The commercial laundry equipment refers to machines that are used for washing linens and clothing in large volumes in commercial settings such as hotels, hospitals, nursing homes, laundromats, and others. These machines include commercial washing machines, dryers, dry cleaning equipment, ironing equipment, and folders and stackers. Commercial washing machines have large loading capacity and are capable of handling heavy duty operations. The increasing number of hotels, hospitals, and other commercial establishments has fueled the demand for commercial laundry equipment to efficiently wash large volumes of linens and clothing. The global commercial laundry equipment market is estimated to be valued at US$ 1.4 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for commercial laundry equipment in hospitality industry: As mentioned in the heading, the growing hospitality industry has significantly driven the demand for commercial laundry equipment. Factors such as increasing number of hotels, restaurants, and tourism industry have augmented the requirement for commercial laundry services to handle large volumes of linens and uniforms efficiently. Furthermore, growing preference towards outsourced commercial laundry services has also boosted the sales of commercial laundry equipment across various end-use industries.
Efficiency and cost-effectiveness of commercial laundry equipment: Commercial laundry equipment offers high efficiency and reduction in overall operational costs compared to traditional household washing machines. Features such as large loading capacity, high spin speeds, and energy efficient technologies help in saving water, energy, detergent, and labor costs. This makes commercial laundry equipment highly cost-effective for bulk laundry operations in commercial settings.
Market Dynamics: short content (Write 200 words only, market dynamic content will cover the two drivers (one driver is refered from heading) and its explanation.). Do not write anything about key players. Please note, this is part of large chapter thus do not write conclusion anywhere in the response. Given market name and other data: Given Market Name- Commercial Laundry Equipment Market; CAGR: 7.4%; Forecast period is: 2023 to 2030; Market Size for 2024 is US$ 1.4 Bn; Key players: Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, MicroPort Scientific Corporation, LivaNova PLC, Nihon Kohden Corporation, Schiller AG, Johnson & Johnson, GE Healthcare.
Segment Analysis
The commercial laundry equipment market is dominated by the coin-operated laundry segment. Around 60% of the market share is accounted by coin-operated commercial laundry machines as they provide an affordable and convenient way for multi-family housing and small laundromat businesses to wash clothes. Coin-operated machines require lower maintenance and installation costs. They also enable entrepreneurs to start laundromat businesses with minimal investment. This makes the coin-operated segment highly popular for small and medium-sized laundries.
PEST Analysis
Political: Governments in various countries are focusing on promoting energy efficiency and conservation to reduce carbon emissions. This has led to new regulations regarding the energy usage of commercial laundry equipment.
Economic: Rising disposable incomes and rapid urbanization are increasing the demand for laundromats and commercial laundries from housing societies, hotels, and hospitals. Additionally, the outsourcing of industrial and commercial laundry services is supporting the market growth.
Social: People are increasingly using commercial laundry services for saving time and getting modern washing facilities. Coin-operated laundries are gaining acceptance due to their affordability. Higher living standards are also driving the market.
Technological: Manufacturers are focusing on innovations to improve the functionality and energy-efficiency of equipment. Features like WiFi connectivity, smartphone apps, larger capacities, and card payment options are becoming common to offer superior user experience. Semi- and fully-automatic machines are gaining traction.
Key Takeaways
The global commercial laundry equipment market share is expected to witness high growth over the forecast period.
Regional Analysis: North America currently dominates the market due to the large number of laundromats, hotels, hospitals, and nursing homes. The increasing demand from the multi-family housing segment is driving the regional market.
Key players operating in the commercial laundry equipment market are Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, MicroPort Scientific Corporation. Key players are focusing onnew product launches and strategic partnerships to increase sales and gain a larger market share. For instance, Medtronic plc acquired Mazor Robotics to strengthen its spine surgery portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
