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Dry-Cleaning And Laundry Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

ReportLinker
·4-min read

Major companies in the dry-cleaning and laundry services market include Cintas Corp. ; Elis SA; Aramark; UniFirst Corp. and Franz Haniel & Cie. GmbH. The global dry-cleaning and laundry services market is expected to grow from $93.

New York, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Dry-Cleaning And Laundry Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009738/?utm_source=GNW
18 billion in 2020 to $104.65 billion in 2021 at a compound annual growth rate (CAGR) of 12.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $127.3 billion in 2025 at a CAGR of 5%.

The dry-cleaning and laundry services market consists of sales of dry-cleaning and laundry services and related goods by entities (organizations, sole traders and partnerships) that operate coin-operated or similar self-service laundries and drycleaners; provide dry-cleaning and laundry services (except coin-operated); and/or supply, on a rental or contract basis, laundered items such as uniforms, gowns, and shop towels. Establishments in the dry-cleaning and laundry services industry are mainly involved in washing and/or cleaning clothes and linen and include coin-operated laundries and drycleaners, dry-cleaning and laundry services, linen suppliers and industrial launderers. The dry-cleaning and laundry services market is segmented into coin-operated laundries and drycleaners; dry-cleaning and laundry services (except coin-operated); and linen and uniform supply.

Asia Pacific was the largest region in the global dry-cleaning and laundry services market, accounting for 35% of the market in 2020. North America was the second largest region accounting for 33% of the global dry-cleaning and laundry services market. Africa was the smallest region in the global dry-cleaning and laundry services market.

Use of cashless self-service laundries or coin-operated laundries and drycleaner machines is growing across the world. This growth is primarily due to 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.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the dry-cleaning and laundry services market in 2020 as the need for services offered by these establishments declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the dry-cleaning and laundry services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

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. In order to cater to increasing tourists’ 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 a linen is changed in a hotel room on a daily basis, 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.
Read the full report: https://www.reportlinker.com/p06009738/?utm_source=GNW

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