Top Emerging Trends Of Coin-operated Laundries Market Progress Forecast 2027
Posted by Mrudula Anil Karmarkar on April 12th, 2022
The global coin-operated laundries market size is anticipated to reach USD 30.1 billion by 2027, expanding at a CAGR of 9.4%, according to a new report by Grand View Research, Inc. The increasing economic stability of middle-class consumers in emerging markets is driving the demand for clothes, which has spurred demand for coin-operated laundries.
Additionally, increasing population and rising tourism activities are the key factors driving demand for coin-operated laundries in the hospitality sector. The increasing number of hotels, hospitals, restaurants, and other commercial setups has led to a rise in the demand for coin-operated laundries, which, in turn, is anticipated to boost the market in the commercial sector.
Clean laundry is essential for a healthy and hygienic lifestyle. Washing dirty daily use clothes and other laundry items require an adequate amount of clean water, detergents, and soaps, washing appliances, as well as a proper washing area. Instead of spending on expensive appliances and other related products, millennials and working-class populations are adopting the laundry machines, which offer convenience and flexibility and save time.
These advanced laundry machines are available round the clock, making laundry more convenient and easier for the young and working population. Consumers\' priority in laundry care is changing in developed as well as developing countries. Laundry care is necessary, however, it is time-consuming, owing to which consumers in the urban areas are shifting toward convenient and hygienic laundry services. Hectic working schedules and time constrain for daily house chores are the key factors fueling demand for the laundry machines among working professionals. Moreover, an increasing number of working-class women in developing countries, such as India and China, is expected to contribute to market growth.
Increasing awareness about the importance of daily laundry care and personal hygiene is expected to favor market growth in the coming years. Moreover, an increase in the penetration of broadband internet smartphones has led to a significant increase in the popularity of coin-operated services, including laundry care. Additionally, the growth of tourism and hotel industries in the region is expected to boost the demand for the market over the forecast period.
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Laundry is a time-consuming task and has become a burden for people, especially the working-class population. Time constraints due to increasing work pressure and hours restrict people from doing their laundry. The working-class population has significantly increased over the past few years, thereby contributing to the rising demand for coin-operated laundries due to their convenience. The market for coin-operated laundries is mainly driven by the increasing number of working women worldwide. According to statistics provided by the World Bank, the female labor force has been substantially increasing since 2012. In 2016, females accounted for a share of about 38.9% of the total labor force worldwide; the percentage increased to 39.1% in 2017. These factors are opening new avenues for coin-operated laundries and are likely to fuel the market growth during the forecast period.
Coin-operated Laundries Market Report Highlights
Key consumers of these services include millennials, college graduates, and working professionals, boarding schools, colleges, and hostels are some of the potential customers for online service providers. Laundry services in developing countries, such as India and South Africa, are primarily catered by the unorganized sector. Improving the standard of living, coupled with rising disposable income, is expected to drive the market for coin-operated laundries during the forecast period.
The market is highly competitive in nature with the presence of a large number of domestic and international players, thus resulting in a fragmented nature. Companies are focusing on investing in R&D activities and are launching their services in new countries to gain a competitive edge. The market still witnesses moderate to low entry barriers owing to fewer investments, regular funding, and an owner-free business model by connecting consumers with regional laundry service providers. These factors have enabled many startups to enter this market. Some of the prominent players in the coin-operated laundries market include:
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 818
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