by 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 340% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Commercial laundry equipment includes washing machines, dryers, and ironing equipment used for large-scale laundering needs in various commercial sectors such as healthcare, hospitality, and service industries. It provides effective and efficient cleaning of linens, uniforms, and other fabrics used in commercial settings. Its advantages include high washing capacity, durability, and ability to save water and energy through technology.
Market key trends:
Growing demand from the healthcare sector has emerged as a key trend for the Global Commercial Laundry Equipment Market. Healthcare laundries have to process large volumes of contaminated textiles while ensuring the highest standards of hygiene and infection prevention. Commercial laundry equipment used in hospitals help maintain this through features such as steam sanitization, higher water temperatures, and advanced detergents. They sanitize linens, uniforms thoroughly to avoid the spread of infections. This has boosted adoption of technologically advanced commercial laundry equipment tailored for the healthcare industry.
Porter’s Analysis
Threat of new entrants: Low capital requirement and industry growth make threat of new entrants moderate. However, established vendors dominate distribution channels.
Bargaining power of buyers: Buyers have high bargaining power owing to availability of substitutes and supply from various manufacturers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of various component suppliers and inelastic demand for components.
Threat of new substitutes: Low threat from new products as products need to offer technical compatibility, hygiene and efficiency at reasonable costs.
Competitive rivalry: High owing to presence of global and regional players offering differentiated product portfolios.
SWOT Analysis
Strength: Energy efficient products, technological innovations in laundry equipment like IoT connectivity.
Weakness: High initial investment, presence of unorganized sector.
Opportunity: Growth in domestic and commercial laundry businesses, rising disposable incomes.
Threats: Volatility in raw material prices, growing popularity of laundry delivery and rental services.
Key Takeaways
The global Commercial Laundry Equipment Market is expected to witness high growth at a CAGR of 34% over the forecast period due to increasing demand from hotels, hospitals and laundries. The market size is projected to reach US$ 1.40 trillion by 2030 from US$ 1.40 billion in 2023.
Regionally, Asia Pacific dominates the global market and is expected to grow at the fastest pace owing to growing urbanization, rising middle class and expansion of commercial sectors in major economies like China and India. North America is the second largest market led by the US owing to increasing usage of commercial laundry equipment across several sectors.
Key players operating in the commercial laundry equipment market are Jon-Don LLC., LG Electronics., Appliance Laundry Systems LLC., Electrolux Group, ECOLAB, among others. Major players are focused on new product launches, mergers and acquisitions to strengthen their distribution network and product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
