Online Laundry Services Market Growth & Trends
The global online laundry services market is expected to reach USD 221.05 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 30.5% from 2022 to 2030. Busy working schedules coupled with increasing women’s participation in the workforce are major factors fueling the adoption of online laundry services among urban consumers. In addition, the demand is fueled by shifting consumer preferences and improving living standards on a global level.
The rising economic stability of middle-class consumers in emerging markets is driving the demand for clothes, which has spurred demand for online laundry services. Additionally, the increasing population and rising tourism activities play key factors in the augmented demand for online laundry services in the hospitality sector. These factors are anticipated to boost the market growth in the commercial sector over the forecast period.
The increasing number of hotels, hospitals, restaurants, and other commercial setups has led to a rise in the demand for online laundry services. Moreover, companies are striving to employ innovative technologies to introduce new products to the market. For instance, in April 2019, Girbau, S.A. launched a washing machine that supports a capacity of 85kg. The product can reach a high extract speed of up to 405 G-force, which allows moisture removal and shortens drying time by 50%.
In terms of value, the laundry care segment dominated the market and is expected to account for the largest market share in the forecast period. The shifting trend toward clean homes & clothes and the growing importance of good health among consumers are factors driving the segment. Increasing environmental awareness has given rise to the trend of cold washing of clothes, which requires low temperature and high-performance detergents
North America held the largest market share in 2021, owing to the growing population of health-conscious consumers in the region has resulted in an increase in the usage of laundry services. The shifting trend toward hygiene and cleanliness among consumers, particularly in developed countries like the U.S. has increased the demand for cleaning products.
Companies in the market are focusing on strategies such as mergers and acquisitions in order to gain market share and increase their service footprint. In June 2019, Laundrapp Ltd. announced its merger with Zipjet Ltd., a Berlin-based on-demand laundry and dry-cleaning company. In addition, the company completed a funding round from existing investors, which include Hargreave, Toscafund, Hale VCT, Henkel, and Rocket Internet for an undisclosed amount.
Online Laundry Services Market Report Highlights
- Dry clean was valued at USD 5.50 billion in 2021 and is expected to reach USD 54.79 billion by 2030. The growing awareness about the advantages of dry cleaning among consumers also drives the demand
- Commercial segment is expected to witness substantial growth over the forecast period with a CAGR of 31.3% from 2022 to 2030. An increasing number of hotels and hospitals is expected to provide growth opportunities to online laundry service providers over the forecast period
- Asia Pacific was valued a USD 4.38 billion in 2021 and is expected to register a CAGR of 34.2% over the forecast period. The growth in the region is majorly attributed to improving economic stability and living standards in developing economies, such as India, China, and Indonesia