The global laundry and dry cleaning services market is expected to reach a valuation of US$ 50.1 billion in 2022 and further expand at a CAGR of 4.3% through 2032, according to Fact.MR, a market research and competitive intelligence provider.
Rapid urbanization in tier 2 and tier 3 cities in emerging economies is expected to drive most of the demand for laundry and dry cleaning services. Since more people are finding employment and moving out of their home town to some other destination for work, they are mostly dependent on dry cleaners for their laundry needs.
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In many parts of the world, people living in urban locations have to pay for water use also. As such, it becomes convenient as well as cost-effective to get their laundry done by service providers. Given the fact that in the future there will be a scarcity of water, it is advisable to go for the services of dry cleaning professionals as they have the latest equipment that uses less water in comparison to conventional washing machines.
Key Takeaways from Market Study
- The global laundry and dry cleaning service market is set to grow at a moderate rate of 4.3% during the forecast period of 2022-2032.
- During the historical period of 2017-2021, the market expanded at a CAGR of 3.7%.
- The market in East Asia is expected to evolve at a CAGR of 5.8%.
- Almost 73% of the total revenue generated by laundry and dry cleaning service providers comes from residential customers.
“Advancement of technology and on-demand services will shape the future of the laundry and dry cleaning services market,” says a Fact.MR analyst.
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The dry cleaning services market is highly fragmented. Not a single company owns more than 5% of the total market share. However, things are changing and the industry is witnessing a new wave of enterprises coming into the market with enhanced tech-enabled service offerings. Existing market players are geographically expanding their businesses by acquiring small, local businesses.
- In June 2021, American Dry Cleaning Company (ADCC) acquired London-based dry cleaning service provider Perkins Dry Cleaners. This acquisition will enable the company to offer its services in London for the 1st
- Key players in the laundry and dry cleaning services market are Alliance Laundry Systems LLC, Cintas Corporation, CWS International, Dry Harder, DryClean USA, Elis SA, La Teinturerie Lapels, Cleaners, Martinizing Dry Cleaners, PRESSTO, PWS Laundry, The Laundry House, Top Dry Cleaners, UniFirst Corporation, and Zoots.
The global laundry and dry cleaning market is highly unorganized. There are many small-scale and large organizations operating and trying to increase their market share by using organic and inorganic business activities. In the recent past, the industry has witnessed several mergers and acquisitions.
- Lapels Dry Cleaning, acquired several companies in the year 2021 and has merged them all into a new entity named Clean Brands. Through these acquisitions, Lapels has become the largest dry cleaning company in the world.
- In May 2021, Ringe, one of the leading dry cleaners in the U.S., acquired ButlerBox, a Los Angeles-based dry cleaning company.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global laundry and dry cleaning services market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (self-service laundries and dry cleaners, conventional laundries and dry cleaners), end user (residential, commercial), and distribution channel (online, offline), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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