Laundromat Industry Growth Projections
Coin-operated Laundries Market Summary: The global coin-operated laundries market size was estimated at USD 17.55 billion in 2022 and is projected to reach USD 35.84 billion by 2030, growing at a CAGR of 9.3% from 2023 to 2030. Laundry is time-consuming and has become a burden for people, especially the working-class population.
Key Market Trends & Insights
- In terms of region, North America was the largest revenue generating market in 2022.
- In terms of segment, residential segment dominated with the largest revenue share of 80.1% in 2022.
- Commercial is the most lucrative therapy segment registering the fastest growth during the forecast period.
Market Size & Forecast
- 2022 Market Size: USD 17.55 billion
- 2030 Projected Market Size: USD 35.84 billion
- CAGR (2023-2030): 9.3%
- North America: Largest market in 2022
The working-class population has significantly increased over the past few years, contributing to the rising demand for coin-operated laundries due to their convenience. The rapidly increasing working women population worldwide mainly drives market expansion.
Key consumers of these services include millennials, college graduates, and working professionals. Additionally, boarding schools, colleges, and hostels are some of the other potential customers for online service providers. Laundry services in developing countries, such as India and South Africa, are primarily catered by the unorganized sector. Improvements in the standard of living and rising disposable income levels in such economies are expected to drive the market during the forecast period.
Moreover, increasing internet penetration in developing countries, such as India and China, has driven the market for online services. With the rising number of double-income households, the purchase of expensive and delicate fabric apparel has increased. Thus, the abovementioned factors are expected to drive industry expansion over the coming years.
With improving living standards globally, millennials and the working class are becoming more health-conscious. Selectiveness with regards to apparel, household linen, and furniture has increased greatly. Customers prefer buying and wearing more expensive, clean, and well-ironed apparel. Over the past few years, spending on clothes has significantly increased, raising the demand for laundry services. Although conventional coin-operated laundries are available globally, they have limited applications, which has created new avenues for coin-operated laundries.
The younger population, millennials, and the working class are attracted to these coin-operated laundries owing to their highly convenient features, such as round-the-clock service, doorstep pickup and delivery, and complete service within 24 hrs. Moreover, service providers offer heavy discounts to customers, especially during the first service. These benefits are increasing the adoption of coin-operated laundries.
Source: Grandview Research
