Sep 21, 2020 8:10 PM ET
iCrowd Newswire – Sep 21, 2020
The online on-demand laundry service market was valued at around USD 9,358 million in the year 2016 and it is expected to reach approximately USD 96,155 million by 2024. The global online on-demand laundry service market is expected to exhibit a CAGR of around 34% between 2017 and 2024.
Drivers and Restraints
The increasing adoption of smartphones and the increasing penetration of the internet in the smartphones have increased the use of online applications such as online on-demand laundry service. The major factor that is triggering the growth of the online on-demand laundry service market is the several facilities that are offered by the online on-demand laundry services such as free pick-up and drop facilities positively affects the growth of the market. The facility of delivering the clothes doorstep not only saves the time of the customer but also saves the additional cost. Hence it proves to be a time saving and cost-effective option for the customer availing online laundry services. Moreover availing such services not only saves the hassle of maintaining the washing machine but also reduces human efforts, thus triggering the growth of online on-demand services market over the forecast period globally.
However, innovations in the traditional laundry services and product innovations may hamper the growth of online on-demand laundry service market.
The market players involved in the online on-demand laundry services are focusing on designing new routing mechanism algorithms in order to provide faster delivery services.
Laundry, dry clean, and duvet clean are the three types of online on-demand laundry services. The laundry segment accounted for a major share in the online on-demand laundry service market in 2017. Regularly used office clothes and daily home wears are given to the laundries as they do not require special attention like in case of party wear, suits, and blazers, or other clothes that have a special set of washing instructions. As most of the clothes that come to the laundry are just for washing and ironing rather than for dry cleaning the laundry segment contributed the major share in the online on-demand laundry service market. It is anticipated that this segment will dominate in the forecast period also and will register the highest CAGR of more than 32%.
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The residential segment is dominating the online on-demand laundry service market. The segment accounted for the more than 60% of revenue share in 2016 in the global online on-demand laundry services market. As commercial places such as hospitals, hotels, and restaurants have their own laundry services thus they rarely rely on the online laundry services thus major market share is contributed by the residential segment. Increasing disposable income and improving the lifestyle of the people have propelled the demand for online on-demand laundry service.
North America dominated the online on-demand laundry service market with a market share of more than 30% in 2017. The growing commercial facilities that make use online on-demand laundry service especially in countries such as Canada and the U.S. contribute to the market growth in North America. The presence of the top players in the online on-demand laundry services and increasing collaboration and partnership between the companies favor the growth of the market. The online on-demand laundry services market will witness a rapid growth rate in the Asia Pacific and is anticipated to register the highest CAGR of more than 35% owing to the rapid urbanization and the improving lifestyle of the people.
The report includes detailed profiles of the prominent market players that are trending in the market. The list of the players that are compiled in the report are CLEANLY, delivery.com, DRYV, Edaixi, FlyCleaners, ihateironing, Laundrapp Ltd., PML Solutions Pvt. Ltd., Rinse, Inc., LaundryWala, Mulberrys Garment Care, ODTAP, Laundryheap Ltd., Tide Spin, Zipjet Ltd., WASHMEN, and Wassup, among others.
The increasing product launch, growing strategic geographical expansion, collaboration and partnership among the top players in the online on-demand laundry service market, is significantly contributing towards the growth of the market globally. For instance, in 2016, the CLEANLY expanded its geographical footprint outside the New York region to Washington. This geographical expansion of the company significantly contributed to the revenue generation of the company. The other recent developments that have positively affected the market are: In October 2017, Brazil joined New Zealand and Australia as the third country outside the UK to take on the Laundrapp technology. In April 2017, the delivery.com acquired alcohol delivery service Klink’s business operations.
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Keywords: Online On-Demand Laundry Service Market