Advanced Commercial Laundry Machines Market is anticipated to reach value of US$ 9,392.6 Mn by 2026; Market for Advanced Commercial Laundry Machines is projected to expand at a CAGR of 6.66% from 2019 to 2027.
Albany, NY -- (SBWIRE) -- 04/25/2019 -- According to a new market research report published by Transparency Market Research titled 'Advanced Commercial Laundry Machines Market (Capacity: 0–30 Kg, 31–50 Kg, and 51Kg & Above and End-use: Laundromats, Hospitality, Hospitals & Care Homes, Multi-housing, Schools & Universities, Public Sector, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027,' the global advanced commercial laundry machines market is expected to reach value of US$ 9,392.6 Mn by 2026.
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The market is projected to expand at a CAGR of 6.66% from 2019 to 2027. According to the report, the market would continue to be influenced by growing popularity of laundromats, especially in developing economies, such as China and India, in the near future. In terms of demand, North America is projected to lead the global market, with the market in the region expanding at a CAGR of above 6.3% during the forecast period.
Based on capacity, the global advanced commercial laundry machines market has been segmented into 0–30 Kg, 31–50 Kg, and 51Kg & above. The 0–30 Kg segment held a major market share, in terms of revenue, in 2018, owing to high adoption of these machines by laundromats and on-premise consumers such as hotels, restaurants, hospitals, and care homes.
Multi-housing to be rapidly expanding segment throughout the forecast period
In terms of end-use, the global advanced commercial laundry machines market has been segmented into laundromats, hospitality, hospitals & care homes, multi-housing, schools & universities, public sector, and others. The multi-housing segment is expected to expand rapidly throughout the forecast period, owing to significant increase in the number of multi-housing projects, especially in the U.S. Multi-housing projects are less expensive to build on the unit level, due to economies of scale and because multi-family housing units tend to be smaller. Furthermore, the multi-housing segment is expected to expand at a significant CAGR of 7.92% during the forecast period.
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North America expected to continue to hold a significant share
North America is expected to hold the maximum share of the global advanced commercial laundry machines market during the forecast period. The growth is primarily attributable to increasing demand for advanced commercial laundry machines by residential consumers in the region and rising demand for advanced commercial washing machines that tend to consume less water and that are more energy efficient.