Global Dry-Cleaning and Laundry Services Market to Reach $72.5 Billion by 2024

Dry-cleaning and laundry services includes establishments or vendors engaged in offering dry cleaning and laundry services through the use of coin-operated or self-service laundries as well as through non-coin operated or store-based services. The business also includes services offered on rental or contract basis, as in case of laundry services for uniforms and linen. The prime business activity of establishments in the industry is washing, cleaning, and/or dry cleaning of clothes and linen. Amid the COVID-19 crisis, the global market for Dry-Cleaning and Laundry Services is projected to reach US$72.5 Billion by 2024, registering a compounded annual growth rate (CAGR) of 4.2% over the analysis period. United States represents the largest regional market for Dry-Cleaning and Laundry Services, accounting for an estimated 29.0% share of the global total. The market, estimated at US$17 Billion in 2019 is projected to reach US$20.9 Billion by 2025. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 5.8% over the analysis period.

Over the years, the demand for cleaning and laundry services has recorded strong growth from residential, commercial and industrial sectors. The increase in single person households and rapid pace of urbanization, strong growth in sectors such as healthcare and hospitality have also contributed to the rise in demand for laundry services. The contribution of emerging economies, with their high economic growth, has been significant in driving demand for dry cleaning and laundry services. In the coming years, the market is poised to benefit from the steady growth in hospitality sector, increasing opportunities for franchising, and technological advancements. The growing participation of women in workforce and cost effectiveness of laundry services are driving market growth. The rising Internet penetration levels, increasing use of smartphones and the advent of mobile apps are expected spur demand for online on-demand laundry services. Further, the laundry services market will be favored by advent of smart laundry technologies, which have the ability to increase efficiency of laundry operations and reduce costs of laundry services for customers.

Developed regions constitute the major markets for dry cleaning and laundry services. With the continuous growth in travel & tourism industry and encouraged by modern lifestyles, the demand for textile and garment laundering is driving growth in developed regions, thereby resulting in rising demand for laundry services. The growing urban population, changing consumer lifestyles and improving standards of living are driving demand for laundry services in emerging economies such as India. The strong growth being witnessed in several commercial sectors including hotels and hospitals is also driving demand for dry-cleaning and laundry services in the region.