LONDON--(BUSINESS WIRE)--The new online on-demand laundry service market research from Technavio indicates Positive growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the online on-demand laundry service market.
"One of the primary growth drivers for this market is the convenience offered through logistics services,” says a senior analyst for the Industrials industry at Technavio.
The convenience offered through logistics services will be one of the major factors that will have a positive impact on the growth of the market in the coming years. Services such as free pick up and drop, which is a doorstep convenience, are expected to boost the demand for online on-demand services. This eliminates the need for customers to physically carry out the task of delivering the laundry to the vendors. The online on-demand laundry companies are engaging themselves in designing new algorithms in routing mechanisms to provide faster delivery services.
As the markets recover Technavio expects the online on-demand laundry service market size to grow by USD 58.02 billion during the period 2020-2024.
Online On-demand Laundry Service Market Segment Highlights for 2020
- The online on-demand laundry service market is expected to post a year-over-year growth rate of 18.92%.
- The adoption of online on-demand laundry services by residential users has grown significantly. Rapid urbanization, changing lifestyles, the increasing working population, and the rising innovations in online laundry services are driving the growth of the market.
- In addition, the number of vendors offering online on-demand laundry services is also increasing, primarily in North America and Europe, which, in turn, is further propelling the market growth.
- Market growth in the residential segment will be faster than the growth of the market in the commercial segment.
- 34% of the growth will originate from the North America region.
- The presence of a large number of Internet users, the growing number of online laundry stores, the growth in the number of millennials, and an increase in dual-income households will significantly drive online on-demand laundry service market growth in this region over the forecast period.
- The US is a key market for online on-demand laundry services in North America. Market growth in this region will be faster than the growth of the market in Europe and South America.
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- The online on-demand laundry service market size is expected to accelerate at a CAGR of almost 33% during the forecast period.
- The online on-demand laundry service market is segmented by End-user (Residential and Commercial), Geography (North America, Europe, APAC, South America, and MEA), and Service (Laundry, Dry clean, and Duvet clean).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ByNext Inc., Delivery.com LLC, Dry Cycle Brands LLC, DRYV Inc., Justclean General Trading Co. WLL, Laundrapp (Ops) Ltd., Laundryheap Ltd., PML Solutions Pvt. Ltd., Rinse Inc., and Washmen Laundry LLC
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