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According to recent market research conducted by Technavio, the online on-demand laundry service market size is forecast to grow by $98.6 billion between 2021 and 2026, at a compound annual growth rate (CAGR) of 36.4 percent during the forecast period. The growth of the market is driven by factors such as busy lifestyles allowing very little time for laundry, increasing costs associated with the use of washing machines, and providing convenience through logistics services. However, the high risk-reward ratio and low margin in the laundry business will hinder the growth of the market.
By region, the global industry is segmented into North America, APAC, Europe, South America, and MEA. North America will account for 34 percent of growth during the forecast period. The region has a large Millennial population that prefers outsourcing laundry services. This is the key factor driving the growth in North America. The residential segment will exhibit significant growth during the forecast period. Factors such as rapid urbanization, changing lifestyles, innovations in online laundry services, and rising employment rates are driving the growth of the segment.
In today's consumer lifestyle evolution, where luxury lifestyle demands convenience at every turn, the online laundry services market has witnessed remarkable growth. This surge is particularly driven by the working-class population and working women in urbanized areas. The industry caters to the busy schedules of these demographics, offering a convenient solution to their laundry needs. With a focus on convenience, these services streamline the laundry business, providing easy access to quality services at the tap of a screen. Whether it's scheduling maintenance scheduling for their garments or fuel management for their busy lives, customers benefit from telematics solutions that ensure efficiency and reliability. As urbanization continues to shape consumer behaviors, vehicle tracking systems and compliance and regulatory adherence are essential in meeting evolving demands.
Check out the entire report here. For related content, check out the benefits of creating on-site laundry programs.