Dry-cleaning and Laundry Services Market to be Driven by an Increasing Labor Force Participation of Women | Technavio

The global dry-cleaning and laundry services market size is poised to grow by USD 1.28 billion during 2020-2024, progressing at a CAGR of about 1% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

The dry-cleaning and laundry services market is driven by the increasing labor force participation of women. In the last five years, female participation in the labor force has taken an upward trend owing to the rapid transition in societal mindset, coupled with initiatives taken by the government, especially in emerging economies. The greater participation of women in the labor force translates to lesser time for household chores such as laundry cleaning. Thus, the demand for outsourcing laundry services has increased in households.

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Report Highlights:

• The major dry-cleaning and laundry services market growth came from the commercial segment in 2019, and is expected to grow at a significant rate during the forecast period.
• APAC was the largest dry-cleaning and laundry services market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the increased spending on dry-cleaning and laundry services, which is mainly attributed to the rising middle-class population and increasing incomes of people
• The global dry-cleaning and laundry services market is fragmented. American Dry Cleaning Co., ByNext Inc., CSC ServiceWorks Inc., EVI Industries Inc., Inc & Co Group Ltd., Lapels Dry Cleaning, Mulberrys LLC, Rinse Inc., The Huntington Co., and The Procter & Gamble Co. are some of the major market participants. To help clients improve their market position, this dry-cleaning and laundry services market forecast report provides a detailed analysis of the market leaders.
• As the business impact of COVID-19 spreads, the global dry-cleaning and laundry services market 2020-2024 is expected to have negative growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Introduction of Smart-Laundry Technology will be a Key Market Trend

The development of the Internet of Things (IoT) has simplified the laundry experience of the customer. IoT refers to the system of interconnected computing devices and machines that allows people to transmit and receive data across a network without resorting to human contact. The number of devices connected to the IoT is expected to grow by approximately 60 billion by 2025. This technology has transformed the laundry business, making it more easy, affordable, and efficient for the user. For instance, a smart washing machine analyzes the load size and type, decides the amount of detergent to be used prior to the washing process, and alerts the consumer about the completion of the wash cycle. In addition, the installation of smart meters on washers allows companies to monitor the quantity of resources being used in the entire laundry process.

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Dry-cleaning and Laundry Services Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist dry-cleaning and laundry services market growth during the next five years
• Estimation of the dry-cleaning and laundry services market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the dry-cleaning and laundry services market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of dry-cleaning and laundry services market vendors

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Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by End-user

• Market segments
• Comparison by End-user
• Commercial - Market size and forecast 2019-2024
• Residential - Market size and forecast 2019-2024
• Coin-operated - Market size and forecast 2019-2024
• Market opportunity by End-user

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• APAC - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• North America - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• Impact of the COVID-19 pandemic on the market
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• American Dry Cleaning Co.
• ByNext Inc.
• CSC ServiceWorks Inc.
• EVI Industries Inc.
• Inc & Co Group Ltd.
• Lapels Dry Cleaning
• Mulberrys LLC
• Rinse Inc.
• The Huntington Co.
• The Procter & Gamble Co.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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