PUBLISHER: Grand View Research | PRODUCT CODE: 1405967
PUBLISHER: Grand View Research | PRODUCT CODE: 1405967
The global washing machine market size is expected to reach USD 126.75 billion by 2030, registering at a CAGR of 10.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increased needs for differentiated products and services have led to an upsurge in investments for R&D activities. Ongoing advancements, such as coin laundry, crowdsourced supply, and on-demand services, are drawing investors toward the laundromat and laundry industries seeking minimal on-site management obligations. Moreover, the commercial laundry space is becoming more automated with the introduction of Internet-enabled features in the washing machines.
The increased number of dual-income households coupled with insufficient time for laundry has led to the growing demand for laundromats. Additionally, the growth in the hospitality sector in emerging countries and the advent of on-demand services are expected to propel the commercial washing machine growth. Furthermore, energy labels and energy efficiency policies have enabled manufacturers to focus on the development of energy-efficient products.
The growth in online laundry services is expected to have a positive impact on the commercial washing machine industry. The commercial washing machine market is characterized by the presence of key players who provide conventional washing and laundry services. However, the startups in this industry are struggling to fill in the gap by providing comprehensive solutions at a reasonable price.