Global Laundry Services Market: 2021–2026 Growth Insights

Recently, research by Research and Markets uncovered the secrets of the global laundry services markets. Since 2016, the global laundry services market has been growing at a stable 2.1% CAGR, reaching a market value of nearly $104.2 million in 2021. This growth continues unabated. It is expected to jump to $127.3 million by 2026 at a growth rate of 4.1%, and then continue to expand at a compound annual growth rate of 2.8% to reach $145.8 million by 2031.

Opportunities and Challenges

● There are various factors that promote the flourishing development of the market.

❑ the economic take-off of the emerging industries

❑ the acceleration of the urbanization

❑ the increase in the number of people who live alone

❑ the boom of the medical services industry

All these have injected strong power into the laundry market.

● However, the road ahead will not be easy. There are many obstacles to the development of the market.

❑ customers’ bias for doing laundry at home

❑ the continuous iterations of fully automatic household washing machines

❑ the continuous rise of the rent of the stores

❑ the relatively low profit margin of the laundry services

Prospect

● Looking forward to the future, many beneficial factors will keep helping the market move forward.

❑ the prosperous development of the hotel industry

❑ the steady improvement of the Internet penetration rate

❑ the continuous appearance of the franchising opportunities

❑ the quick development of the economy

❑ the more and more busy lifestyle

❑ the technological innovation of the laundry industry

All of these will provide strong backing for market development.

● At the same time, there are some factors that may bring uncertainty to the dry cleaning and water cleaning services markets.

❑ the rapid change of the clothes trend

❑ the increase in the lowest income level

❑ the shortage of experienced labor

❑ the low popularity rate of the standardized laundry services in developing countries

❑ the dynamic change of the policies in the laundry industry.

The data in this article is from the Dry-Cleaning And Laundry Services Global Market Opportunities And Strategies To 2031 (researchandmarkets.com).