July 21, 2024
Commercial Laundry Equipment Market

Commercial Laundry Equipment Market Driven By Growing Demand From Various Sectors

Commercial laundry equipment are extensively used in various industrial sectors including healthcare, hospitality, laundry services, and F&B services for washing large volumes of clothes and linen. The equipment include commercial washers, commercial dryers, commercial ironing systems and other equipment designed to process significantly higher loads than household appliances. Commercial laundry equipment are more durable and have higher capacity than residential washers. They come with advanced features and technologies for efficient cleaning and better performance. The global commercial laundry equipment market was valued at over USD 1.4 billion in 2023.

The global Commercial Laundry Equipment Market is estimated to be valued at US$ 1.4 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Growing adoption of commercial laundry equipment integrated with IoT and AI technologies is one of the key trends observed in the market. IoT-integrated commercial laundry equipment monitors machine performance, alerts users in case of maintenance needs and enables remote diagnostics by connecting to cloud. This helps in reducing downtime and increasing overall equipment efficiency. Major manufacturers are focusing on incorporating advanced technologies to their equipment portfolio. For example, Whirlpool Corporation offers a range of smart commercial laundry solutions under its brand ‘Caretti’ which are IoT-enabled to provide remote monitoring and fleet management capabilities.

Porter’s Analysis

Threat of new entrants: Low economies of scale and capital requirements along with established brands represent entry barriers.

Bargaining power of buyers: A few large commercial laundry customers have significant bargaining power due to the high volume of purchases they make from manufacturers.

Bargaining power of suppliers: Key components like motors and controllers are sourced from a few global suppliers leading to some dependency.

Threat of new substitutes: Laundry solutions like dry cleaning and rental uniforms offer alternatives but washer-extractors remain dominant for commercial use.

Competitive rivalry: Major brands compete on features, throughput and energy efficiency leading to continuous product improvements and subsidized lease programs.

Key Takeaways

The Global Commercial Laundry Equipment Market Size is expected to witness high growth. The market size for 2023 is US$ 1.4 Bn and is forecast to reach US$ 2.1 Bn by 2030 at a CAGR of 5.3% during the forecast period.

Regional analysis:

North America dominates currently due to the large number of commercial laundries. However, Asia Pacific is expected to witness the fastest growth on account of rising middle class population and commercial activities in countries like China and India.

Key players: Key players operating in the Commercial Laundry Equipment are Hanger Inc., Ottobock, Blatchford Limited, WillowWood Global LLC, Fillauer LLC, Howard Orthopaedics Inc., Aether Biomedical, United Prosthetics, Advanced Arm Dynamic, TASKA Prosthetics, Steeper Inc., BioMetrics Prosthetic and Orthotic CT, Trulife, Open Bionics, SYNERGY PROSTHETICS, Motorica. Major players are focusing on product innovations as well as subsidized lease programs to increase sales.

The global Commercial Laundry Equipment industry is expected to witness high growth. Regional analysis revealed North America currently dominates while Asia Pacific is poised to witness fastest growth. Key players are focusing on innovations and lease programs.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it