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Report Overview: Dry-cleaning & Laundry Services MarketThe global dry-cleaning & laundry services market size was valued at USD 59.77 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 2.3% from 2021 to 2027. Growing adoption of dry-cleaning and laundry services among consumers as they offer convenience at a reasonable price is driving the market. Moreover, rising consumer spending on such services is likely to fuel the growth of market during the forecast period. Everyone likes to wear clean and neat clothes, however, doing laundry regularly isn’t an enjoyable task for most of the consumers. Due to busy lifestyles, several consumers are actively looking for dry-cleaning and laundry services to take care of their dirty clothes. Dry-cleaning and laundry services are emerging as a reliable and convenient service at a reasonable price as nowadays, busy consumers are willing to pay for their laundry. These factors are expected to generate the demand for these services during the forecast period. Growing working population globally, coupled with rising spending on clothes and cleaning services, are expected to further fuel the demand for such services during the forecast period. Laundry has observed a huge transformation in the last few years from washing clothes at home to going to coin-operated washing machines to opt for on-demand services, which includes pick-up and drop-off services. Due to busy lifestyles, consumers have to work more in less time, thus they are prioritizing convenience and increasingly opting for dry-cleaning and laundry services to smoothen their daily life. On-demand laundry services are increasingly becoming popular as they follow an efficient full-cycle approach right from booking via app to pick up, cleaning as per consumers’ instruction, and delivering washed clothes at scheduled timeframe. Consumers can even get to know about the status of their clothes as they login to their app and get full details about delivery time. On-demand laundry services have transformed the industry and have been receiving admiration by consumers as they offer outstanding services, offers, and high level of convenience to consumers. Numerous companies such as Cleanly and Rinse have already recognized the immense potential of these services and are making significant investments to strengthen their position in the market. Despite the positive outlook, growing usage of washing machines in households is likely to impede the growth of laundry services up to some extent during the forecast period. According to research, in 2018, sales volume of household washing machines was around 72 million units in China. Increasing advancement in washing machines and decline in their prices are further expected to hamper the growth of market during the forecast period.
Application Insights: Dry-cleaning & Laundry Services MarketBy application, the dry-cleaning & laundry services market is segmented into residential and commercial. The residential application segment accounted for a major market share in 2019 and is projected to maintain its lead during the forecast period. Increasing number of households with working members across the globe, along with a surge in spending on clothes and their cleaning, is expected to propel the growth of the residential segment during the forecast period. Besides, increasing consumers’ inclination towards professional cleaning service providers on account of personal hygiene and cleanliness is anticipated to spur the growth of the residential segment over the forecast period 2021-2027. The commercial application segment is poised to witness significant demand for dry-cleaning and laundry services in the coming years. Rapid expansion of the hospitality industry continuously seeking professional services to clean the clothes and duvets is likely to drive the commercial segment during the forecast period. Nowadays, many consumers are opting for professional duvet cleaning services as they have highly efficient machines, which seamlessly allow regular cleaning of duvets, sheets, and pillowcases. Such services offer flexibility and convenience in busy lifestyle. These factors are expected to fuel the growth of the commercial segment in coming years.
Services Insights: Dry-cleaning & Laundry Services MarketBy services, the market is segmented into laundry, dry cleaning, and duvet clean. The laundry segment accounted for more than half of the share in the market in 2019. Laundry services are foreseen to outpace other segments owing to increasing consumers’ inclination towards casual clothing and higher frequency of their washing. Moreover, rising consumer consciousness regarding better personal hygiene is propelling consumers to clean their everyday clothes periodically. These factors are likely to generate the demand for laundry services during the forecast period. Dry-cleaning service is expected to witness significant growth in the coming years on account of increasing professional workers who prominently wear business clothes, including suits and jackets, which can’t be washed with traditional methods and need to be dry cleaned with utmost care. Moreover, dry cleaning is widely adopted for other specialty clothes, such as wedding gowns, which is expected to fuel its demand during the forecast period. Continuous expansion of the hospitality industry and hospitals across the globe, which require efficient laundry as well as duvet cleaning services, is likely to create a positive outlook for the market.
Regional Insights: Dry-cleaning & Laundry Services MarketAsia Pacific emerged as the largest shareholder in 2019 and is projected to maintain its lead over the forecast period. Presence of emerging economies, such as India and China, growing working population, and rising spending on dry-cleaning and laundry services are expected to drive the market during the forecast period. In Asia Pacific, China is expected to remain a prominent shareholder owing to presence of a large-scale population looking for convenient dry-cleaning and laundry services. Europe is expected to witness significant growth during the forecast period. The growth is attributed to increasing disposable income, coupled with growing working population. Strong presence of numerous dry-cleaning and laundry service providers offering a broad range of services from washing to fold to ironing, along with pick up and drop off services, is expected to further drive the regional market during the forecast period. The European hospitality industry is growing at a remarkable pace owing to increasing investment in hotel activities in Germany, the U.K., and Spain. Continuous growth of the tourism industry is also supporting the growth of the hospitality industry. This is likely to generate demand for commercial dry-cleaning and laundry services in Europe.
Key Companies & Market Share Insights: Dry-cleaning & Laundry Services MarketThe market is highly fragmented due to the presence of a large number of unorganized players. These players are characterized by a selected number of services in their portfolio, catering mostly to domestic customers. Key players are actively channelizing their efforts to expand their reach and strengthen their position in the global market. These players together account for a very less percentage of market share. For instance, Cleanly is offering doorstep pick-up and drop-off services to expand its consumer base. Till now Cleanly, a dry-cleaning and laundry service provider received a seed funding of $2.3 Million, which further helped to enhance its offering. Moreover, in June 2019, Zipjet and Laundrapp announced their merger and the companies will process nearly 2 million items of laundry every year. Some of the prominent players in the dry-cleaning and laundry services market include:
Key companies Profiled: Dry-cleaning & Laundry Services Market Report
Services Outlook (Revenue, USD Million, 2016 - 2027)
- Dry Cleaning
- Duvet Clean
Application Outlook (Revenue, USD Million, 2016 - 2027)
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1 | read more...