The commercial laundry equipment market is estimated to be valued at US$ 1.40 Bn in 2023 and is expected to exhibit a CAGR of 3.40% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The commercial laundry equipment market comprises machinery used for laundering clothes or linens in large commercial facilities, including laundromats, healthcare facilities, hospitality businesses, multi-housing laundries, and industries. The key products in this market include washers, dryers, ironing equipment, and folding machines. Commercial laundry equipment helps process large volumes of linens, work clothes, uniforms, and other laundered items for hotels, hospitals, nursing homes, laundromats, and other commercial applications.
Market Dynamics:
The growth of the commercial laundry equipment market is driven by increasing adoption of commercial laundry equipment by various industries, including healthcare, hospitality, multi-housing, and laundromats. According to American Hotel & Lodging Association, hotels process around 700 pounds of dirty laundry on average per day. This significantly contributes to the demand for commercial laundry equipment such as commercial washing machines, dryers, and folders. Additionally, rising number of hospitals and nursing homes is also propelling the market growth, as these facilities generate huge amounts of used and soiled linen on a daily basis. Furthermore, robust demand for convenience offered by laundromats among consumers who prefer using coin-operated machines is augmenting the market expansion.
SWOT Analysis
Strength: Global Commercial Laundry Equipment Market has high durability and lasts for over a decade with proper maintenance. It offers high washing capacity and allows handling bulk laundry efficiently. Their advanced features such as adjustable wash cycles help save water and energy.
Weakness: High initial investment required for commercial laundry equipment. Frequent maintenance and repairs needed to keep them running smoothly. Lack of technician support in some regions increases downtime.
Opportunity: Growth of hospitality industry along with laundromats and linen rental services is increasing demand for commercial washers and dryers. Developing nations offer scope to replace outdated equipment with energy efficient models.
Threats: Volatility in raw material prices can increase equipment costs. Stringent environmental regulations mandate use of greener laundry solutions posing extra compliance burden.
Key Takeaways (Keep this heading unchanged)
The global Commercial Laundry Equipment market is expected to witness high growth, exhibiting CAGR of 340% over the forecast period, due to increasing demand from hospitals, hotels and laundromats. Rapid urbanization and rising purchasing power is driving establishment of commercial laundries across regions.
Regional analysis: North America dominates commercial laundry equipment market currently. However, Asia Pacific is fastest growing market led by China, India and other developing countries. Increased overseas investment in hospitality sector and growing middle class favoring laundromat culture in Asia Pacific provides lucrative growth opportunities.
Key players: Key players operating in the commercial laundry equipment market are Commercial Laundry Market report summaries detailed information by top playesr as Jon-Don LLC., LG Electronics., Appliance Laundry Systems LLC., Electrolux Group, ECOLAB, among others. They focus on new product launches, partnerships and acquisitions to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it