Coin-operated Laundries Market Growth & Trends
The global coin-operated laundries market size is anticipated to reach USD 35.84 billion by 2030, growing at a CAGR of 9.3% from 2023 to 2030, 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.
Request a free sample copy or view report summary:
Coin-operated Laundries Market Report
Coin-operated Laundries Market Report Highlights
- The residential segment dominated the market with the largest revenue share of 80.1% in 2022 and is further expected to register the fastest CAGR of 9.5% over the forecast period.
- The commercial segment is expected to grow significantly over the forecast period. An increase in the number of hotels and hospitals is expected to provide growth opportunities to the commercial segment in the coming years.
- North America accounted for the largest market share of 45.1% in 2022. This is attributable to the region’s growing population of health-conscious consumers, which has significantly increased the utilization of laundry services.
