USD 30.69 billion
Report ID:
SQMIG25AD2002 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
60
|Figures:
75
Global Coin-Operated Laundries Market size was valued at USD 30.69 billion in 2022 and is poised to grow from USD 33.51 billion in 2023 to USD 67.76 billion by 2031, growing at a CAGR of 9.2% during the forecast period (2024-2031).
Laundry has become a daunting task, especially for the working-class population due to time constraints caused by increasing work pressure and long hours. Consequently, the demand for coin-operated laundries has risen due to their convenience. The market growth is mainly driven by the increasing number of working women globally. According to the World Bank, the female labor force has significantly increased since 2012, accounting for 39.1% of the total labor force in 2017. This trend is likely to fuel the market growth of coin-operated laundries.
Millennials, college graduates, working professionals, and institutions such as boarding schools, colleges, and hostels are some of the potential customers for online laundry services. In developing countries like India and South Africa, laundry services are primarily catered to by the unorganized sector. However, as the standard of living and disposable income rises, the demand for laundry services is expected to increase. Additionally, the market for online laundry services is growing with increasing internet penetration in developing countries like India and China.
As the standard of living improves worldwide, the younger generation and working-class are becoming more health-conscious and selective about their apparel, household linen, and furniture. This trend has increased spending on clothes, leading to an upsurge in demand for laundry services. Coin-operated laundries have become a popular choice among the young population, millennials, and working-class due to their round-the-clock service, doorstep pickup and delivery, and complete service within 24 hours. Service providers also offer discounts, especially during the first service, further increasing adoption.
US Coin-Operated Laundries Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 30.69 billion
Largest Segment
Self-Service Laundry
Fastest Growth
Full-Service Laundry
Growth Rate
9.2% CAGR
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coin-operated laundries market is segmented by type, application, and region. Based on type, the Coin-Operated Laundries Market is segmented into self-service laundry, and full-service laundry. In terms of application, the Coin-Operated Laundries Market is categorized into residential, and commercial. Geographically, the Coin-Operated Laundries Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Coin-Operated Laundries Market Analysis by Type
In terms of classification by type, the market can be segmented into self-service laundry, and full-service laundry. The self-service laundry segment dominates the coin-operated laundry market due to its popularity among individual users who prefer to wash their clothes on their own. This segment is expected to continue dominating the market in the coming years due to its affordability and convenience for individual users.
However, the full-service laundry segment is projected to register the fastest growth rate during the forecast period. This is due to the increasing demand for laundry services among commercial users such as hotels, hospitals, and businesses that require professional laundry services for their linens, uniforms, and other laundry items. This segment is expected to be the fastest growing in the coin-operated laundries market in the coming years.
Coin-Operated Laundries Market Analysis by Application
Based on classification by application, the market is segmented into residential and commercial. The residential segment currently dominates the coin-operated laundries market due to the high demand for self-service laundromats among individuals who prefer to wash and dry their personal clothes on their own. This segment is expected to continue dominating the market in the coming years, driven by factors such as urbanization, changing lifestyles, and increasing disposable incomes.
However, the commercial segment is anticipated to register the fastest growing rate due to the increasing demand for professional laundry services among businesses such as hotels, hospitals, and other commercial establishments that require clean and hygienic linens, towels, and other laundry items. This segment is expected to be the fastest growing in the coin-operated laundries market in the coming years.
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North America is currently the dominating region in the coin-operated laundry market, with the United States being the largest market in the region. The presence of major market players, coupled with high awareness of coin-operated laundry services, has led to the growth of this market. Additionally, there has been a rise in the number of double-income households and a shift towards apartment living, which has further propelled the demand for coin-operated laundry services in the region.
On the other hand, Asia Pacific is the fastest-growing region in the coin-operated laundry market. The region is witnessing significant growth due to increasing disposable income, rising urbanization, and a surge in the number of working women. Countries like China and India are driving the growth of this market due to their large populations and rising middle class. Furthermore, the increasing penetration of the internet and the availability of online laundry services have further boosted the market growth in the region.
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Coin-Operated Laundries Market Driver
Increasing Number of Working Women
Coin-Operated Laundries Market Restraint
High Initial Investment Cost
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The coin-operated laundry market is highly competitive in nature owing to the presence of several players competing for top position. The market players offer a range of services, including coin-operated laundry services, online laundry services, and laundry pick-up and delivery services. They compete on the basis of price, service quality, and convenience. The market players also invest heavily in research and development to offer innovative solutions and improve their customer experience. The market players range from small-scale businesses to large corporations, and new players are entering the market, further intensifying the competition.
Coin-Operated Laundries Market Top Player’s Company Profiles
Coin-Operated Laundries Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The coin-operated laundry market has been growing steadily due to the increasing demand for convenient laundry services, especially among the working population. With the rise in the number of working women and double-income households, the market has witnessed a surge in demand for laundry services. The adoption of technology and innovation in the laundry industry is also driving the growth of the market. However, the high initial investment cost of setting up a coin-operated laundry and the availability of alternative laundry services remain major restraints. The market is highly competitive, with several players competing on the basis of price, service quality, and convenience.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 30.69 billion |
Market size value in 2031 | USD 67.76 billion |
Growth Rate | 9.2% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Coin-Operated Laundries Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Coin-Operated Laundries Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG25AD2002