The global Commercial Laundry Equipment Market is estimated to be valued at US$ 1.40 Bn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Commercial laundry equipment includes machines used for washing laundry in commercial applications such as hotels, hospitals, laundromats, and on-premise laundries in multi-housing facilities. Key commercial laundry machines include washers, dryers, finishers, and folders. Commercial washers allow for large capacity and can wash various fabric types such as cottons, synthetics, and delicate items. Commercial dryers offer faster drying times for handling bulk linen needs. They save on energy and labor costs compared to line drying.
Market key trends:
One of the key trends in the Global Commercial Laundry Equipment Market is the growing adoption of smart connected devices. Manufacturers are introducing smart commercial washers and dryers that can be controlled remotely using mobile apps. This enables monitoring machine status, settings, cycles, and maintenance needs from any location. Some models use IoT connectivity to automatically order detergent refills to prevent stockouts. Sensors also help optimize water and energy usage based on load weight and composition. This is making commercial laundries more efficient and cost-effective to manage. Wireless payment options via apps are also gaining traction especially in laundromats.
Threat of new entrants: Low as this market requires large investments in machinery, technology, and establishment of distribution channels.
Bargaining power of buyers: Moderate as there are a few global players dominating the market. However, presence of local and regional players provides options to buyers.
Bargaining power of suppliers: Low due to availability of substitute components and commodities from different suppliers globally.
Threat of new substitutes: Low as commercial laundry equipment has limited substitutes and technology plays a major role in demand.
Competitive rivalry: High due to presence of global key players continuously investing in product development and expansion.
The global Commercial Laundry Equipment Market is expected to witness high growth, exhibiting CAGR of 340% over the forecast period 2023 to 2030, due to increasing adoption in hospitality sector. The market size for 2023 is estimated to be US$ 1.40 Bn.
Regional analysis Asia Pacific region dominates the global market holding around 45% share majorly attributed to rapid growth of hospitality sector in developing economies like China and India. North America is the second largest market driven by continuous product and technology advancements.
Key players operating in the Commercial Laundry Equipment are Jon-Don LLC., LG Electronics., Appliance Laundry Systems LLC., Electrolux Group, ECOLAB, among others. Jon-Don LLC specializes in commercial laundry equipment manufacturing catering to hospitality sector majorly in North America. LG Electronics provides a wide range of commercial dryers, washer, and steam generators globally.