Albany, NY -- (SBWIRE) -- 03/06/2019 -- According to a new market research report published by Transparency Market Research titled 'Advanced Commercial Laundry Machines Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027,' the global advanced commercial laundry machines market was valued at US$ 5,271.1 Mn in 2018 and is expected to expand at a CAGR of 6.66% from 2019 to 2027, to reach value of US$ 9,392.6 Mn by the end of the forecast period.

Growing popularity of laundromats in developing economies to fuel the market

One of the first laundromat facilities was introduced in the U.S. in the 1930s. After this, popularity of laundromats increased across the globe. Over the last few years, laundromats have been gaining popularity in developing economies such as India, China, and Singapore. Various laundromats have been established in developing economies. An increasing percentage of millennial population has started availing laundromat services, owing to rise in the disposal income and convenience associated with the use of laundromats. This can be attributed to rising costs of electricity, time poverty of working couples, and the trend of transition toward apartment-style living.

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Growth of multi-housing projects in the U.S. to propel the global advanced commercial laundry machines market

The number of multi-housing projects in the U.S. is witnessing steady rise amidst higher prices and borrowing costs associated with residential properties. The residential starts (number of residential projects) reached 1.26 million units in the U.S. in December 2018, which was an increase of 3.2% over the previous-month value. Commercial laundry machines are deployed in multi-housing projects that include apartments, universities, residential societies, condominiums, and dorms. This results in the saving of energy, water, and time of people residing in these projects. The rising number of multi-housing projects would lead to increasing demand for deployment of commercial laundry machines in these projects in the near future. Based on capacity, the global advanced commercial laundry machines market has been segmented into 0–30 Kg, 31–50 Kg, and 51 Kg & above. The 31–50 Kg segment is expected to expand at a rapid pace during the forecast period, owing to the rising demand for machines with high capacity from laundromat operators as well as on-premise customers such as hotels, restaurants, hospitals, and care homes.

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Multi housing segment expected to expand at a rapid pace

Based on end-use, the global advanced commercial laundry machines market has been divided into laundromats, hospitality, hospitals & care homes, multi-housing, schools & universities, public sector, and others. The laundromats segment held a major share of the market, in terms of revenue, in 2018, owing to the large-scale use of advanced commercial washing machines by laundromats. Furthermore, due to increase in the number of multi-housing projects across the globe, especially in the U.S., the multi-housing segment is expected to expand at a rapid pace during the forecast period.

Asia Pacific to be rapidly expanding market led by rising popularity of laundromats in the region

In terms of geography, the global advanced commercial laundry machines market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2018, North America was the leading market, followed by Europe. The market in Asia Pacific is expected to expand at the maximum CAGR from 2019 to 2027, due to rising popularity of laundromats in the region. This rise in popularity can be attributed to rising costs of electricity, time poverty of working couples, and the trend of transition toward apartment-style living in the region.