleaning and laundry services market, capturing a significant share of 63.6%. This dominance can be attributed to the robust expansion of the residential segment, which is set to be propelled by multiple factors. A notable contributor is the escalating global count of residential units, reflecting a growing population and urbanization trends.
Regional markets in the Asia Pacific established themselves as the foremost shareholder, commanding a substantial share of approximately 35%, and this dominance is anticipated to persist with a projected CAGR of 8.4% across the forecast period. The region's prominent position is underpinned by factors contributing to its dry-cleaning and laundry services market leadership.
A comprehensive analysis of the major players in the dry-cleaning and laundry services market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Dry-Cleaning And Laundry Services Market
In 2022, Pony showcased various new, advanced, and innovative laundry and dry-cleaning equipment, exemplifying their accomplishments and future ambitions. Among the notable offerings was the ANGEL 3.0 shirt finisher, representing a cutting-edge iteration of a highly reliable machine. This updated version boasts a contoured Teflo-coated press plate featuring an enhanced vacuum function and unique shape that facilitates precise and rapid dressing. Moreover, it ensures mark-free drying and wrinkle-free shirt sides.
Pellerin Milnor made strides in the industry with the introduction of the E-P Plus Control for their 80 lb (36 kg), 100 lb (45 kg), and 140 lb (63 kg) rigid-mount washer-extractors. This expansion broadens the options available to laundries, enabling them to tailor their solutions to specific requirements. The E-P Plus control, a robust yet cost-effective system, boasts 30 pre-programmed formulas, including 10 choices for eight distinct sectors. These advancements unveiled in 2022 underscore the continuous drive for innovation and excellence within the laundry and dry-cleaning equipment landscape.
Key Questions Answered in Dry-Cleaning And Laundry Services Market Report
What specific growth drivers are projected to impact the market during the forecast period?
List the top companies in the market and explain how they have achieved their positions of influence.
In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
