LONDON--(BUSINESS WIRE)--The global commercial washing machine market size is expected to grow by USD 400.47 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Market estimates include pre- and post-COVID-19 impact on the commercial washing machine market - Download free sample report
The hospitality industry generates the highest demand for commercial washing machines. These washing machines are used in hotels, resorts, and other establishments for consumers availing laundry services at these destinations. In addition, the number of hotels has been growing rapidly since the past five years, especially in specific regions, such as Europe, North Americas, and the UAE, due to an increase in the travel and tourism market. Many popular hotel chains are expanding their presence by building new hotels at multiple locations across the globe. For instance, Dubailand in Dubai spans 278 sq.km, and the estimated project cost is USD 64 billion. The project includes the world's largest hotel, with 6,500 rooms, and a 10-million-sq.ft mall. The project is expected to complete by 2025. The rise in hospitality services is hence, expected to lead to the growth in demand for commercial washing machines.
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The COVID-19 outbreak has adversely affected several industries across the world. The growing number of cases has led to the shutdown of many industries and businesses across regions, including the consumer discretionary industry, retail outlets, and e-commerce businesses. The global commercial washing machine market is also expected to have a negative impact due to the spread of the pandemic.
As per Technavio, the rising adoption of multi-housing laundry washing machine will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Commercial Washing Machine Market: Rising Adoption of Multi-housing Laundry Washing Machine
The rising adoption of multi-housing laundry washing machine is one of the major factors driving the growth of the commercial washing machine market during the forecast period. Multi-housing laundries comprise of common or public laundry facilities that are provided at multi-dwelling units such as apartments, condominiums, universities, and military and residential establishments. These commercial washing machines are mostly small chassis, top-load or front-load washing machines, and are equipped with different types of payment systems. These washing machines also deliver enhanced durability and performance. Further, the additional feature of audit allows service providers to monitor and track the users' cycle and the money collected to avoid any operational cost discrepancy.
“Factors such as the introduction of technologically advanced machines, and the advent of card-operated washing machines will have a significant impact on the growth of the commercial washing machine market value during the forecast period,” says a senior analyst at Technavio.
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Commercial Washing Machine Market: Segmentation Analysis
This market research report segments the commercial washing machine market by type (front-loading and top-loading) and geography (Europe, North America, APAC, MEA, and South America).
The European region led the commercial washing machine market in 2019, followed by North America, APAC, MEA, and South America respectively. During the forecast period, the European region is expected to register the highest incremental growth due to factors such as the high demand for hotels and resorts, the growing population in the UK, and the rising tourism and hotel industry.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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