Coin Operated Laundries Market Share, Size, Trends, Industry Analysis Report, By End-user (Residential, Commercial), By Region, And Segment Forecasts, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM4221
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global coin operated laundries market was valued at USD 16.77 billion in 2023 and is expected to grow at a CAGR of 8.6% during the forecast period.
The demand for coin-operated laundries is on the rise due to the challenges posed by the time-consuming nature of laundry, particularly for the working-class population. With the working hours and pressures increasing, individuals find it challenging to allocate time for routine laundry activities. This has led to a growing reliance on coin-operated laundries, which offer convenience and time-saving solutions. The significant growth in the working-class population over recent years has further fueled the demand for these services. Notably, the expanding demographic of working women globally has played a crucial role in driving the expansion of the coin-operated laundry market, as it caters to the needs of individuals with busy schedules.
To Understand More About this Research: Request a Free Sample Report
The appeal of coin-operated laundries to the younger population, including millennials and the working class, lies in their exceptionally convenient features. These establishments often provide round-the-clock services, allowing customers to access laundry facilities at any time that suits their schedules. Additionally, many coin-operated laundry services offer doorstep pickup and delivery, eliminating the need for customers to visit the laundry facility physically. The promise of completing the laundry service within 24 hours adds to the overall convenience.
The primary consumers of online laundry services encompass millennials, graduates, & working professionals. Beyond individual consumers, institutions such as boarding schools, colleges, & hostels are identified as potential customers for these online service providers. The anticipated growth in the coin operated laundries market is attributed to improvements in the standard of living and the simultaneous increase in disposable income levels within these economies. As people in these regions experience an uplift in their economic conditions, the demand for convenient and efficient laundry services is expected to rise, contributing to the market's expansion in the forecast period.
Industry Dynamics
Growth Drivers
Increasing urbanization and busy lifestyles are factors likely to drive the demand for coin-operated laundries
As global living standards improve, there is a growing trend among millennials and the working class toward increased health consciousness. This shift in mindset extends to preferences for apparel, household linen, and furniture, with consumers showing a greater inclination toward purchasing clean, well-ironed, and sometimes more expensive clothing. The surge in spending on clothes over recent years has consequently led to an increased demand for laundry services.
While traditional coin-operated laundries are present worldwide, their applications are limited. This scenario has created new opportunities for coin-operated laundries to cater to the evolving preferences and demands of consumers who seek convenience, cleanliness, and efficient laundry solutions. The rise in health-conscious consumer behavior and the desire for well-maintained clothing contribute to the growing market for coin-operated laundry services.
Report Segmentation
The market is primarily segmented based on end use, and region.
|
By End Use |
By Region |
|
|
To Understand the Scope of this Report: Speak to Analyst
By End Use Analysis
Residential segment held the largest share in 2023
The residential segment held the largest share. This substantial share can be attributed to the growing inclination of consumers towards professional cleaning services, driven by escalating concerns about personal hygiene and cleanliness. Additionally, the increasing prevalence of nuclear families proves advantageous for the global market, as smaller households find online laundry services more cost-effective than investing in and using washing machines at home.
The surge in demand for online laundry services among millennials can be attributed to several factors. Firstly, the increasing disposable income levels of this demographic group allow them to explore and adopt convenient services. Secondly, the rising costs of electricity contribute to the preference for external laundry services as an alternative to in-house washing machines. Additionally, the time constraints faced by working couples, along with the growing trend of apartment-style living, further drive the popularity of online laundry services. The convenience and time-saving aspects of these services align well with the lifestyle and preferences of the millennial population.
The commercial segment is projected to grow at the fastest rate. This growth is expected to be fueled by the expanding number of hotels and hospitals, creating increased demand for laundry services in these commercial establishments. Service providers in this segment often offer complimentary pickup and doorstep delivery, a convenience that positively influences customer preferences. The provision of free delivery not only saves time for customers but also reduces additional costs they might incur. Furthermore, commercial laundry services eliminate the need for individuals or businesses to invest in and maintain their washing machines, resulting in cost savings and reduced human efforts.
Regional Insights
North America region held the largest share of the global market in 2023
The North America region dominated the market. This can be attributed to the region's growing population of health-conscious consumers who are increasingly relying on laundry services. The preference for fragrant and well-laundered clothes, particularly in developed economies within the region, has led to an uptick in the demand for laundry services that offer fragrant cleaning products. The emphasis on cleanliness and the desire for well-maintained and pleasantly scented clothing contributes to the popularity of coin-operated laundries in the region.
The growth of the market in the region is further fueled by the rising prevalence of commercial facilities adopting online laundry services, particularly in the United States & Canada. The region benefits from the local presence of major global players in the coin-operated laundry industry. Additionally, the increasing trend of collaborations and partnerships between laundry service providers and hotels is anticipated to impact the market in the coming years positively. These collaborations enhance the reach of coin-operated laundry services and contribute to the overall growth of the market in the region.
The Asia Pacific region is projected to grow at a rapid pace. This growth is attributed to the improving economic stability and rising living standards in developing economies. As economic conditions improve, there is an associated increase in disposable income, contributing to the demand for online laundry services. The region is particularly attractive for online laundry services due to the rapidly growing middle-class and millennial demographics. These consumer segments often seek convenient and time-saving solutions, driving the adoption of online laundry services in the region.
Key Market Players & Competitive Insights
In the highly competitive market, companies are adopting various strategies, including product launches, acquisitions, and collaborations, to expand their global presence. For instance, Cintas Corporation has introduced the "Total Clean Program," a comprehensive service that includes 3 crucial elements: the supply of cleaning supplies, laundering services, & on-site ultra-clean solutions. This program is designed to offer customers a holistic approach to cleaning, addressing their needs for maintaining cleanliness at their facilities.
Some of the major players operating in the global market include:
- Elis
- Aramark
- Cintas Corporation
- UniFirst Corporation
- Johnson Service Group
- Franz Haniel & Cie.
- Spotless
- Bel & Blanc
- Champion Cleaners
- Easylifelaundry.com
Recent Developments
- In May 2023, Dinobi Detergent unveiled a unique initiative called Dirty Laundry. This new facility, equipped with 37 coin-based washers & dryers, will offer wash & fold services daily from 9 a.m. to 7 p.m.
- In March 2023, HappyNest expanded its services to new locations in 5 U.S. states, namely New York, California, Arizona, Florida, & Texas. The widespread availability of HappyNest's services and its established presence in the industry has positioned it as a preferred partner for various businesses, enabling them to provide communities with the convenience of laundry pickup and delivery services.
- In January 2022, dobiQueen introduced a ground-breaking "6-Hour Laundry Pickup" service. This unique offering, in Malaysia, allows customers to conveniently schedule the collection, cleaning, and prompt return of their laundry within a 6-hour time.
Coin Operated Laundries Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 17.87 billion |
|
Revenue forecast in 2032 |
USD 34.66 billion |
|
CAGR |
8.6% from 2024 – 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024 – 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
|
Segments covered |
By End Use, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
Explore the market dynamics of the 2024 Coin Operated Laundries Market share, size, and revenue growth rate, meticulously examined in the insightful reports crafted by Polaris Market Rersearch Industry Reports. The analysis of Coin Operated Laundries Market extends to a comprehensive market forecast up to 2032, coupled with a retrospective examination. Avail yourself of a complimentary PDF download to sample this in-depth industry analysis.
Browse Our Bestselling Reports:
Dairy Processing Equipment Market Size, Share Research Report
Cone Crushers Market Size, Share Research Report
Fiber To The Home Market Size, Share Research Report
FAQ's
Elis, Aramark, Cintas Corp., UniFirst Corp., Johnson Service are the key companies in Coin Operated Laundries Market.
The global coin operated laundries market is expected to grow at a CAGR of 8.6% during the forecast period.
End use, and region are the key segments covered.
Increased Single-Person Households are the key driving factors in Coin Operated Laundries Market.
The global coin operated laundries market size is expected to reach USD 34.66 billion by 2032
© 2024 Polaris Market Research and Consulting. All rights reserved
